Performance data quoted represents past performance, which is no guarantee of future results. Shares of closed-end funds’ common stock, unlike shares of open-end funds, are not continually offered and are not redeemable. There is an initial public offering and once issued, common shares of closed-end funds are traded in the open market on a stock exchange. Shares of closed-end funds frequently trade at a discount from their net asset value (“NAV”). This characteristic is separate and distinct from the risk that the Fund’s NAV could decrease as a result of its investment activities and may be a greater risk to investors expecting to sell their shares relatively soon after purchase. The Funds cannot predict the level of trading activity or whether their common stock will trade at, above or below NAV. The Funds’ common stock is designed primarily for long-term investors.
*Distribution yield is an annualized current return based on current market price and the monthly distribution paid by a fund. Each fund has adopted a policy to pay common stockholders a regular monthly distribution at a fixed rate per share. In an effort to maintain a stable distribution amount, each fund, other than NML, may pay distributions consisting of net investment income, realized capital gains and return of capital. NML currently intends to pay its regular monthly distributions out of its distributable cash flow (“DCF”), which generally consists of (1) cash and paid-in-kind distributions from MLPs or their affiliates, dividends from common stocks, interest from debt instruments and income from other investments held by NML less (2) current or accrued operating expenses, including taxes on its taxable income and leverage costs. In an effort to maintain more stable monthly distributions, NML may include a return of capital as part of the distributions or may distribute less than the entire amount of its DCF received in a particular period. There is no assurance that the funds will always be able to pay distributions of a particular size, or that a distribution will consist solely of net investment income and realized capital gains (or for NML, its current earnings and profits). This data is provided for informational purposes only.
** At certain times during the above periods, the Fund's investment manager contractually agreed to waive a portion of the management fee paid by these funds. Absent this arrangement, the returns shown for such periods would be lower. Results are shown on a "total return" basis and include reinvestment of all distributions including capital gains.
