Fund Description

Under normal circumstances, the fund invests at least 80% of its total assets in income-producing floating rate loans and other floating rate debt securities, primarily senior floating rate loans of domestic and foreign borrowers that are typically secured and senior to subordinated debtholders and stockholders. Loans usually are below investment grade. The fund may also invest in Junior Loans, other floating rate debt securities, fixed-income debt obligations, and money market instruments. The fund may invest up to 25% of its total assets in foreign Senior Loans that are denominated in U.S. dollars, euros, British pounds, Swiss francs, Canadian dollars, or Australian dollars. It may use derivatives to hedge currency and interest rate risk, seeks broad diversification, uses a systematic risk-weighted approach with fundamental analysis, and may consider ESG factors. The fund invests substantially all of its assets in a separate portfolio, a separate registered investment company with the same investment objective and policies as the fund.