The fund's primary investment objective is high current income consistent with capital preservation. The fund's secondary objective is to enhance portfolio value.
The fund invests at least 80% of its managed assets in preferred securities, and up to 20% of its net assets in debt securities, including convertible debt securities and convertible preferred securities. The fund invests predominantly in securities that are rated investment grade (BBB/Baa or better by S&P, Moody's, or Fitch) at the time of investment, and may include up to 10% in securities that are rated investment grade by at least one of S&P, Moody’s, or Fitch, and lower by another. The fund uses leverage.
- High current income potential consistent
with capital preservation
- Additional diversification within their portfolios
- Enhanced capital preservation due to historically low
correlation with other asset classes
- Portfolio management by one of the leading
managers of preferred securities
|Closing Share Price (As of 9/19/2014)||$8.18
|Closing NAV per Share (As of 9/19/2014)||$9.27
|Premium / Discount**||-11.76%
|Current Distribution Rate (Market price)††||7.63%
|Distribution Amount (Monthly)†† ||$0.0520
|Distribution Type ||Income
As of 08/29/2014
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.This is the risk that a security in a Fund's portfolio will fail to make dividend or interest payments when due.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. Derivative securities, such as calls, puts, warrants, swaps and
forwards, carry risks different from, and possibly greater than, the risks associated with
the underlying investments.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.
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.
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)