YCLO

Under normal circumstances, the fund invests at least 80% of its net assets in collateralized loan obligations. A CLO is a vehicle that issues primarily floating-rate, and sometimes fixed-rate, debt securities that are collateralized primarily by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans and subordinate corporate loans (which may also be unrated loans), or below investment grade debt securities. It is non-diversified.