The fund's investment objective is to achieve a high level of current income.
The fund invests at least 80% of its managed assets in adjustable rate loans, primarily senior loans, though the loans may include unsecured senior loans and secured and unsecured subordinated loans. At least 65% of the fund’s managed assets must include adjustable rate senior loans that are secured by specific collateral. The fund uses leverage.
Provides potential for:
- High monthly income
- Adjustable dividends that can act as a possible hedge against rising short-term interest rates
- Diversification for your overall income portfolio
|Closing Share Price (As of 10/21/2014)||$11.24
|Closing NAV per Share (As of 10/21/2014)||$12.34
|Premium / Discount**||-8.91%
|Current Distribution Rate (Market price)††||6.73%
|Distribution Amount (Monthly)†† ||$0.0630
|Distribution Type ||Income
As of 09/30/2014
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.This is the risk that a security in a Fund's portfolio will fail to make dividend or interest payments when due.This is the risk that the Fund may not be able to sell securities in
its portfolio at the time or price desired by the Fund.Investments in securities below investment grade quality
are predominantly speculative and subject to greater volatility and risk of default.In determining whether an unrated security is an appropriate
investment for the Fund, the manager will consider information from industry sources, as
well as its own quantitative and qualitative analysis, in making such a determination.
However, such a determination by the manager is not the equivalent of a rating by a
rating agency. Some of the adjustable rate loans in which the Fund may invest
will be unsecured or insufficiently collateralized, thereby increasing the risk of loss to the
Fund in the event of issuer default.
Senior loans, both secured and unsecured, may not be rated by a
national rating agency at the time of investment, generally will not be registered with the
Securities and Exchange Commission and generally will not be listed on a securities
exchange. In addition, the amount of public information available with respect to senior
loans generally is less extensive than that available for more widely rated, registered and
Distributions are sourced entirely from net investment income, unless noted otherwise.
Distribution rates represent the latest declared regular distribution, annualized, relative to the most recent market price and NAV. Special distributions, including special capital gains distributions, are not included in the calculation.
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)