The amounts and sources of distributions reported are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations.
SHAREHOLDERS SHOULD NOT USE THE INFORMATION PROVIDED HERE IN PREPARING THEIR TAX RETURNS. SHAREHOLDERS WILL RECEIVE A FORM 1099-DIV FOR THE CALENDAR YEAR INDICATING HOW TO REPORT FUND DISTRIBUTIONS FOR FEDERAL INCOME TAX PURPOSES.
The Fund invests in certain companies that have been designated as “passive foreign investment companies” (“PFICs”) for purposes of U.S. tax regulations. Increases in the value of these PFICs (“PFIC Income”) increase the income of the Fund. PFIC Income does not reflect dividends or other income actually received by the Fund, although it does serve to increase the Net Investment Income the Fund is required to distribute. Distributions of PFIC Income may result in a Return of Capital. The amount of Net Investment Income described in the foregoing table (Estimated Source of Distributions) may include PFIC Income. Decreases in the value of these PFICs (“PFIC Losses”) offset the other investment income of the Fund. PFIC Losses do not reflect a diminution in the amount of dividends or income actually received by the Fund, although they do serve to reduce the Net Investment Income the Fund is required to distribute. The amount of Net Investment Income in the foregoing table (Estimated Source of Distributions) may have been reduced by PFIC Losses.
Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s managed distribution policy. Please note that all performance figures below are based on the Fund’s net asset value (“NAV”) and not the market price of the Fund’s shares. Performance figures are not meant to represent individual shareholder performance. The value of a shareholder’s investment in the Fund is determined by the market price of the Fund’s shares.The Fund’s cumulative year-to-date total return for fiscal year 2012 (January 1, 2012 through November 30, 2012) is set forth below. Shareholders should take note of the relationship between the Year-to-date Cumulative Total Return on NAV and the Fund’s Cumulative Distribution Rate for 2012, as well as its Current Annualized Distribution Rate. Moreover, the Fund’s Average Annual Total Return (in relation to its NAV) for the preceding five-year period (December 1, 2007 through November 30, 2012) is set forth below. Shareholders should take note of the relationship between the Fund’s Average Annual Total Return on NAV for the preceding five-year period and the Fund’s Average Annual Distribution Rate for the preceding five-year period. The performance and distribution rate information disclosed in the table below is based on the Fund’s net asset value (NAV). The Fund’s NAV is calculated as the total market value of all the securities and other assets held by the Fund minus the total liabilities, divided by the total number of common shares outstanding.
|Fund Performance and Distribution Rate Information:|
|Year-to-date 1/1/2012 to 11/30/2012|
|Year-to-date Cumulative Total Return on NAV 1||21.46%|
|Cumulative Distribution Rate 2||5.29%|
|Preceding Five-Year Period 12/1/2007 to 11/30/2012|
|Average Annual Total Return on NAV 3||8.84%|
|Average Annual Distribution Rate 4||10.41%|
|Current Annualized Distribution Rate 5||5.77%|
|1||Year-to-date Cumulative Total Return on NAV is the percentage change in the Fund’s NAV over the year-to-date time period including distributions paid and assuming reinvestment of those distributions.|
|2||Cumulative Distribution Rate for the Fund’s current fiscal period (January 1, 2012 through November 30, 2012) measured on the dollar value of distributions in the year-to-date period as a percentage of the Fund’s NAV as of November 30, 2012.|
|3||Average Annual Total Return on NAV represents the simple arithmetic average of the Annual NAV Total Returns of the Fund for the preceding five-year period. Annual NAV Total Return is the percentage change in the Fund’s NAV over a year including distributions paid and assuming reinvestment of those distributions.|
|4||Average Annual Distribution Rate is the simple arithmetic average of the Annual Distribution Rates for the preceding five-year period. The Annual Distribution Rates are calculated by taking the total distributions paid during the period divided by average daily NAV for the period.|
|5||The Current Annualized Distribution Rate is the current monthly distribution rate annualized as a percentage of the Fund’s NAV as of November 30, 2012.|
|Average Daily NAV for Period||End of Period NAV Per Share||Change in NAV||Annualized Total Returns||Distribution Rate 4||Level Distributions Paid||Special Distributions Paid||Total Distributions Paid|
|Since Inception Annualized Total Return||5.00%|
|1||Figures for 2004 are from February 24, 2004, the Fund’s inception date.|
|2||2012 figures are year-to-date through November 30, 2012.|
|3||Average calculated on number of months and years since inception. The Fund’s inception date was February 24, 2004.|
|4||Distribution rate calculated by taking the total distributions paid within the period divided by average daily NAV for the period.|
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