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Performance and Risk

What is the Premium/Discount Chart?

Closed End Funds trade at market price throughout the day. However, they also have a net asset value (NAV) which is reported by the fund at the end of the trading day. NAV is calculated based on the closing price of the underlying securities held by the Closed End Fund, subtracting expenses and dividing by the total number of shares outstanding. If the market price is greater than the NAV, it's called a premium; if it's lower, it's called a discount. This chart shows the average premium or discount by month, and also plots the average premium or discount across the timeframe.

What is the Hypothetical $10,000 Performance Chart?

This chart illustrates the market price performance of a hypothetical $10,000 investment made in the fund on a rolling 10 year basis, or on its commencement of operations (whichever is later). The values charted include reinvestment of capital gains and dividends, but do not reflect the effect of applicable sales charges or redemption fees, which would lower the values. This chart is not intended to imply future performance of the fund.

Why are there several different timeframes for return data?

Because investors have different timeframes for their investments, both short-term and long-term return data is provided. For better comparison of products, the same As Of dates for different timeframes are also provided. Daily, month-end, and quarter-end returns are available for view. Previous trading day price performance will be available on by 8 AM ET next day.

Why is there a "NAV Return" and a "Market Return"?

Because Closed End Funds can trade at a discount or premium to their net asset value (NAV), there are two ways that returns can be calculated. NAV returns are based on the closing price of the Closed End Funds underlying securities, while market returns are based on the closing price on the exchange of the Closed End Fund itself.

Why are the volatility measures listed with the month-end average annual total returns?

The volatility measurements use the same timeframes as the month-end performance returns. It can be helpful to view performance and risk numbers side by side to better understand the connection between risk and return.