The fund's primary investment objective is high current income; and its secondary objective is total return.
The fund invests at least 70% of its managed assets in adjustable rate senior secured and second lien loans, and up to 30% opportunistically in other types of securities across a company’s capital structure, primarily income-oriented securities such as high yield debt, convertible securities and other forms of corporate debt. The fund uses leverage.
- Attractive income and total return potential
- Enhanced portfolio diversification and reduced risk due to historically low correlation with equities and investment grade corporate bonds
- Adjustable dividends on loan investments can act as a possible hedge against rising short-term interest rates
- Access in one fund to attractive investment opportunities across the capital structure
|Closing Share Price (As of 10/21/2014)||$8.75
|Closing NAV per Share (As of 10/21/2014)||$10.08
|Premium / Discount**||-13.19%
|Current Distribution Rate (Market price)††||5.97%
|Distribution Amount†† ||$0.0435
|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.
The possible loss of the entire principal amount that you invest.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.The Fund’s investment program and the tax treatment of Fund distributions may be affected by IRS interpretations of the Internal Revenue Code and future changes in tax laws and regulations, including changes resulting from the “sunset” provisions that may apply to the favorable tax treatment of tax-advantaged dividends. There can be no assurance as to the percentage of a Fund’s distributions that will qualify as tax-advantaged dividends.Common stock returns often have experienced significant
volatility. 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.Preferred stocks are subordinated to bonds and other debt instruments in a company’s capital structure, and therefore are subject to greater credit risk.Issuers may exercise their option to prepay principal
earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities. Fixed-income securities such as bonds, preferred, convertible and other debt securities will decline in value if market interest rates rise. If market interest rates decline, income earned from the Fund’s portfolio may be reinvested at rates below that of the original bond that generated the income.
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.
Convertible securities generally offer lower interest or dividend yields than non-convertible fixed-income securities of similar credit quality.Changes in exchange rates will affect the value of a Fund’s investments.Investments in non-U.S securities involve special risks not typically associated with domestic investments including currency risk and adverse political,
social and economic development. These risks often are magnified in emerging markets.
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)