Page 2 of 3 – SEC Filing
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As per Amendment No. 2 to NRO’s Schedule TO-I filed on January 13, 2017,
there are 47,419,670 shares of common stock outstanding. The percentages set
forth herein were derived using such number. Phillip Goldstein, Andrew Dakos
and Steven Samuels own Bulldog Investors,LLC, a registered investment advisor.
As of May 4, 2017, Bulldog Investors, LLC is deemed to be the beneficial
owner of 2,409,357 shares of NRO (representing 5.08% of NRO’s outstanding
shares) solely by virtue of Bulldog Investors LLC’s power to direct the vote
of, and dispose of, these shares. These 2,409,357 shares of NRO include
1,353,601 shares (representing 2.85% of NRO’s outstanding shares) that are
beneficially owned by Mr. Goldstein and the following entities over which
Messrs. Goldstein, Dakos and Samuels exercise control: Opportunity
Partners LP, Calapasas West Partners LP, Full Value Special Situations
Fund, LP, Full Value Offshore Fund, Ltd., Full Value Partners, LP,
Opportunity Income Plus, LP, and MCM Opportunity Partners, LP (collectively,
“Bulldog Investors Group of Funds”). Mr. Goldstein and the Bulldog Investors
Group of Funds may be deemed to constitute a group. All other shares included
in the aforementioned 2,409,357 shares of NRO beneficially owned by Bulldog
Investors, LLC (solely by virtue of its power to sell or direct the vote of
these shares) are also beneficially owned by clients of Bulldog Investors, LLC
who are not members of any group. The total number of these “non-group”
shares is 1,055,756 shares (representing 2.23% of NRO’s outstanding shares).
(b)Bulldog Investors,LLC has sole power to dispose of and vote 1,353,601 shares.
Bulldog Investors, LLC has shared power to dispose of and vote 1,055,756 shares.
Certain of Bulldog Investors, LLC’s clients (none of whom beneficially own more
than 5% of NRO’s shares) share this power with Bulldog Investors, LLC. Messrs.
Goldstein, Dakos and Samuels are control persons of Bulldog Investors, LLC.
c) Since the last filing on 3/30/17 the following shares of NRO were sold:
Date Shares Price
03/30/17 (13,746) 5.2775
04/03/17 (31,299) 5.3239
04/05/17 (18,492) 5.3900
04/06/17 (18,100) 5.4063
04/07/17 (19,200) 5.4320
04/10/17 (12,108) 5.4410
04/11/17 (15,202) 5.4628
04/12/17 (19,867) 5.4384
04/13/17 (50,000) 5.4508
04/17/17 (38,693) 5.4790
04/19/17 (23,100) 5.4994
04/21/17 (8,330) 5.4652
04/24/17 (6,758) 5.4322
04/25/17 (9,900) 5.4406
04/26/17 (2,266) 5.4197
04/27/17 (46,800) 5.4091
04/28/17 (14,500) 5.3958
05/01/17 (47,700) 5.3788
05/02/17 (25,000) 5.3538
05/03/17 (28,941) 5.3169
05/04/17 (25,907) 5.2438
