Performance quoted represents past performance which is no guarantee of future results. Total Return at Market Price since inception includes a 4.5% commission paid at the fund's initial public offering. Fund performance changes over time and current performance may be lower or higher than what is stated. Investment return, price, yields, and NAV will fluctuate.
The fund is a closed-end fund. Unlike open-end funds, closed-end funds are not continually offered. There is a one-time public offering and once issued, shares of closed-end funds are bought and sold in the open market. Consequently, shares of closed-end funds may trade at, above or below their net asset values (“NAV”). If a closed-end fund’s shares trade at a price below their NAV, they are said to be trading at a “discount.” Conversely, if a closed-end fund's shares trade at a price above their NAV, they are said to be trading at a “premium.” Shares of closed-end funds frequently trade at a discount.
Common Shares are only available for purchase and sale on the New York Stock Exchange at the current market price. Common Shares may trade at a discount to NAV.
The fund has Common Shares and Preferred Shares. The Pricing, Yield, Dividends, Fund History, Total Return and Premium/Discount of Market Price to NAV information provided herein relates to Common Shares only. Unlike Preferred Shares, Common Shares are not rated.
The fund's issuance of Preferred Shares creates leverage risks for holders of Common Shares. Two major types of risks created by leverage include: (1) the likelihood of greater volatility of NAV and market price of Common Shares, because changes in the value of the fund's portfolio securities are borne entirely by holders of Common Shares; and (2) the possibility either that income available for Common Share dividends will fall if the Preferred Shares dividend rate rises, or that income available for Common Shares dividends will fluctuate because the Preferred Shares dividend rate varies.
The fund may invest up to 20% of its assets in non-investment grade securities that generally entail greater market, credit and liquidity risks than investment grade securities.
Income may be subject to state and local taxes.
Ratings are subject to change and do not remove market risk.
Credit quality pertains only to the securities in the fund's portfolio and does not protect fund shares against market risk.
Moody’s and Fitch ratings are based on asset coverage and preferred share basic maintenance amount tests, as well as the experience, procedures and capabilities of the asset manager. Ratings are subject to change and do not remove market risk.