Scott Caraher

Closed-end funds have adopted one of three distribution approaches: income-only (IO),  managed distribution (M), or  level distribution (V). Historical distributions from managed distributions have included realized capital gains along with net investment income, and have also included a return of capital, representing unrealized gains or paid-in capital or both. Historical distributions under a level distribution or capital return plan approach have included a return of capital along with net investment income and may also include realized capital gains. It is important to understand these sources, and also the fund’s distribution rate relative to its NAV performance. You should not draw any conclusions about a fund’s past or future investment performance from its current distribution rate. 

Important information on risk

Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the loss of principal. Certain products and services may not be available to all entities or persons. There is no guarantee that the Fund's investment objectives will be achieved. 

Adjustable rate senior loans may not be fully secured by collateral, generally do not trade on exchanges, and are typically issued by unrated or below-investment grade companies, and therefore are subject to greater liquidity and credit risk.  Lower credit debt securities may be more likely to fail to make timely interest or principal payments.  Leverage increases return volatility and magnifies the fund’s return and its risk; there is no guarantee a fund’s leverage strategy will be successful.

Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Fund, are subject to market risk, credit risk, interest rate risk, call risk, tax risk, political and economic risk, and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due.