Fund Description

The fund typically allocates at least 80% of its net assets, including any borrowed funds for investment, to floating rate loans and floating rate debt securities. It primarily invests in loans rated below investment grade or not rated, commonly known as high yield or junk bonds, which may include leveraged loans from companies with considerable debt relative to equity. The fund generally focuses on senior floating rate loans, which are prioritized for repayment in bankruptcy scenarios. It may also invest in a range of debt securities, including government obligations and both investment-grade and high yield corporate bonds, with the flexibility to allocate up to 20% of its net assets to fixed rate debt and non-U.S. dollar-denominated investments.