The Fund is subject to risks. It is designed for long-term investing and not as a vehicle for trading. Shares of closed-end investment companies frequently trade at a discount from their net asset value ("NAV"). The Fund cannot predict whether or when its common shares will trade at, below or above NAV or at, below or above the initial public offering price.
Below investment-grade securities are commonly referred to as high-yield securities or "junk" bonds and are considered speculative with respect to the issuer's capacity to pay interest and repay principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for high-yield securities tend to be very volatile, and these securities are generally less liquid than investment-grade securities.
The Fund is subject to various risks, including investment and market risk, management risk, current economic conditions-credit crisis liquidity and volatility risk, fixed-income securities risk, which includes issuer risk, interest rate risk, prepayment risk and reinvestment risk, credit and below-investment grade securities risk, short-selling risk, valuation risk, credit rating agency risk, non-U.S. securities risk, emerging markets risk, preferred stock risk, credit-linked notes risk, leverage risk, derivatives risk, credit default swaps risk, U.S. government securities risk, non-U.S. government debt securities risk, distressed securities risk, counterparty and prime brokerage risk, market discount from net asset value risk, government intervention in financial markets risk, illiquid/restricted securities risk, market disruption and geopolitical risk, REIT risk, inflation/deflation risk, portfolio turnover risk, loan participations and assignments risk, asset-backed, mortgage-backed or mortgage-related securities agreements risk, anti-takeover provisions risk, common stock risk, currency risk, temporary defensive strategies risk and secondary market risk for the Fund's common shares.
The risks of investing in the Fund are spelled out in the prospectus, shareholder report and other regulatory filings.