Fund Description

The fund normally invests at least 80% of its assets in floating rate investments and instruments that are the economic equivalent of floating rate investments, such as senior secured, second lien, subordinated or unsecured floating rate loans or debt, participations or assignments, and fixed-rate loans or debt paired with derivatives to convert payments to floating rate; debt may include convertible or preferred securities. It may invest in investments of any credit quality without limitation, including investments rated below investment grade, and a substantial portion of its portfolio may consist of leveraged loans rated below investment grade and similar investments. Up to 20% may be in unconverted fixed income securities and up to 10% in equities. It may invest globally, including emerging markets, and may invest up to 15% of its net assets in illiquid investments, and it may also invest in companies with uncertain financial condition, including borrowers in default or involved in bankruptcy proceedings, reorganizations or financial restructurings. It may buy or sell options or futures on a security or an index of securities, buy or sell options on futures or enter into credit default swaps and interest rate or foreign currency transactions, including swaps and forward contracts.