Current 80% Investment Policy |
New 80% Investment Policy as of the |
Effective Date |
|
The Fund seeks to achieve its investment |
Under normal circumstances, the Fund invests at |
objective by investing, under normal market |
least 80% of its net assets (plus the amount of any |
conditions, at least 80% of its net assets (plus |
borrowings for investment purposes) in |
borrowings for investment purposes) in floating- |
investments that are intended to provide economic |
rate obligations, fixed-income securities, and |
exposure to credit sectors. |
derivative instruments intended to provide |
|
economic exposure to such credit sectors. |
Current Disclosure |
Disclosure as of the Effective Date |
The Fund allocates its assets among a broad range of |
Under normal circumstances, the Fund invests |
credit sectors, including corporate debt securities, |
at least 80% of its net assets (plus the amount |
loans, high yield debt securities, and CLOs. The Fund |
of any borrowings for investment purposes) in |
seeks to achieve its investment objective by |
investments that are intended to provide |
investing, under normal market conditions, at least |
economic exposure to credit sectors. For |
80% of its net assets (plus borrowings for investment |
purposes of this 80% policy, credit sectors refer |
purposes) in floating-rate obligations, fixed-income |
to a broad range of credit sectors, including, |
securities, and derivative instruments intended to |
without limitation, corporate debt instruments, |
provide economic exposure to such credit sectors. |
loans, high-yield debt instruments, and |
The Fund will provide shareholders with at least 60 |
collateralized loan obligations (“CLOs”). |
days’ prior notice of any change in this investment |
|
policy. |
The Fund allocates its assets among a broad |
range of credit sectors and may invest in |
|
The Fund may invest in securities of any credit |
securities of any credit quality, duration, or |
quality, duration, or maturity and may invest without |
maturity and may invest without limit in |
limit in securities rated below investment grade |
securities rated below investment grade |
(securities rated Ba1 or below by Moody’s Investors |
(sometimes referred to as “high-yield |
Service, Inc. (“Moody’s”), or BB+ or below by S&P |
securities”, “high-yield bonds”, or “junk |
Global Ratings (“S&P”), or Fitch Ratings, Inc. |
bonds”). Below investment grade refers to a |
(“Fitch”) or unrated securities judged by the Sub- |
rating given by one or more nationally |
Adviser to be of comparable quality. Investments |
recognized statistical rating organizations (e.g., |
rated below investment grade (or similar quality if |
rated Ba1 or below by Moody’s Ratings |
unrated) are commonly known as high-yielding, high |
(“Moody’s”), or BB+ or below by S&P Global |
risk investments or as “junk” investments. |
Ratings (“S&P”) or Fitch Ratings, Inc. |
(“Fitch”)) or, if unrated, determined by the |
|
Fund to be of comparable quality. |