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Select Year:. Community Relations New Gold is committed to working closely with communities to make a positive contribution to the community and regions in which we live and work.

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Non-GAAP Information In addition to disclosing results determined in accordance with GAAP, the Company may also disclose certain non-GAAP such as cash costs and all-in sustaining costs results of operations, including certain ratios, operational and miscellaneous data, as well as net income, diluted earnings per share, operating expenses, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website and other non-GAAP measures.

Decline Accept. Powered By Q4 Inc. Social Responsibility. Health and Safety. Sponsorship and donations. Corporate culture. Permit compliance.

Community involvement. Sustainable Development. Cross-cultural awareness. News releases. Corporate presentations.

Corporate reports. Security transactions are accounted for on a trade date basis. Interest income including interest income from payment-in-kind securities , adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis.

The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

Distributions to common shareholders are declared and paid on a quarterly basis and are recorded on the ex-dividend date. The estimated characterization of the distributions paid to common shareholders will be either a dividend ordinary income or distribution return of capital.

The actual tax characterization of the common stock distributions made during the current period will not be determined until after the end of the fiscal year when the Fund can determine its earnings and profits and, therefore, may differ from the preliminary estimates.

The actual tax characterization of the MRPS distributions made during the current period will not be determined until after the end of the fiscal year when the Fund can determine its earnings and profits and, therefore, may differ from the preliminary estimates.

The Fund records its pro rata share of the income loss and capital gains losses , to the extent of distributions it has received, allocated from the underlying partnerships and accordingly adjusts the cost basis of the underlying partnerships for return of capital.

The Fund, as a corporation, is obligated to pay federal and state income tax on its taxable income. The Fund invests its assets primarily in MLPs, which generally are treated as partnerships for federal income tax purposes.

The Fund, and entities in which the Fund invests, may be subject to audit by the Internal Revenue Service or other applicable tax authorities. Table of Contents income or tax liability for prior taxable years could be adjusted if there is an audit of the Fund, or of any entity that is treated as a partnership for tax purposes in which the Fund holds an equity interest.

The Fund may be required to pay tax, as well as interest and penalties, in connection with such an adjustment. To the extent the Fund has a deferred tax asset, consideration is given as to whether or not a valuation allowance is required.

In the assessment for a valuation allowance, consideration is given to all positive and negative evidence related to the realization of the deferred tax asset.

For all open tax years and for all major jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements.

Furthermore, management of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Fund may rely to some extent on information provided by the MLPs, which may not necessarily be timely, to estimate taxable income allocable to the MLP units held in the portfolio and to estimate the associated deferred tax liability.

Such estimates are made in good faith. From time to time, as new information becomes available, the Fund modifies its estimates or assumptions regarding the deferred tax liability.

The through tax years remain open and subject to examination by tax jurisdictions. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting.

These reclassifications have no effect on net assets or net asset value per share. Investment management agreement and other transactions with affiliates.

All officers and one Director of the Fund are employees of Legg Mason or its affiliates and do not receive compensation from the Fund.

Derivative instruments and hedging activities. The Fund pays a commitment fee on the unutilized portion of the loan commitment amount at an annual rate of 0.

Securities held by the Fund are subject to a lien, granted to The Bank of Nova Scotia, to the extent of the borrowing outstanding and any additional expenses.

Interest expense related to this loan for. The Fund paid a commitment fee at an annual rate of 0. The interest on the loan was calculated at variable rates based on the LIBOR, plus any applicable margin.

Securities held by the Fund were subject to a lien, granted to State Street Bank and Trust Company, to the extent of the borrowing outstanding and any additional expenses.

Senior secured notes. Costs incurred by the Fund in connection with the Senior Notes are recorded as a deferred charge, which are amortized over the life of the notes.

Securities held by the Fund are subject to a lien, granted to the Senior Notes holders, to the extent of the borrowings outstanding and any additional expenses.

The Senior Notes are not listed on any exchange or automated quotation system. The estimated fair value of the Senior Notes was calculated, for disclosure purposes, based on estimated market yields and credit spreads for comparable instruments with similar maturity, terms and structure.

Mandatory redeemable preferred stock. The MRPS are not listed on any exchange or automated quotation system.

The estimated fair value of the MRPS was calculated, for disclosure purposes, based on estimated market yields and credit spreads for comparable instruments with similar maturity, terms and structure.

The Fund may, at its option, redeem the MRPS, in whole or in part, at the liquidation preference amount plus all accumulated but unpaid dividends plus the make.

Table of Contents whole amount equal to the discounted value of the remaining scheduled payments. The Fund may not declare dividends or make other distributions on shares of its common stock unless the Fund has declared and paid full cumulative dividends on the MRPS, due on or prior to the date of the common stock dividend or distribution, and meets the MRPS asset coverage and rating agency requirements.

The holders of the MRPS have one vote per share and vote together with the holders of common stock of the Fund as a single class except on matters affecting only the holders of MRPS or the holders of common stock.

Stock repurchase program. The Board has directed management of the Fund to repurchase shares of common stock at such times and in such amounts as management reasonably believes may enhance stockholder value.

The Fund is under no obligation to purchase shares at any specific discount levels or in any specific amounts. Income taxes. On December 22, , the U.

The ramification of these changes on the Fund are, as of yet, unknown. The U. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

As a result of the reduction in the U. Uncertainties remain regarding the impact of the Tax Act due to future regulatory and rulemaking processes, prospects of additional corrective or supplemental legislation, and potential trade or other litigation.

As a result, the actual impact on the net deferred tax liability may vary from the amount initially recorded. The Fund has been and will continue to assess the impact of the Tax Act during the measurement period, which should be no longer than one year from the date of enactment.

No material adjustment has been recorded to the provisional revaluing of net deferred tax liability subsequent to the enactment of the Tax Act.

Total income taxes have been computed by applying the U. The Fund applied this rate to net investment income loss and realized and unrealized gains losses on investments before income taxes in computing its total income tax expense benefit.

The provision for income taxes differs from the amount derived from applying the statutory income tax rate to net investment income loss and realized and unrealized gains losses before income taxes as follows:.

Several states compute net operating losses before apportionment, therefore the value of the state net operating loss carryforward disclosed may fluctuate for changes in apportionment factors.

Realization of the deferred tax asset related to the net operating loss carryforwards is dependent, in part, on generating sufficient taxable income in each respective jurisdiction prior to expiration of the loss carryforwards.

If not utilized, the federal net operating loss carryforward expires in tax years and , and the state net operating loss carryforwards expire in tax years between and If not utilized, this capital loss will expire in tax year For corporations, capital losses can only be used to offset capital gains and cannot be used to offset ordinary income.

Therefore, the use of this capital loss carryforward is dependent upon the Fund generating sufficient net capital gains prior to the expiration of the loss carryforward.

The minimum tax credit does not carry an expiration. As such, the Fund has moved this carryforward to an income tax receivable on the Statement of Assets and Liabilities.

The amount of net operating loss and capital loss carryforwards differed from the amounts disclosed in the prior year financial statements due to differences between the estimated and actual amounts of taxable income received from the MLPs for the prior year.

Although the Fund currently has a net deferred tax liability, it periodically reviews the recoverability of its deferred tax assets based on the weight of available evidence.

When assessing the recoverability of its deferred tax assets, significant weight is given to the effects of potential future realized and unrealized gains on investments and the period over which these deferred tax assets can be realized.

The Fund will continue to assess the need for a valuation allowance in the future. In lieu of issuing fractional shares of common. Table of Contents stock, EMO will pay cash to each former common stockholder of CBA in an amount equal to the value of the fractional shares of CBA common stock that the investor would otherwise have received in the merger.

The Fund will implement the name and investment policy changes concurrently with the merger, although such changes are not required to be approved by stockholders and will be implemented whether or not the merger is approved.

Table of Contents Additional shareholder information unaudited. Results of annual meeting of shareholders. The following table provides information concerning the matter voted upon at the Meeting:.

Election of directors. At May 31, , in addition to Carol L. Colman, Paolo M. Cucchi and Daniel P. Cronin, the other Directors of the Fund were as follows:.

Robert D. Leslie H. William R. Eileen A. Riordan Roett. Jane Trust. Table of Contents Dividend reinvestment plan unaudited. A copy of the revised Plan is included below.

Revised dividend reinvestment plan:. Unless you elect to receive distributions in cash i. You may elect not to participate in the Plan by contacting the Plan Agent.

If you do not participate, you will receive all cash distributions paid by check mailed directly to you by Computershare Trust Company, N.

If you participate in the Plan, the number of shares of Common Stock you will receive will be determined as follows:. Common Stock in your account will be held by the Plan Agent in non-certificated form.

Any proxy you receive will include all shares of Common Stock you have received under the Plan. You may withdraw from the Plan i.

There is no service charge for reinvestment of your dividends or distributions in Common Stock. However, all participants will pay a pro rata share of brokerage commissions incurred by the Plan Agent when it makes open market purchases.

Because all dividends and distributions will be automatically reinvested in additional shares of Common Stock, this allows you to add to your investment through dollar cost averaging, which may lower the average cost of your Common Stock over time.

While dollar cost averaging has definite advantages, it cannot assure profit or protect against loss in declining markets.

Automatically reinvesting dividends and distributions does not mean that you do not have to pay income taxes due upon receiving dividends and distributions.

Investors will be subject to income tax on amounts reinvested under the Plan. The Fund reserves the right to amend or terminate the Plan if, in the judgment of the Board of Directors, the change is warranted.

The Plan may be terminated, amended or supplemented by the Fund upon notice in writing mailed to stockholders at least 30 days prior to the record date for the payment of any dividend or distribution by the Fund for which the termination or amendment is to be effective.

Upon any termination, you will be sent cash for any fractional share of Common Stock in your account. You may elect to notify the Plan Agent in advance of such termination to have the Plan Agent sell part or all of your Common Stock on your behalf.

Table of Contents ClearBridge. Carol L. Daniel P. Paolo M. President and Chief Executive Officer. Richard F. Principal Financial Officer. Todd F.

Chief Compliance Officer. Jenna Bailey. Identity Theft Prevention Officer. Secretary and Chief Legal Officer.

Thomas C. Assistant Secretary. Jennifer S. Jeanne M. Senior Vice President. Investment manager. Transfer agent. Computershare Inc.

Louisville, KY Independent registered public accounting firm. PricewaterhouseCoopers LLP. Baltimore, MD. Legal counsel. New York Stock Exchange Symbol.

The provisions of this Privacy Notice apply to your information both while you are a shareholder and after you are no longer invested with the Funds.

The Funds collect and maintain nonpublic personal information about you in connection with your shareholder account.

Such information may include, but is not limited to:. Personal information included on applications or other forms;. Account balances, transactions, and mutual fund holdings and positions;.

Bank account information, legal documents, and identity verification documentation;. Online account access user IDs, passwords, security challenge question responses; and.

The Funds do not sell or share your nonpublic personal information with third parties or with affiliates for their marketing purposes, or with other financial institutions or affiliates for joint marketing purposes, unless you have authorized the Funds to do so.

The Funds do not disclose any nonpublic personal information about you except as may be required to perform transactions or services you have authorized or as permitted or required by law.

The Funds may disclose information about you to:. Fiduciaries or representatives acting on your behalf, such as an IRA custodian or trustee of a grantor trust.

The Funds may disclose nonpublic personal information about you when necessary to enforce their rights or protect against fraud, or as permitted or required by applicable law, such as in connection with a law enforcement or regulatory request, subpoena, or similar legal process.

In the event of a corporate action or in the event a Fund service provider changes, the Funds may be required to disclose your nonpublic personal information to third parties.

The Funds will notify you annually of their privacy policy as required by federal law. While the Funds reserve the right to modify this policy at any time they will notify you promptly if this privacy policy changes.

The Funds maintain appropriate physical, electronic and procedural safeguards designed to guard your nonpublic personal information.

Although the Funds strive to protect your nonpublic personal information, they cannot ensure or warrant the security of any information you provide or transmit to them, and you do so at your own risk.

In the event of a breach of the confidentiality or security of your nonpublic personal information, the Funds will attempt to notify you as necessary so you can take appropriate protective steps.

If you have consented to the Funds using electronic communications or electronic delivery of statements, they may notify you under such circumstances using the most current email address you have on record with them.

In order for the Funds to provide effective service to you, keeping your account information accurate is very important.

Revised April To obtain information on Form N-Q from the Fund, shareholders can call This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in this report.

Not applicable. Included herein under Item 1. Pursuant to the requirements of the Securities Exchange Act of and the Investment Company Act of , the registrant has duly caused this Report to be signed on its behalf by the undersigned, there unto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of and the Investment Company Act of , this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

May 31, Investment commentary. Fund at a glance. Schedule of investments. Statement of assets and liabilities.

Statement of operations. Statements of changes in net assets. Statement of cash flows. Financial highlights. Notes to financial statements.

Additional shareholder information. Dividend reinvestment plan. Fund prices and performance,. A host of educational resources.

Price Per Share. This estimate is not for tax purposes. The Fund will issue a Form with final composition of the distributions for tax purposes after year-end.

On December 22, , the Fund adjusted its deferred tax liability balance to reflect updated assumptions regarding effective tax rates, resulting in a one-time increase to the NAV.

The Fund is actively managed. Genesis Energy LP. Buckeye Partners LP. Global Partners LP. NuStar Energy LP. TC Pipelines LP. Williams Partners LP.

Andeavor Logistics LP. AmeriGas Partners LP. Targa Resources Corp. The entire portfolio is subject to lien, granted to the lender and Senior Note holders, to the extent of the borrowing outstanding and any additional expenses.

Interest receivable. Income tax receivable. Prepaid expenses. Loan payable Note 5. Interest payable. Accrued expenses. Net Assets Applicable to Common Shareholders:.

Common Shares Outstanding. Investment Income:. Audit and tax fees. Legal fees. Transfer agent fees. Franchise taxes.

Fund accounting fees. Shareholder reports. Rating agency fees. Custody fees. Net Investment Loss, before income taxes. Net Investment Income, net of income taxes.

Net Gain on Investments, net of income taxes. Distributions to Common Shareholders From Note 1 :. Return of capital. Beginning of period. Increase Decrease in Cash:.

Cash Provided Used by Operating Activities:. Cash Flows From Financing Activities:. Cash at Beginning of Period.

Cash at End of Period. Net asset value, beginning of period. Income loss from operations:. Less distributions to common shareholders from:.

Net asset value, end of period. Market price, end of period. Net assets applicable to common shareholders, end of period millions.

Ratios to average net assets:. Management fees. Other expenses. Income tax expense. Portfolio turnover rate.

Supplemental data:. Per share amounts have been calculated using the average shares method. Significant Unobservable Inputs Level 3.

Common stocks. Total long-term investments. Total investments. See Schedule of Investments for additional detailed categorizations. Senior secured notes:.

Series A. Series B. Series C. Series D. Series E. Term Redemption Date. Aggregate Liquidation Value. Net Investment Loss.

Current tax expense benefit. Deferred tax expense benefit. Total tax expense benefit. Provision at statutory rates.

State taxes, net of federal tax benefit. Non-deductible distributions on MRPS.

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Mineralized zones generally follow the regional northwesterly strike and southerly dip of stratigraphy. Most of the gold mineralization identified to date occurs in the sulphide bearing stringers and veins within the felsic quartz-phyric rocks.

A fourth style of mineralization characterized by copper-nickel-platinum minerals occurs within a small, younger mafic-ultramafic intrusion 34 Zone situated within the main cluster of gold and silver deposits.

All deposits show some degree of deformation, excepting the copper-nickel-platinum-bearing type. The Rainy River district was first explored for nickel sulphide style mineralization in the mids.

To date, exploration efforts have delineated 3. As the project advances toward its mid target for the start of commercial production, New Gold continues to focus on the discovery of additional gold resources with the potential to enhance and extend the commercial life of the project.

New Gold is committed to responsible mining in all mining, processing and environmental work across our operations and facilities from exploration, to mining, to rehabilitation and closure.

As an organization, we strive to reach the highest standards in employee health and safety, environmental protection and community development and engagement.

We believe these are key drivers to achieving a productive and profitable business. New Gold is committed to working closely with communities to make a positive contribution to the community and regions in which we live and work.

We recognize that our growth and success depend on the long-term economic, social and environmental sustainability of each of the communities in which we operate.

We welcome and encourage your feedback. Feel free to visit our office or contact us. To receive notifications via email, enter your email address and select at least one subscription below.

After submitting your information, you will receive an email. You must click the link in the email to activate your subscription.

You can sign up for additional subscriptions at any time. By providing your email address, you consent to receive the information you requested from New Gold.

You may withdraw your consent by clicking the unsubscribe link below. Please note that you are now entering a website directly or indirectly maintained by a third party the "External Site" and that you do so at your own risk.

The terms of this disclaimer are supplemental to the Legal Notice maintained at www. The Company has no control over the External Site, any data or other content contained therein or any additional linked websites.

The link to the External Site is provided for convenience purposes only. Further, by entering the External Site, you also acknowledge and agree that you completely and irrevocably waive any and all rights and claims against the Company and Virtua and further acknowledge and agree that in no event shall the Company or Virtua, its officers, employees, directors and agents be liable for any i indirect, consequential, incidental, special, compensatory or punitive damages, ii damages for loss of income, loss of business profits, business interruption, loss of data or business information, loss of or damage to property, iii claims of third parties, or iv other pecuniary loss, arising out of or related to the Legal Notice, this disclaimer or the External Site.

By entering the External Site, you further acknowledge and agree that the disclaimer of warranties and limitations of liability set out in this disclaimer shall apply regardless of the causes, circumstances or form of action giving rise to the loss, damage, claim or liability, even if such loss, damage, claim or liability is based upon breach of contract including, without limitation, a claim of fundamental breach or breach of a fundamental term , tort including, without limitation, negligence , strict liability or any other legal or equitable theory, and even if the Company and Virtua are advised of the possibility of the loss, damage, claim or liability.

The waiver and release specifically includes, without limitation, any and all rights and claims pertaining to the processing of personal data, including but not limited to any rights under any applicable data protection statute s.

If in any jurisdiction, any part of this disclaimer is held to be unenforceable by a court of competent jurisdiction, such part of this disclaimer shall be restricted or eliminated to the minimum extent and the remaining disclaimer shall otherwise remain in full force and effect.

Please note the information presented is deemed representative at the time of its original release. In addition to disclosing results determined in accordance with GAAP, the Company may also disclose certain non-GAAP such as cash costs and all-in sustaining costs results of operations, including certain ratios, operational and miscellaneous data, as well as net income, diluted earnings per share, operating expenses, and operating income that make certain adjustments or exclude certain charges and gains that are outlined in the schedules included in this website and other non-GAAP measures.

Neither the Company nor Virtua takes any responsibility for third party pricing data provided for informational purposes and certain ratio results formulated from the provided third party pricing data.

Skip to main content. Rainy River. Rainy River Flyover. Site History Rainy River commenced processing ore on September 14, and completed its first gold pour on October 5, Responsible Mining New Gold is committed to responsible mining in all mining, processing and environmental work across our operations and facilities from exploration, to mining, to rehabilitation and closure.

Read More. Select Year:. Community Relations New Gold is committed to working closely with communities to make a positive contribution to the community and regions in which we live and work.

Interested in getting in touch with Q4? Fill out the form below. First Name is required. Last Name is required.

Miss Mx. These movements were partly offset by a smaller decrease in private inventory investment and a larger increase in nonresidential fixed investment.

Job growth in the U. Department of Labor. This was the lowest unemployment rate since April The percentage of longer-term unemployed declined during the reporting period.

In May , Table of Contents Market review. The Fed increased the federal funds rate iii twice during the reporting period. What factors impacted the U.

Despite times of weakness, the U. The market moved higher during the first two months of the period and reached several new all-time highs.

This was driven by overall solid corporate profits, signs of continued economic growth and, in December , the signing of the U.

However, the market then gave back a portion of its gains in February and March This occurred given concerns that the Fed may raise interest rates more aggressively than previously expected.

In addition, there were fears of a global trade war and several high profile issues in the technology industry. The market ended the reporting period on a positive note, as it rallied in April and May Looking at the U.

In contrast, large-cap stocks, as measured by the Russell Index vi , gained 3. From an investment style perspective, growth and value stocks, as measured by the Russell Growth viii and Russell Value ix Indices, returned 7.

Broadly, prices were buoyed by strong global demand stemming from synchronized global growth, steady non-U. The MLP market regained all of these losses by the.

Performance review. Past performance is no guarantee of future results. All figures represent past performance and are not a guarantee of future results.

Performance figures for periods shorter than one year represent cumulative figures and are not annualized. Returns reflect the deduction of all Fund expenses, including management fees, operating expenses, and other Fund expenses.

Returns do not reflect the deduction of brokerage commissions or taxes that investors may pay on distributions or the sale of shares.

Looking for additional information? In a continuing effort to provide information concerning the Fund, shareholders may call. Table of Contents toll free , Monday through Friday from a.

RISKS: The Fund is a non-diversified, closed-end management investment company designed primarily as a long-term investment and not as a trading vehicle.

The Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objective.

Shares of closed-end funds often trade at a discount to their net asset value. Because the Fund is non-diversified, it may be more susceptible to economic, political or regulatory events than a diversified fund.

MLP distributions are not guaranteed and there is no assurance that all distributions will be tax deferred. Investments in MLP securities are subject to unique risks.

The Fund may make significant investments in derivative instruments. Derivative instruments can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance.

The Fund may invest in small-capitalization or illiquid securities, which can increase the risk and volatility of the Fund.

All investments are subject to risk including the possible loss of principal. All index performance reflects no deduction for fees, expenses or taxes.

Please note that an investor cannot invest directly in an index. The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice.

Views expressed may differ from those of the firm as a whole. The federal funds rate is the rate charged by one depository institution on an overnight sale of immediately available funds balances at the Federal Reserve to another depository institution; the rate may vary from depository institution to depository institution and from day to day.

The Russell Index measures the performance of the small-cap segment of the U. It includes approximately 2, of the smallest securities based on a combination of their market cap and current index membership.

The Russell Index measures the performance of the large-cap segment of the U. It is a subset of the Russell Index and includes approximately 1, of the largest securities based on a combination of their market cap and current index membership.

The Russell Index measures the performance of the 3, largest U. The Russell Midcap Index measures the performance of the mid-cap segment of the U.

The Russell Midcap is a subset of the Russell Index. It includes approximately of the smallest securities based on a combination of their market cap and current index membership.

The Russell Growth Index measures the performance of the broad growth segment of the U. It includes those Russell Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell Value Index measures the performance of the broad value segment of the U. It includes those Russell Index companies with lower price-to-book ratios and lower forecasted growth values.

The Federal Energy Regulatory Commission, or FERC, is an independent agency that regulates the interstate transmission of electricity, natural gas, and oil.

The NAV fluctuates with changes in the market prices of securities in which the Fund has invested. Lipper, Inc.

Table of Contents Schedule of investments unaudited. Energy Transfer Partners LP. Enterprise Products Partners LP. Total Diversified Energy Infrastructure.

Antero Midstream Partners LP. Blueknight Energy Partners LP. Enable Midstream Partners LP. Noble Midstream Partners LP. Rice Midstream Partners LP.

Tallgrass Energy Partners LP. Western Gas Partners LP. Delek Logistics Partners LP. Enbridge Energy Partners LP.

Holly Energy Partners LP. Magellan Midstream Partners LP. Cheniere Energy Partners LP. Spectra Energy Partners LP. See Notes to Financial Statements.

Shell Midstream Partners LP. SemGroup Corp. Total Energy. Macquarie Infrastructure Corp. Table of Contents Statement of assets and liabilities unaudited.

Total Assets. Deferred tax liability Note 9. Investment management fee payable. Distributions payable to Mandatory Redeemable Preferred Stockholders.

Total Liabilities. Paid-in capital in excess of par value. Accumulated net investment loss, net of income taxes. Accumulated net realized gain on investments, net of income taxes.

Net unrealized appreciation on investments, net of income taxes. Table of Contents Statement of operations unaudited.

Dividends and distributions. Return of capital Note 1 e. Net Dividends and Distributions. Total Investment Income. Investment management fee Note 2.

Interest expense Notes 5, 6 and 7. Amortization of debt issuance and offering costs Note 6. Commitment fees Note 5. Amortization of preferred stock offering costs Note 7.

Stock exchange listing fees. Miscellaneous expenses. Total Expenses. Net current and deferred tax benefit Note 9.

Net Realized Gain Loss From:. Investment transactions. Deferred tax expense Note 9. Net Realized Loss, net of income taxes.

Deferred tax benefit Note 9. Change in Net Unrealized Appreciation Depreciation , net of income taxes. Table of Contents Statements of changes in net assets.

Net investment income loss , net of income taxes. Net realized gain loss , net of income taxes. Change in net unrealized appreciation depreciation , net of income taxes.

Table of Contents Statement of cash flows unaudited. Net increase in net assets applicable to common shareholders resulting from operations.

Adjustments to reconcile net increase in net assets resulting from operations to net cash provided used by operating activities:. Purchases of portfolio securities.

Sales of portfolio securities. Net purchases, sales and maturities of short-term investments. Decrease in receivable for securities sold.

Decrease in dividends and distributions receivable. Decrease in prepaid expenses. Increase in income tax receivable.

Increase in interest receivable. Increase in investment management fee payable. Decrease in interest payable. Decrease in accrued expenses. Decrease in distributions payable to Mandatory Redeemable Preferred Stockholders.

Increase in deferred tax liability. Net realized gain on investments. Change in net unrealized appreciation depreciation of investments.

Distributions paid on common stock. Proceeds from loan facility borrowings. Payment of loan facility borrowings. Decrease in deferred debt issuance and offering costs.

Decrease in preferred stock offering costs. Net Cash Used in Financing Activities. Table of Contents Financial highlights.

Net investment income loss. Net realized and unrealized gain loss. Total income loss from operations. Total return, based on NAV 4,5.

Total return, based on Market Price 6. Total expenses. Weighted Average Loan and Debt Issuance s. Table of Contents 1 Per share amounts have been calculated using the average shares method.

Shareholders will be informed of the tax characteristics of the distributions after the close of the fiscal year.

Total returns for periods of less than one year are not annualized. The total return calculation assumes that distributions are reinvested at NAV.

Includes non-recurring prepayment penalties, the write off of debt issuance and offering costs and the write off of preferred stock offering costs recognized during the period totaling 0.

Represents value of net assets plus the loan outstanding, debt issuance outstanding and mandatory redeemable preferred stock at the end of the period divided by the loan and debt issuance outstanding at the end of the period.

Added to conform to current period presentation. Includes prepayment penalties recognized during the period. Represents value of net assets plus the loan outstanding, debt issuance outstanding and mandatory redeemable preferred stock at the end of the period divided by the loan , debt issuance and mandatory redeemable preferred stock outstanding at the end of the period.

Table of Contents Notes to financial statements unaudited. Organization and significant accounting policies. There can be no assurance that the Fund will achieve its investment objective.

The following are significant accounting policies consistently followed by the Fund and are in conformity with U. Estimates and assumptions are required to be made regarding assets, liabilities and changes in net assets resulting from operations when financial statements are prepared.

Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

Subsequent events have been evaluated through the date the financial statements were issued. Equity securities for which market quotations are available are valued at the last reported sales price or official closing price on the primary market or exchange on which they trade.

Investments in open-end funds are valued at the closing net asset value per share of each fund on the day of valuation. When the Fund holds securities or other assets that are denominated in a.

Table of Contents foreign currency, the Fund will normally use the currency exchange rates as of p. Eastern Time.

When determining the reliability of third party pricing information for investments owned by the Fund, the Valuation Committee, among other things, conducts due diligence reviews of pricing vendors, monitors the daily change in prices and reviews transactions among market participants.

The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations.

The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances.

For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors, the fair value price is compared against the last available and next available market quotations.

The Valuation Committee reviews the results of such back testing monthly and fair valuation occurrences are reported to the Board of Directors quarterly.

The market approach uses prices and other relevant information generated by market transactions involving identical or comparable securities. The income approach uses valuation techniques to discount estimated future cash flows to present value.

GAAP establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date.

These inputs are summarized in the three broad levels listed below:. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Master limited partnerships. The Fund determines the net asset value of its common stock on each day the NYSE is open for business, as of the close of the customary trading session normally p.

Eastern Time , or any earlier closing time that day. The Fund intends to primarily invest in MLPs receiving partnership taxation treatment under the.

To be treated as a partnership for U. Mineral or natural resources activities include exploration, development, production, processing, mining, refining, marketing and transportation including pipelines of oil and gas, minerals, geothermal energy, fertilizer, timber or industrial source carbon dioxide.

An MLP consists of a general partner and limited partners or in the case of MLPs organized as limited liability companies, a managing member and members.

The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the partnership.

The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, are intended to have no role in the operation and management of the entity and receive cash distributions.

The MLPs themselves generally do not pay U. Thus, unlike investors in corporate securities, direct MLP investors are generally not subject to double taxation i.

Concentration in the energy sector may present more risks than if the Fund were broadly diversified over numerous sectors of the economy.

A downturn in the energy sector of the economy could have a larger impact on the Fund than on an investment company that does not concentrate in the sector.

At times, the performance of securities of companies in the sector may lag the performance of other sectors or the broader market as a whole.

The Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources.

These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded.

Security transactions are accounted for on a trade date basis. Interest income including interest income from payment-in-kind securities , adjusted for amortization of premium and accretion of discount, is recorded on the accrual basis.

The cost of investments sold is determined by use of the specific identification method. To the extent any issuer defaults or a credit event occurs that impacts the issuer, the Fund may halt any additional interest income accruals and consider the realizability of interest accrued up to the date of default or credit event.

Distributions to common shareholders are declared and paid on a quarterly basis and are recorded on the ex-dividend date.

The estimated characterization of the distributions paid to common shareholders will be either a dividend ordinary income or distribution return of capital.

The actual tax characterization of the common stock distributions made during the current period will not be determined until after the end of the fiscal year when the Fund can determine its earnings and profits and, therefore, may differ from the preliminary estimates.

The actual tax characterization of the MRPS distributions made during the current period will not be determined until after the end of the fiscal year when the Fund can determine its earnings and profits and, therefore, may differ from the preliminary estimates.

The Fund records its pro rata share of the income loss and capital gains losses , to the extent of distributions it has received, allocated from the underlying partnerships and accordingly adjusts the cost basis of the underlying partnerships for return of capital.

The Fund, as a corporation, is obligated to pay federal and state income tax on its taxable income. The Fund invests its assets primarily in MLPs, which generally are treated as partnerships for federal income tax purposes.

The Fund, and entities in which the Fund invests, may be subject to audit by the Internal Revenue Service or other applicable tax authorities. Table of Contents income or tax liability for prior taxable years could be adjusted if there is an audit of the Fund, or of any entity that is treated as a partnership for tax purposes in which the Fund holds an equity interest.

The Fund may be required to pay tax, as well as interest and penalties, in connection with such an adjustment. To the extent the Fund has a deferred tax asset, consideration is given as to whether or not a valuation allowance is required.

In the assessment for a valuation allowance, consideration is given to all positive and negative evidence related to the realization of the deferred tax asset.

For all open tax years and for all major jurisdictions, management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements.

Furthermore, management of the Fund is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

The Fund may rely to some extent on information provided by the MLPs, which may not necessarily be timely, to estimate taxable income allocable to the MLP units held in the portfolio and to estimate the associated deferred tax liability.

Such estimates are made in good faith. From time to time, as new information becomes available, the Fund modifies its estimates or assumptions regarding the deferred tax liability.

The through tax years remain open and subject to examination by tax jurisdictions. GAAP requires that certain components of net assets be reclassified to reflect permanent differences between financial and tax reporting.

These reclassifications have no effect on net assets or net asset value per share. Investment management agreement and other transactions with affiliates.

All officers and one Director of the Fund are employees of Legg Mason or its affiliates and do not receive compensation from the Fund.

Derivative instruments and hedging activities. The Fund pays a commitment fee on the unutilized portion of the loan commitment amount at an annual rate of 0.

Securities held by the Fund are subject to a lien, granted to The Bank of Nova Scotia, to the extent of the borrowing outstanding and any additional expenses.

Interest expense related to this loan for. The Fund paid a commitment fee at an annual rate of 0. The interest on the loan was calculated at variable rates based on the LIBOR, plus any applicable margin.

Securities held by the Fund were subject to a lien, granted to State Street Bank and Trust Company, to the extent of the borrowing outstanding and any additional expenses.

Senior secured notes. Costs incurred by the Fund in connection with the Senior Notes are recorded as a deferred charge, which are amortized over the life of the notes.

Securities held by the Fund are subject to a lien, granted to the Senior Notes holders, to the extent of the borrowings outstanding and any additional expenses.

The Senior Notes are not listed on any exchange or automated quotation system. The estimated fair value of the Senior Notes was calculated, for disclosure purposes, based on estimated market yields and credit spreads for comparable instruments with similar maturity, terms and structure.

Mandatory redeemable preferred stock. The MRPS are not listed on any exchange or automated quotation system. The estimated fair value of the MRPS was calculated, for disclosure purposes, based on estimated market yields and credit spreads for comparable instruments with similar maturity, terms and structure.

The Fund may, at its option, redeem the MRPS, in whole or in part, at the liquidation preference amount plus all accumulated but unpaid dividends plus the make.

Table of Contents whole amount equal to the discounted value of the remaining scheduled payments. The Fund may not declare dividends or make other distributions on shares of its common stock unless the Fund has declared and paid full cumulative dividends on the MRPS, due on or prior to the date of the common stock dividend or distribution, and meets the MRPS asset coverage and rating agency requirements.

The holders of the MRPS have one vote per share and vote together with the holders of common stock of the Fund as a single class except on matters affecting only the holders of MRPS or the holders of common stock.

Stock repurchase program. The Board has directed management of the Fund to repurchase shares of common stock at such times and in such amounts as management reasonably believes may enhance stockholder value.

The Fund is under no obligation to purchase shares at any specific discount levels or in any specific amounts. Income taxes.

On December 22, , the U. The ramification of these changes on the Fund are, as of yet, unknown. The U. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.

As a result of the reduction in the U. Uncertainties remain regarding the impact of the Tax Act due to future regulatory and rulemaking processes, prospects of additional corrective or supplemental legislation, and potential trade or other litigation.

As a result, the actual impact on the net deferred tax liability may vary from the amount initially recorded. The Fund has been and will continue to assess the impact of the Tax Act during the measurement period, which should be no longer than one year from the date of enactment.

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