With maximum sales charge. Maximum sales charge is the maximum fee on the purchase of new shares of a mutual fund. Paying a sales charge is similar to paying a premium for a security in that the customer must pay a higher offering price. Sometimes called a load.
The sum of short-term and long-term capital gains.
Tax-equivalent yield assumes the highest marginal tax rate of 43.4% (2014 federal income tax rate of 39.6% and a Medicare surtax on net investment income of 3.8%); an investor should understand that the tax equivalent yield will vary based on their personal marginal tax rate and that a lower marginal tax rate will result in a lower taxable equivalent yield. The fund’s fees and/or expenses are being reimbursed; without these reimbursements the fund’s yields would have been lower. These reductions may be discontinued.
Capital gains realized from the disposition of investments held for less than one year.
The price at which shareholders reinvest dividends and/or capital gains.
The date used to determine which shareholders are eligible to receive the distribution. Shareholders who purchase fund shares on or before the record date will receive the distribution.
The owner of a put option has the right to sell stock, or other specified assets, at the strike price on or until the expiration date. The writer, or seller, of a put has an obligation to buy stock, or other specified assets, at the strike price on or until the expiration date if the option is exercised by the owner.
The date when shareholders are paid their distribution, either in cash or by reinvestment in additional fund shares.
How much an option contract’s strike price is in-the-money (ITM) or out-of-the-money (OTM) expressed as a percentage of the price of the option contract’s underlying asset.
Net expense ratio is the fund’s total annual operating expense ratio after any fee waivers or reimbursements.
Net asset value is a mutual fund's price per share. The value is calculated daily, based on the value of the securities in the portfolio at market close.
Capital gains realized from the disposition of investments held for more than one year.
Gross expense ratio is the fund’s total annual operating expense ratio before any fee waivers or reimbursements.
Calculations are hypothetical estimates and are shown for illustrative purposes only. Annual fees are based on the investment amount entered, assuming no return. Fund’s operating expenses based on the net expense ratio (Total annual fund operating expenses/Total annual fund operating expenses after fee waiver and/or expense reimbursement) as stated in the fee table of the fund’s current prospectus. Annual fees calculated does not reflect any sales charge or breakpoints for shares that are purchased or redeemed.
Weighted average time until the expiration date of the options.
The date when the distribution amount per share is deducted from the fund's NAV. Shareholders who purchase fund shares on the ex-dividend date are not eligible to receive the distribution.
The Dow Jones Industrial AverageSM is proprietary to and is calculated, distributed and marketed by Dow Jones Indexes, a licensed trademark of CME Group Index Services LLC and has been licensed for use. “Dow Jones®”, “Dow Jones Indexes” and “Dow Jones Industrial AverageSM” are service marks of Dow Jones Trademark Holdings, LLC. “CME” is a trademark of Chicago Mercantile Exchange Inc. All content of the Dow Jones Industrial Average © CME Group Index Services LLC 2010.
Ordinary income, generally consisting of dividends, interest, and other income earned on the fund’s investments, less fund expenses.
Weighted average price of put options owned measured as a percentage of stock assets.
The owner of a call option has the right to buy stock, or other specified assets, at the strike price on or until the expiration date. The writer, or seller, of a call has an obligation to sell stock, or other specified assets, at the strike price on or until the expiration date if the option is exercised by the owner. The call owner pays a premium to the call writer.
Weighted average potential cash flow to be earned from written call options measured as a percentage of stock assets.
The portfolio exposures presented above are intended to illustrate the asset class exposure present in the fund. The portfolio exposure percentage represents the notional contract value in U.S. dollars of the Fund’s futures and/or forward positions divided by the Fund’s total net assets. Notional contract values represent the aggregate exposure that a futures or currency forward contract provides to the underlying reference asset or currency, respectively. Given the nature of the Fund’s investments, the sum of the percentages above may not equal 100% and the notional contract values may not equal the net assets of the Fund.
Derivatives, primarily futures and forward contracts, generally have implied leverage (a small amount of money to make an investment of greater value). Because of this, the fund’s extensive use of derivatives may magnify any gains or losses on those investments as well as risk to the fund.
The 30-day SEC yield is a standardized calculation, calculated by dividing the net investment income per share for the 30-day period by the maximum offering price per share at the end of the period and annualizing the result. A subsidized 30-day SEC yield reflects the effect of fee waivers and expense reimbursements. Unsubsidized 30-day SEC yield is calculated using the gross expenses of the fund and does not include any fee waivers or reimbursement. The SEC yield is not based upon distributions of the fund and actual income distributions may be higher or lower than the 30-day SEC yield amounts.