Description

Under typical market conditions, this fund commits at least 80% of its net assets (including any borrowed funds for investment) to U.S. dollar-denominated financial instruments that feature adjustable interest rates. These primarily consist of secured loans with variable rates and other types of floating-rate debt instruments. Such investments include, but are not limited to, floating-rate bonds, notes, and debentures, as well as segments of floating-rate asset-backed securities, including structured notes. These holdings are made with, or issued by, corporations and other commercial entities located both within and outside the United States. Additionally, the fund may allocate capital to other collective investment vehicles (such as exchange-traded funds) that principally invest in floating-rate assets.