Fund Description

The fund invests mainly in floating-rate Senior Loans-adjustable-rate loans holding, or deemed to hold, a senior position in the capital structure of U.S. and foreign entities, generally with priority claims in liquidation. Under normal conditions, it invests at least 80% of net assets (plus borrowings) in Senior Loans and similar derivatives and instruments, accessed directly, by assignment, or via participation agreements; up to 10% may be uncollateralized. Up to 20% of total assets may be held in cash, cash equivalents, other loans and securities (including government, short-term debt, equity and derivatives). It can invest in investment-grade or below-investment-grade debt instruments and may invest up to 100% of its assets in below-investment-grade debt, normally investing a substantial portion in those securities; it may also invest in unrated instruments, with the adviser assigning ratings after assessing credit quality and other factors. It may invest in distressed, defaulted, or bankrupt-company loans and will invest 25% or more of total assets in the financial securities sector. It may use leverage, derivatives and currency hedging, and may hold illiquid securities. Portfolio managers assess credit quality and intermediary risks. Its credit research process may include consideration of an issuer's operations, capital structure and ESG considerations; for certain issuers, analysis may consider whether ESG factors pose a material financial risk or opportunity, and ESG considerations may be determined not to be material for certain issuers or investments, with not all investments undergoing ESG-related analysis.