Fund Description

The fund invests mainly in U.S. dollar-denominated floating rate senior secured loans issued by U.S. and foreign business entities, often below investment grade. It defines below investment grade as rated below the four highest categories by at least one agency or, if unrated, deemed comparable by the portfolio managers. Floating rates reset based on a recognized base rate or prime rate. It may also buy fixed-rate, second lien, unsecured loans, and other investment grade or below investment grade fixed income securities, including short-term debt, convertibles, money market instruments, repurchase agreements, and restricted securities. The portfolio managers use in-depth credit research and consider financially material ESG factors where applicable, engage issuers' management, and adjust weightings based on economic and market conditions while seeking diversification. The fund normally invests at least 80% of net assets in floating rate securities and other investment companies providing such exposure.