Investment objective & strategy
As of Jan. 23, 2026 · prospectusObjective. The fund has an investment objective of high total return from both current income and capital appreciation.
Strategy. The fund offers the potential for attractive total return and income by investing primarily in non-investment grade bank loans with a focus on higher quality companies within a rating tier. Using extensive credit and company analysis and monitoring, the subadviser looks for those securities with strong total return potential while maintaining an emphasis on managing risk. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of senior floating rate loans (Senior Loans), including both secured loans and covenant lite loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The fund may invest up … The fund offers the potential for attractive total return and income by investing primarily in non-investment grade bank loans with a focus on higher quality companies within a rating tier. Using extensive credit and company analysis and monitoring, the subadviser looks for those securities with strong total return potential while maintaining an emphasis on managing risk. Under normal circumstances, the fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of senior floating rate loans (Senior Loans), including both secured loans and covenant lite loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The fund may invest up to 15% of total assets in U.S. and non-U.S. dollar denominated foreign securities and foreign Senior Loans, including Yankee bonds. The fund may purchase derivative instruments, including, but not limited to, options, futures contracts, currency forwards, credit-linked notes, and swaps. The fund may borrow an amount up to 33 1/3% of its total assets (including the amount borrowed). The fund may borrow for investment purposes, to meet repurchase requests and for temporary, extraordinary or emergency purposes.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| APPLIED SYSTEMS INC | — | $1.31M | 1.04% |
| TRANSDIGM TERM J 1LN 02/28/2031 | TDG | $1.29M | 1.02% |
| ACRISU TL B 1L USD | BL511765 | $1.22M | 0.97% |
| Garda World Security Corporation, Term Loan B | — | $1.14M | 0.90% |
| Ultimate Software Group, Inc., First Lien Term Loan | ULTI | $1.12M | 0.88% |
| WESTINGHOUSE TERM B 1LN 01/27/2031 | WECHOL | $1.10M | 0.87% |
| Indicor LLC, First Lien, Dollar CME Term Loan, E | — | $1.09M | 0.86% |
| NOURYON TERM B-1 1LN 04/03/2028 | — | $1.08M | 0.86% |
| NORTHLAND/MEGA B 11/12/27 | MEGBRO | $1.08M | 0.85% |
| Culligan Holding 07/31/28 | — | $1.07M | 0.85% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Virtus Newfleet Floating Rate MACS · VMAFX | 54% | 0.00% |
| BlackRock Floating Rate Income Strategies Fund, Inc. | 27% | — |
| BlackRock Floating Rate Income Trust | 27% | — |
Footnotes
- Expense ratio as of January 23, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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