Distributions and Returns to Investors

HMS Income Fund closed to new investors on September 30, 2017.

As of December 31, 2018:1,2

  • $0.70 annual cash distribution rate per share
  • Cumulative cash distributions paid per share since inception, $4.55
Shareholder Returns Without Sales Charges
Compounded Monthly As of 12/31/183
  1-Year 8.4%
Annualized Total Returns 3-Year 9.4%
5-Year 6.7%
Since Inception 7.3%
 
Cumulative Total Return Since Inception
  Without Sales Charge 58.5%
With Sales Charge 42.7%4
 
NAV Returns
Compounded Quarterly As of 12/31/185
  1-Year 6.3%
Annualized Total Returns 3-Year 9.3%
5-Year 6.3%
Since Inception 7.0%
 
Cumulative Total Return Since Inception
55.0%

1There is no guarantee that the Fund will pay distributions. The amount and timing of distributions are not guaranteed. For the twelve months ended December 31, 2018, 67.2% of distributions were paid from net realized income from operations (before the waiver of the incentive fee on income), 6.0% of distributions were paid from waiver of incentive fees and 26.8% were paid from distributions in excess of net realized income. Paying distributions from sources other than net realized income lowers an investor's overall return.

2The Company may fund its cash distributions from all sources of funds legally available, including stock offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to it on account of preferred and common equity investments in portfolio companies, and fee waivers from its Advisers. The Company may, for the foreseeable future, pay a portion of the distributions from sources other than net realized income from operations, which may include stock offering proceeds, borrowings, and fee and expense waivers from the Advisers. For the twelve months ended December 31, 2018, 67.2% of distributions were paid from net realized income from operations (before the waiver of the incentive fee on income), 6.0% of distributions were paid from waiver of incentive fees and 26.8% were paid from distributions in excess of net realized income.

3Past performance does not guarantee future results. Returns reflect reinvestment of distributions and the deduction of ongoing expenses that are borne by the investors and deducted from NAV, such as management fees, incentive fees, interest charges and general and administrative expenses. Shareholder returns without sales charge do not include selling commissions and dealer manager fees, which could total up to 10% of the public offering price. Had such selling commissions and dealer manager fees been included, returns would have be lower.

4During the offering period, the maximum sales load was 10%. An investment was subject to certain transaction expenses, including sales load, dealer manager fees and offering expenses which totaled 11.5% and reduced the amount available for investment. An investment was also subject to management fees, incentive fees, interest on borrowed funds and other expenses which will vary based on the amount of capital raised. 

5June 4, 2012 through December 31, 2018. Measures changes in NAV per share and assumes reinvestment of distributions. Returns are net of management, incentive, interest charges and general and administrative expenses. Returns do not represent an actual return to shareholders, rather they provide performance in conformity with GAAP.