Normally investing at least 80% of assets in collateralized loan obligations (CLOs). CLOs are a type of asset-backed security. A CLO is typically collateralized by a pool of loans, which may include domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans, and including "covenant lite" loans, which have few or no financial maintenance covenants. CLOs may charge management fees and other expenses. Cash flows from the CLO are split into two or more portions, called tranches, which can vary in risk and yield. A CLO's more senior tranches are partially protected from defaults, typically have higher ratings and lower yields than their underlying securities and can be rated investment grade. More junior tranches offer the potential for higher yield but are more exposed to loss and have lower ratings. Derivative instruments that provide investment exposure to the investments above or exposure to one or more market risk factors associated with such investments are included in the fund's 80% policy, consistent with the fund's investment policies and limitations with respect to investments in derivatives. Investing a majority of the fund's assets in CLOs rated from BBB+ to B- or the equivalent by at least one nationally recognized statistical ratings organization (NRSRO), or, if unrated, determined by the Adviser to be of comparable quality. Investing up to 30% of the fund's assets in CLOs rated above BBB+. Purchasing CLOs in both the primary market and the secondary market. Investing no more than 10% of assets in fixed-rate CLOs. Investing up to 25% in non-U.S. dollar-denominated CLOs and, from time to time, hedging the fund's foreign currency exposures utilizing forward foreign currency exchange contracts. Investing in cash or other short-term instruments, such as money market instruments or money market funds, while seeking to deploy new capital, or for liquidity management purposes, managing redemptions, or for defensive purposes, including navigating unusual market conditions. Investing up to 20% of the fund's net assets in securities that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default), options, and futures contracts - to adjust the fund's risk exposure - as well as forward foreign currency exchange contracts for both hedging and non-hedging purposes.