Fund Description

The fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its assets in a diversified portfolio of fixed income instruments, including bank loans (including covenant-lite obligations), bonds and debt securities issued by U.S. and non-U.S. entities. It may hold fixed, floating and adjustable rate debt, including senior secured loans and senior corporate debt, and invest in investment grade and high yield securities, subject to a 10% cap on holdings rated below Caa (or equivalent) or deemed comparable. Average duration normally ranges from zero to three years. It may invest up to 25% in foreign-currency or U.S. dollar debt of foreign issuers, up to 10% in issuers tied to emerging markets (with exceptions), and normally limits net foreign currency exposure to 20%. It may use derivatives, trade when-issued/forward, and engage in short sales; equity may be received via conversion or corporate actions, and up to 15% may be in preferred securities.