The fund's investment objective is to provide high current income and, secondarily, capital appreciation.
Invests at least 80% of its net assets in floating rate loans and floating rate debt securities. The fund may also invest up to 20% of its net assets in fixed-rate debt securities, including short-term government and commercial debt obligations; investment-grade corporate bonds; mortgage- and asset-backed securities; and high yield corporate bonds, often called “junk” bonds.
A long-term, risk-tolerant investor seeking a high level of current income and some appreciation potential, who is willing to accept the possibility of fluctuations in principal value. The fund should not represent a significant portion of your assets. Appropriate for both regular and tax-deferred accounts, such as IRAs and Keoghs.
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This fund offers investors the potential for high current income and capital appreciation by investing in floating rate loans and floating rate debt securities. Floating rate loans represent amounts borrowed by companies or other entities from banks and other lenders. In many cases, they are issued in connection with recapitalizations, acquisitions, leveraged buyouts, and refinancings. Most, if not all, of the loans in which the fund invests will have a below investment-grade credit rating or not be rated by a major credit rating agency. The loans in which the fund invests are often referred to as “leveraged loans” because the borrowing companies have significantly more debt than equity.
This fund could have greater price declines than a fund that invests primarily in high-quality bonds or loans; the loans and debt securities held by the fund are usually considered speculative and involve a greater risk of default and price decline than higher-rated bonds.
* Annually we evaluate the standard deviation of each US mutual fund listed and its resulting placement within specific risk/return categories.
Methodology: If a fund is at least 5 year old, it is generally placed in risk/return categories based on the standard deviation of its performance for the longest period of its calendar year returns;
the longest time period used for analysis is 10 years (regardless of the fund's inception). If a fund is less than 5 years old, we generally use the fund's primary benchmark disclosed in its prospectus as a proxy and follow the same process of using 10-year standard deviation of the benchmark,
or longest time period available. The firm at its sole discretion may show a fund in a higher risk category based on qualitative or other factors that may differ from this methodology.
See Glossary for additional details on all data elements.
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