Fund Description

The fund invests at least 80% of the sum of its net assets and any borrowings for investment purposes in floating rate securities, including floating rate loans, other floating rate debt (including corporate and U.S. government securities), money market securities, and shares of money market and short-term bond funds. Up to 20% may be invested in other securities, primarily fixed-rate debt of any maturity, convertible securities, and equity received from debt restructurings. A substantial portion is generally below investment grade or unrated but deemed comparable. It also invests in U.S. issuers and U.S. dollar-denominated non-U.S. issuers. Average effective duration is not longer than one year under normal market conditions. It may hold restricted and Rule 144A securities and use derivatives-options, futures, swaps and related options-for risk management, duration management, or speculative yield/return enhancement. The sub-adviser uses fundamental bottom-up credit analysis emphasizing downside protection.