What Our Commitment to an Annual Minimum 6% Distribution Rate Means:

  • You will receive from the Fund each year an amount equal to at least 6% of the average trailing twelve-month market price of our stock, which will be calculated using the NYSE month-end market price for the twelve months ended October 31.
  • Distributions will be made in four installments using the same payout schedule that we have used for many years – three interim quarterly distributions of earned investment income and a year-end distribution of net investment income and realized capital gains. Stockholders will continue to have the option to receive the year-end distribution in either cash or additional shares of stock.
  • We will distribute more than 6% in any year in which the combined amount of net investment income and realized capital gains generated by the Fund is greater than 6%.
  • In any year in which the combined amount of net investment income and realized capital gains generated by the Fund is less than 6%, distributions may include a return of capital.
  • Our commitment provides a more predictable level of cash distribution coupled with the opportunity for capital appreciation.

Read the recent article, “6 closed-end funds yielding up to 6%”.

For more details on the annual minimum 6% distribution rate, please click here to read the press release that we issued on September 8, 2011.

What Our Commitment to an Annual Minimum 6% Distribution Rate Means:

Stock and Distribution

Nav & Stock Price Per Share
Net Asset Value: $16.60
Closing Price: $14.20
Discount: -14.5%

This is the closing price from the NYSE on 09/02/2014

annual DISTRIBUTION Rate
2013 7.1%

*The annual distribution rate is the total dividends and capital gain distributions divided by the average month-end market price of the Fund's Common Stock for the twelve months ended October 31.

As of September 8, 2011, the Fund committed to an annual distribution rate of at least 6%.