As of February 28, 2025

Important Risk Disclosure: An imbalance in supply and demand in the income market may result in valuation uncertainties and greater volatility, less liquidity, widening credit spreads and a lack of price transparency in the market. Investments in income securities may be affected by changes in the creditworthiness of the issuer and are subject to the risk of non–payment of principal and interest. The value of income securities also may decline because of real or perceived concerns about the issuer’s ability to make principal and interest payments.

Borrowing to increase investments (leverage) will exaggerate the effect of any increase or decrease in the value of Fund investments.

Investments rated below investment grade (typically referred to as “junk”) are generally subject to greater price volatility and illiquidity than higher rated investments. As interest rates rise, the value of certain income investments is likely to decline. Senior loans are subject to prepayment risk. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical or other conditions.

Changes in the value of investments entered for hedging purposes may not match those of the position being hedged.

The Fund may engage in other investment practices that may involve additional risks.

1. Effective duration is the change in the value of a fixed income security that will result from a 1% change in market interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Loan durations are based on the actual remaining time until the base rate (such as LIBOR or SOFR) is reset for each individual loan. Where applicable, securities, such as common or preferred stock, convertible bonds and preferred stock, ETFs, cash and cash-equivalents and derivatives are excluded from these calculations.
2. Yield to maturity is the estimated total return anticipated on a bond if held until maturity. A bond’s yield rises or falls depending on its market value and how many payments remain to be paid.
3. There is no assurance monthly distributions paid by the fund will be maintained at the targeted level or paid at all. Current distribution rate is expressed as a percentage equal to the projected annualized distribution amount (which is calculated by annualizing the current cash distribution per share, without compounding), divided by the current NAV. Annualized yields presented are calculated using the actual number of days within the stated period. The current distribution rate shown may be rounded and may vary from the actual amount paid. Distributions may be comprised of ordinary income, net capital gains, and/or a return of capital (ROC) of your investment in the fund. The current distribution rate does not include, and is not expected to result in, a return of capital (ROC).