The Fund’s investment objective is to provide tax-advantaged total return.
The fund invests primarily in a portfolio of master limited partnerships (“MLPs”) operating in the energy sector. The fund may use various hedging techniques in seeking to enhance its risk-adjusted total return over the longer term. The fund uses leverage.
- Actively managed portfolio of energy MLPs, an important and rapidly growing asset class
- Tax-advantaged quarterly distributions with simplified tax reporting (Form 1099, not K-1s)
- MLPs offer a potential hedge against inflation, as well as the potential for capital appreciation and increasing current income.
- FAMCO has been managing MLP portfolios since 1995, the longest track record in the industry. Their specialized investment process starts top-down to identify broad investment themes and trends in this dramatically growing market, then concludes with rigorous bottom-up analysis seeking to identify high quality, high value investment opportunities.
|Closing Share Price (As of 12/3/2013)||$18.97
|Closing NAV per Share (As of 12/3/2013)||$19.90
|Premium / Discount**||-4.67%
|Current Distribution Rate (Market price)††||6.66%
|Distribution Amount (Quarterly) ||$0.3160
|Distribution Type ||Cash Flow
As of 10/31/2013
Total may not add up to 100% due to rounding.
The Fund is designed as a long-term investment and not as a trading vehicle. The Fund is not intended to be a complete investment program. Investors should carefully review and consider the risks listed below before investing.
An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in common shares represents an indirect investment in the corporate securities owned by the Fund, which generally trade in the over-the-counter markets. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.Shares of closed-end investment companies like the Fund frequently trade at a discount to their NAV. Your common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.Each Fund’s use of leverage creates the possibility of higher volatility for the Fund’s per share NAV, market price, distributions and returns. There is no assurance that a Fund’s leveraging strategy will be successful.The Fund’s investment program and the tax treatment of Fund distributions may be affected by IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations, including changes resulting from the “sunset” provisions that may apply to the favorable tax treatment of tax-advantaged dividends. There can be no assurance as to the percentage of a Fund’s distributions that will qualify as tax-advantaged dividends.Because the Funds invest primarily in energy sector MLPs, concentration in this sector may present more risks than if the Funds were invested in numerous
sectors of the economy.
An investment in MLP units involves risks that differ from a similar
investment in equity securities. Holders of MLP units have the rights typically afforded to
limited partners in a limited partnership. As compared to common stockholders of a
corporation, holders of MLP units have more limited control and limited rights to vote on
matters affecting the partnership.The Funds are able to invest a greater
portion of their assets in obligations of a single issuer than a “diversified” fund. A
nondiversified fund, or one with a portfolio concentrated in a particular industry or
geographical region, may be affected disproportionately by the performance of a
single security or relatively few securities as a result of adverse economic, regulatory, or
This fund uses a cash-flow based distribution approach, designed to provide attractive regular distributions throughout the year, in amounts based on the fund’s net cash flow received from portfolio investments. Although the amounts of regular fund distributions are not intended to reflect expected portfolio appreciation, the fund invests in securities (e.g. REITs or MLPs) which have cash flow that, at least in part, ultimately may be treated as something other than net investment income for tax purposes. Consequently, regular fund distributions may include net investment income, capital gains, and/or a return of capital (representing, in some cases, net unrealized capital gains).
If a distribution includes anything other than net investment income, the fund provides a notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.
Fund data is updated daily, monthly, and quarterly, depending on the specific data point.
for the update schedule.
|Daily all funds:
||Market price, NAV, premium/discount, annualized distribution rates on market price and NAV
|Monthly all funds:
||Assets, leverage, expenses, total return performance, distribution amounts, earnings & UNII
|Monthly certain funds:
Municipal bond fund holdings and portfolio information
|Monthly certain funds, with 1-month lag:
Taxable fund holdings and portfolio information except JCE, NSL, JFR and JRO; and % AMT for municipal bond funds
|Quarterly certain funds:
JCE, NSL, JFR, and JRO holdings and portfolio information, tax characteristic estimates for distributions from funds paying quarterly distributions
|Quarterly all funds:
SEC filings (annual shareholder report, semi-annual shareholder report, or 10-Q filing)