Commercial Senior debt has been trading at about 62 cents on the dollar lately. Thus the lower share price and NAV for NSL. Today, the debt market showed a good gain and the market for senior loans increased to about 66 cents on the dollar. I do think that the market will start to slowly, and I emphasize slowly, improve. There are some good buys in the debt markets at the moment. If you own this it wouldn't be the opportune time to sell in my opinion. I plan on dollar cost averaging slowly each month. The fund uses some leverage to juice returns. The cost of leverage has been very expensive lately and eroding the return of the portfolio. However, leverage costs are now coming back down and the fund will be able to have a larger amount of investment income to distribute. I am not sure if the yield will be lowered by the reduction in the dividend or remain the same. I think there is a little bit of cushion in the income to allow the fund to continue paying the 4 cent per month dividend. Although I am not pleased at watching the value of my investment detoriate, I am taking a vantage of lower price to dollar cost down on shares and believe someday that the NAV will increase and in time the dividend will increase.
Hope this update helps.

PTC