Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in floating rate loans and floating rate debt securities, including derivatives that provide relevant exposure. Floating rate loans are amounts borrowed by companies or other entities from banks and other lenders. Most, if not all, of the loans in which the fund invests are rated below investment grade (below BBB, or an equivalent rating) or are not rated by credit rating agencies. The fund normally invests the majority of its assets in senior floating rate loans; loans may or may not be secured by collateral, and there is no limit on the fund's investments in unsecured loans or in companies involved in bankruptcy proceedings, reorganizations, or financial restructurings. It may also invest in government and agency obligations and investment-grade and high yield corporate bonds, with up to 20% in fixed rate debt and up to 20% of total assets in non-U.S. dollar investments.