EX-99.12(C) 15 c71225_ex99-12c.htm

Ex-99.12(c)

Notice to shareholders regarding the Fund’s distributions

We are providing shareholders of the Fund listed below with information concerning the portion of the distribution made for May 31, 2012 that was from a source other than net investment book income. No action is required on your part.

Alpine Global Premier Properties Fund (AWP)

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the managed distribution plan. The amounts and sources of distributions reported in this notice are estimates based upon fiscal year-to-date activity, are not being provided for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution Estimates1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Distribution

 

Current Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total Current
Distribution

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Current Annualized
Distribution Rate on
NAV 1

 

Five Year Average
Annual Total Return
on NAV

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.0500

 

0.0318

 

0.0008

 

—

 

0.0174

 

63.6%

 

1.5%

 

0.0%

 

34.9%

 

8.19%

 

-7.13%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Distribution

 

Cumulative Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total
Distributions
Fiscal YTD

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Cumulative Fiscal
YTD Distributions
as a % of NAV 1

 

Cumulative Fiscal
YTD Total Return on
NAV 1

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.3535

 

0.2248

 

0.0054

 

—

 

0.1233

 

63.6%

 

1.5%

 

0.0%

 

34.9%

 

4.82%

 

11.21%

1Based on the Fund’s NAV as of April 30, 2012

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

The payment of dividend distributions in accordance with the managed distribution policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expenses and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The managed distribution policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The managed distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Trustees has the right to amend, suspend or terminate the managed distribution policy at any time. The amendment, suspension or termination of the managed distribution policy may affect the Fund’s market price per share. Shareholders of shares of the Fund held in taxable accounts who receive a dividend distribution (including shareholders who reinvest in shares of the Fund pursuant to the Fund’s dividend reinvestment plan) must adjust the cost basis to the extent that a dividend distribution contains a return of capital. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

Notice to shareholders regarding the Fund’s distributions

We are providing shareholders of the Fund listed below with information concerning the portion of the distribution made for June 29, 2012 that was from a source other than net investment book income. No action is required on your part.

Alpine Global Premier Properties Fund (AWP)

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the managed distribution plan. The amounts and sources of distributions reported in this notice are estimates based upon fiscal year-to-date activity, are not being provided for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution Estimates1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Distribution

 

Current Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Five Year
Average
Annual
Total
Return on
NAV

Fund
Ticker

 

Fiscal Year
End

 

Total Current
Distribution

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Current
Annualized
Distribution Rate
on NAV 1

 

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.0500

 

0.0336

 

0.0052

 

—

 

0.0112

 

67.2%

 

10.3%

 

0.0%

 

22.5%

 

9.01%

 

-8.60%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Distribution

 

Cumulative Distribution (%)

 

Cumulative Fiscal
YTD
Distributions as a
% of NAV 1

 

Cumulative
Fiscal YTD
Total
Return on
NAV 1

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total
Distributions
Fiscal YTD

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.4000

 

0.2688

 

0.0413

 

—

 

0.0898

 

67.2%

 

10.3%

 

0.0%

 

22.5%

 

6.01%

 

1.89%

1Based on the Fund’s NAV as of May 31, 2012

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

The payment of dividend distributions in accordance with the managed distribution policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expenses and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The managed distribution policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The managed distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Trustees has the right to amend, suspend or terminate the managed distribution policy at any time. The amendment, suspension or termination of the managed distribution policy may affect the Fund’s market price per share. Shareholders of shares of the Fund held in taxable accounts who receive a dividend distribution (including shareholders who reinvest in shares of the Fund pursuant to the Fund’s dividend reinvestment plan) must adjust the cost basis to the extent that a dividend distribution contains a return of capital. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

Notice to shareholders regarding the Fund’s distributions

We are providing shareholders of the Fund listed below with information concerning the portion of the distribution made for July 31, 2012 that was from a source other than net investment book income. No action is required on your part.

Alpine Global Premier Properties Fund (AWP)

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the managed distribution plan. The amounts and sources of distributions reported in this notice are estimates based upon fiscal year-to-date activity, are not being provided for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution Estimates1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Distribution

 

Current Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total Current
Distribution

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Current Annualized
Distribution Rate on
NAV 1

 

Five Year Average
Annual Total
Return on NAV 1

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.0500

 

0.0306

 

0.0064

 

—

 

0.0130

 

61.3%

 

12.7%

 

0.0%

 

26.0%

 

8.47%

 

-6.80%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Distribution

 

Cumulative Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total
Distributions
Fiscal YTD

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Cumulative Fiscal
YTD Distributions as
a % of NAV 1

 

Cumulative Fiscal
YTD Total Return
on NAV 1

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.4500

 

0.2757

 

0.0572

 

—

 

0.1170

 

61.3%

 

12.7%

 

0.0%

 

26.0%

 

6.36%

 

9.16%

1Based on the Fund’s NAV as of June 29, 2012

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

The payment of dividend distributions in accordance with the managed distribution policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expenses and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The managed distribution policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The managed distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Trustees has the right to amend, suspend or terminate the managed distribution policy at any time. The amendment, suspension or termination of the managed distribution policy may affect the Fund’s market price per share. Shareholders of shares of the Fund held in taxable accounts who receive a dividend distribution (including shareholders who reinvest in shares of the Fund pursuant to the Fund’s dividend reinvestment plan) must adjust the cost basis to the extent that a dividend distribution contains a return of capital. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

Notice to shareholders regarding the Fund’s distributions

We are providing shareholders of the Fund listed below with information concerning the portion of the distribution made for August 31, 2012 that was from a source other than net investment book income. No action is required on your part.

Alpine Global Premier Properties Fund (AWP)

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the managed distribution plan. The amounts and sources of distributions reported in this notice are estimates based upon fiscal year-to-date activity, are not being provided for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution Estimates1

 

 

 

 

 

 

Current Distribution

 

Current Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total Current
Distribution

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Current Annualized
Distribution Rate
on NAV 1

 

Five Year Average
Annual Total Return on
NAV 1

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.0500

 

0.0309

 

0.0052

 

—

 

0.0139

 

61.8%

 

10.4%

 

0.0%

 

27.8%

 

8.28%

 

-5.65%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Distribution

 

Cumulative Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total
Distributions
Fiscal YTD

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Cumulative Fiscal
YTD Distributions
as a % of NAV 1

 

Cumulative Fiscal YTD
Total Return on NAV 1

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.5000

 

0.3088

 

0.0522

 

—

 

0.1390

 

61.8%

 

10.4%

 

0.0%

 

27.8%

 

6.90%

 

12.61%

1Based on the Fund’s NAV as of July 31, 2012

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

The payment of dividend distributions in accordance with the managed distribution policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expenses and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The managed distribution policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The managed distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Trustees has the right to amend, suspend or terminate the managed distribution policy at any time. The amendment, suspension or termination of the managed distribution policy may affect the Fund’s market price per share. Shareholders of shares of the Fund held in taxable accounts who receive a dividend distribution (including shareholders who reinvest in shares of the Fund pursuant to the Fund’s dividend reinvestment plan) must adjust the cost basis to the extent that a dividend distribution contains a return of capital. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

Notice to shareholders regarding the Fund’s distributions

We are providing shareholders of the Fund listed below with information concerning the portion of the distribution made for September 30, 2012 that was from a source other than net investment book income. No action is required on your part.

Alpine Global Premier Properties Fund (AWP)

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the managed distribution plan. The amounts and sources of distributions reported in this notice are estimates based upon fiscal year-to-date activity, are not being provided for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution Estimates1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Distribution

 

Current Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total Current
Distribution

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Current Annualized
Distribution Rate
on NAV 1

 

Five Year Average
Annual Total Return on
NAV 1

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.0500

 

0.0290

 

0.0072

 

—

 

0.0138

 

58.1%

 

14.4%

 

0.0%

 

27.5%

 

8.08%

 

-4.88%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Distribution

 

Cumulative Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total
Distributions
Fiscal YTD

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Cumulative Fiscal
YTD Distributions
as a % of NAV 1

 

Cumulative Fiscal YTD
Total Return on NAV 1

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.5500

 

0.3194

 

0.0791

 

—

 

0.1515

 

58.1%

 

14.4%

 

0.0%

 

27.5%

 

7.40%

 

16.22%

1Based on the Fund’s NAV as of August 31, 2012

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

The payment of dividend distributions in accordance with the managed distribution policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expenses and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The managed distribution policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The managed distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Trustees has the right to amend, suspend or terminate the managed distribution policy at any time. The amendment, suspension or termination of the managed distribution policy may affect the Fund’s market price per share. Shareholders of shares of the Fund held in taxable accounts who receive a dividend distribution (including shareholders who reinvest in shares of the Fund pursuant to the Fund’s dividend reinvestment plan) must adjust the cost basis to the extent that a dividend distribution contains a return of capital. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.

Notice to shareholders regarding the Fund’s distributions

We are providing shareholders of the Fund listed below with information concerning the portion of the distribution made for October 31, 2012 that was from a source other than net investment book income. No action is required on your part.

Alpine Global Premier Properties Fund (AWP)

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the managed distribution plan. The amounts and sources of distributions reported in this notice are estimates based upon fiscal year-to-date activity, are not being provided for tax reporting purposes and may later be determined to be from taxable net investment income, short-term gains, long-term gains (to the extent permitted by law), and return of capital. The actual amounts and sources for tax reporting purposes will depend upon the Fund’s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution Estimates1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Distribution

 

Current Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total Current
Distribution

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Current Annualized
Distribution Rate
on NAV 1

 

Five Year Average
Annual Total Return on
NAV 1

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.0500

 

0.0267

 

0.0091

 

—

 

0.0142

 

53.3%

 

18.3%

 

0.0%

 

28.4%

 

7.82%

 

-4.76%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative Distribution

 

Cumulative Distribution (%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fund
Ticker

 

Fiscal Year
End

 

Total
Distributions
Fiscal YTD

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Net
Investment
Income

 

Short Term
Gains

 

Long Term
Gains

 

Return of
Capital

 

Cumulative Fiscal
YTD Distributions
as a % of NAV 1

 

Cumulative Fiscal YTD
Total Return on NAV 1

 

 

 

 

 

 

 

 

 

 

 

 

AWP

 

31-Oct-12

 

0.6000

 

0.3200

 

0.1097

 

—

 

0.1703

 

53.3%

 

18.3%

 

0.0%

 

28.4%

 

7.82%

 

20.79%

1Based on the Fund’s NAV as of September 28, 2012

While NAV performance may be indicative of the Fund’s investment performance, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment is determined by the Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

The payment of dividend distributions in accordance with the managed distribution policy may result in a decrease in the Fund’s net assets. A decrease in the Fund’s net assets may cause an increase in the Fund’s annual operating expenses and a decrease in the Fund’s market price per share to the extent the market price correlates closely to the Fund’s net asset value per share. The managed distribution policy may also negatively affect the Fund’s investment activities to the extent that the Fund is required to hold larger cash positions than it typically would hold or to the extent that the Fund must liquidate securities that it would not have sold, for the purpose of paying the dividend distribution. The managed distribution policy may, under certain circumstances, cause the amounts of taxable distributions to exceed the amount minimally required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent loss carry forwards reduce the required amount of capital gains distributions in that year. The Board of Trustees has the right to amend, suspend or terminate the managed distribution policy at any time. The amendment, suspension or termination of the managed distribution policy may affect the Fund’s market price per share. Shareholders of shares of the Fund held in taxable accounts who receive a dividend distribution (including shareholders who reinvest in shares of the Fund pursuant to the Fund’s dividend reinvestment plan) must adjust the cost basis to the extent that a dividend distribution contains a return of capital. Investors should consult their tax advisor regarding federal, state, and local tax considerations that may be applicable in their particular circumstances.