Under typical market conditions, the fund dedicates a minimum of 80% of its net assets to credit instruments that feature adjustable interest rates. This category of variable-rate investments may include, among other things, senior floating-rate loans extended to borrowers both domestically and internationally, debt segments within collateralized loan obligations (CLOs), floating-rate bonds that may be either secured by collateral or unsecured, as well as various forms of subordinated debt like secured or unsecured subordinated loans, second-lien loans, subordinated bridge loans, and mezzanine investments.
