The following notice was sent to shareholders today:
The purpose of this document is to provide you with information that is required to be sent to you as well as additional information that may be of interest to at least some investors.
The Fund adopted a managed distribution policy (ďPolicyĒ) in
To the extent that the Fundís taxable income in any fiscal year exceeds the aggregate amount distributed based on a fixed percentage of its net asset value, the Fund would make an additional distribution in the amount of that excess near the end of the fiscal year. To the extent that the aggregate amount distributed by the Fund based on a fixed percentage of its net asset value exceeds its current and accumulated earnings and profits, the amount of that excess would constitute a return of capital or net realized capital gains for tax purposes. A return of capital may occur, for example, when some or all of the money that shareholders invested in the Fund is deemed to be paid back to shareholders. A return of capital distribution does not necessarily reflect the Fundís investment performance and should not be confused with ďyieldĒ or ďincome.Ē
During the current fiscal year which ends on
|Estimated source of regular monthly distributions|
|†||†||Distributions||†||Net investment income||†|
Net realized short-term
Net realized long-
|†||Return of capital|
|†||$||0.0438||†||$||0.0438 (100||%)||†||$||0 (0||%)||†||$||0 (0||%)||†||$||0 (0||%)|
|YTD*||†||$||0.4474||†||$||0.3740 (84||%)||†||$||0 (0||%)||†||$||0 (0||%)||†||$||0.0734 (16||%)|
* Fiscal year-to-date.
The Fund periodically issues notices to shareholders and press releases estimating the source characteristics of its monthly distributions. The amounts and sources reported in these materials are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and tax reporting purposes will depend upon the Fundís investment experience during its entire fiscal year and may be subject to retroactive changes based on tax regulations. The Fund sends shareholders a Form 1099-DIV (or a financial intermediary should provide a shareholder with similar information) for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.
If you chose to receive your distributions in cash, a check should have been sent to you or a credit should have been made on your financial intermediary or Fund account statement. If you chose to reinvest your distributions, that statement (or a subsequent one) should indicate the additional shares purchased for your account in full and fractional shares of the Fund's common stock.
You should not draw any conclusions about the Fundís investment performance from the amount of the monthly distribution or from the terms of the Fundís managed distribution policy.
If you would like to change your distribution option, please write or call your broker or, if you hold shares directly with the Fund, the Fund's distribution disbursing agent,
Please find below additional information regarding the Fundís performance. Please note that this information is primarily based on the Fundís net asset value based performance, not its market price based performance. Market price based performance for various periods is included in the Fundís most recent report to shareholders and is different.
|Fund performance and distribution rate information||†||†|
|Fiscal year-to-date ||†||†|
|Year-to-date Cumulative Net Asset Value Return1||5.59||%|
|Cumulative Distribution Rate2||3.81||%|
|Preceding five-year period ||†||†|
|5 Years Average Annual Total Net Asset Value Return1||8.71||%|
|Average Annual Distribution Rate3||8.93||%|
|Current Annualized Distribution Rate4||†||4.97||%|
The Fundís net asset value (ďNAVĒ) returns assume, for
illustration only, that dividends and other distributions, if any,
were reinvested at the NAV on the payable dates.
Cumulative Distribution Rate for the Fundís fiscal period
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.
The Current Annualized Distribution Rate is the current monthly
distribution rate annualized as a percentage of the Fundís NAV as
Please refer to the chart below for information about the Fundís historical NAVs, change in NAVs, total returns, and distributions paid. Performance data assumes reinvestment of distributions.
Since Inception (|
Figures are fiscal year to date, |
|Distribution rate calculated by taking the total distributions paid within the period divided by average daily NAV for the period.|
Any performance information reflects the deduction of the Fundís fees and expenses, as indicated in its shareholder reports, such as investment advisory and administration fees, custody fees, exchange listing fees, etc. It does not reflect any transaction charges that a shareholder may incur when (s)he buys or sells shares (e.g., a shareholderís brokerage commissions).
Investing in the Fund entails specific risks, such as interest rate, credit and the risks associated with investing in the securities of non-US issuers, including those located in emerging market countries.The value of the Fund's investments in foreign securities may fall due to adverse political, social and economic developments abroad†and due to decreases in foreign currency values relative to the US dollar.Further†detailed information regarding the Fund, including a discussion of principal objectives, principal investment strategies and principal risks, may be found in the fund overview located at http://www.ubs.com/closedendfundsinfo.You may also request copies of the fund overview by calling the Closed-End Funds Desk at 888-793 8637.
©UBS 2014. All rights reserved.
The key symbol and UBS are among the registered and unregistered trademarks of UBS.
Closed-End Funds Desk: 888-793 8637