The investment objective of the Fund is to achieve total return consisting of high current income and potential capital appreciation through investments in the common stock of closed-end management investment companies that invest significantly in equity or income-producing securities.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Expense ratios as disclosed in the Fund’s most recent annual report to stockholders dated December 31, 2015. Expense ratios are net of waivers and/or reimbursements.
Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. Top ten holdings are determined on the basis of the value of individual securities held. The Fund may also hold positions in other types of securities issued by the companies listed above. You can obtain a complete listing of holdings by clicking here.
NAV per share is as of the prior day’s market close of regular trading on the NYSE, generally 4:00 p.m. Eastern time, on each day the NYSE is open for trading.
Distribution Rate is calculated dividing the last distribution paid per share (annualized) by the market price. Note that the number of income distributions is based on the fund’s distribution payment frequency (i.e. monthly or quarterly). A fund may pay distributions in excess of its net investment company taxable income and, to the extent this occurs, the distribution yield quoted will include a return of capital. The estimated return of capital for each distribution is also available on this Web site by clicking on the Distributions tab on each fund’s landing page.
SEC yield is calculated by dividing annualized net investment income per share during a 30-day period by the maximum offering price per share as of the close of that period. SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities. Since certain distributions received by the funds from real estate investment trusts (REITs) may consist of dividend income, return of capital and capital gains, and the character of these distributions cannot be determined until after the end of the year, the SEC yield has been adjusted for the funds that invest significantly in REITs based on estimates of return of capital and capital gains.
Quarterly distribution per share is as of the most recent quarter end. The fund pays regular quarterly cash distributions to common shareholders at a level rate that may be adjusted from time to time, based on the projected income of the fund. The amount of quarterly distributions may vary depending on a number of factors, including changes in portfolio and market conditions. Each fund’s distributions reflect net investment income, and may also include net realized capital gains and/or return of capital. Return of capital includes distributions paid by a fund in excess of its net investment income and such excess is distributed from the fund’s assets. Under federal tax regulations, some or all of the return of capital distributed by a fund may be taxed as ordinary income.
In addition, distributions for funds investing in real estate investment trusts (REITs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to each fund after year-end by REITs held by a fund.
However, please note that distributions are subject to recharacterization for tax purposes and the final tax treatment of these distributions will be reported to shareholders after the close of each fiscal year on form 1099-DIV.
Risks of Investing in Closed-End Funds
Risks associated with investing in closed-end end funds generally include market risk, leverage risk, risk of anti-takeover provisions and non-diversification. In addition, shares of many closed-end funds frequently trade at a discount from their net asset value.
Underlying closed-end funds in which the Fund invests have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values.