Fund Description

The fund normally invests at least 80% of assets in floating rate loans, which are often lower-quality debt securities (those of less than investment-grade quality), and other floating rate securities. It may invest in companies in troubled or uncertain financial condition, as well as money market and investment-grade debt securities and repurchase agreements, and may invest in domestic and foreign issuers. The adviser uses fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments. Derivative instruments that provide exposure to these investments or related market risk factors are included in the fund's 80% policy, consistent with the fund's investment policies and limitations.