This information does not represent an offer, or the solicitation of an offer, to buy or sell securities of the fund listed.
Shares of closed-end investment companies trade in the market above, at, and below net asset value. This characteristic is a risk separate and distinct from the risk that a fund's net asset value could decline. A fund is not able to predict whether its shares will trade above, below, or at net asset value in the future.
Under a fund's managed or level distribution policy, a return of capital is not taxable; rather it reduces a shareholder's tax basis in his or her shares of the fund. The Board of Directors of a fund may reduce the fund's monthly distribution rate in the future or terminate or suspend its managed or level distribution policy at any time. Any such reduction in the monthly distribution rate, termination, or suspension could have an adverse effect on the market price of the fund's shares.
SOURCE Duff & Phelps Investment Management Co.