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Private Client Group
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Fixed Income

Senior Loans

Focus

A credit strategy using bottom-up, fundamental analysis to invest in senior loans.

    Senior loans are typically lower rated and may be illiquid investments (which may not have a ready market.) The Fund may invest without limit in lower rated securities. The Fund may invest a variable amount in debt rated below “B.” The Fund may invest 25% or more of its assets in securities issued by companies in the financial services sector which may be susceptible to economic and regulatory events, and increased volatility. Foreign investments may be volatile and involve additional expenses and special risks, including currency fluctuations, foreign taxes and geopolitical risks. Emerging and developing market investments may be especially volatile. Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the Fund’s share prices can fall. Derivative instruments whose values depend on the performance of an underlying security, asset, interest rate, index or currency, entail potentially higher volatility and risk of loss compared to traditional stock or bond investments. The Fund may use leverage (borrowing) which involves transaction and interest costs on amounts the Fund borrows, which may reduce performance.

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