- Invests at least 80% of net assets in U.S.-dollar-denominated, floating-rate, secured senior loans
- Targets top-tier, non-investment grade senior loans seeking to achieve superior long term risk-adjusted returns with lower volatility
- Uses leverage to enhance return potential
This Closed-End Fund seeks a high a level of current income, consistent with preservation of capital
Daily Prices as of 08/29/2014
|Net Asset Value (NAV)
||May 12, 1988
Average Annual Total Returns %
As of 07/31/2014
As of 06/30/2014
|Net Asset Value
|Net Asset Value
View Detailed Performance
The performance quoted represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the Portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. See above “Average Annual Total Returns %” for performance information current to the most recent month-end. Returns for the other share classes will vary due to different charges and expenses. Performance assumes reinvestment of distributions and does not account for taxes.
SEC fund returns assume the reinvestment of dividends and capital gain distributions and include a sales charge. Net Asset Value fund returns assume the reinvestment of dividends and capital gain distributions. Total return for less than one year is not annualized. Results would have been less favorable if the sales charge were included.
All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. The Trust invests primarily in below investment grade, floating rate senior loans that carry a higher than normal risk that borrowers may default in the timely payment of principal and interest on their loans, which would likely cause the value of the Trust’s Common Shares to decrease. Changes in short-term market interest rates will directly affect the yield on the Trust’s Common Shares. If such rates fall, the Trust’s yield will also fall. If interest rate spreads on Trust’s loans decline in general, the yield on the Trust’s loans will fall and the value of the Trust’s loans may decrease. When short-term market interest rates rise, because of the lag between changes in such short term rates and the resetting of the floating rates on loans in the Trust’s portfolio, the impact of rising rates will be delayed to the extent of such lag. Because of the limited secondary market for floating rate senior bank loans, the Trust’s ability to sell its loans in a timely fashion and/or at a favorable price may be limited. An increase in the demand for loans may adversely affect the rate of interest payable on new loans acquired by the Trust, and it may also increase the price of loans purchased by the Trust in the secondary market. A decrease in the demand for loans may adversely affect the price of loans in the Trust’s portfolio, which would cause the Trust’s NAV to decrease. The Trust’s use of leverage through borrowings or issuance of preferred shares can adversely affect the yield on the Trust’s Common Shares. The Trust may invest up to 20% of its assets in loans to borrowers in countries outside of the U.S. and Canada. Investment in foreign borrowers involves special risks, including potentially less rigorous accounting requirements, differing legal systems and potential political, social and economic adversity. The Trust may invest up to 15% of its assets in loans that are denominated in certain foreign currencies, however, the Trust will engage in currency exchange transactions to seek to hedge, as closely as practicable, 100% of the economic impact to the Trust arising from foreign currency fluctuations. Other risks include but are not limited to: Borrowings; Preferred Shares; Diversification Risks; and Concentration Risks.