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Fixed Income

Senior Loans

    Senior loans are typically lower-rated and may be illiquid investments (which may not have a ready market).  The strategy may invest without limit in below-investment-grade securities.  The strategy may invest a variable amount in debt rated below "B." 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, regulatory and geopolitical risks. Fixed income investing entails credit and interest rate risks. When interest rates rise, bond prices generally fall, and the value of the portfolio can fall. Derivative instruments entail higher volatility and risk of loss compared to traditional stock or bond investments. Leverage (borrowing) involves transaction and interest costs on amounts borrowed, which may reduce performance.

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