The Pacific Funds Floating Rate Income - Class C (PLBCX) is a mutual fund that primarily invests in a diversified portfolio of floating rate loans and other floating rate debt securities. These securities typically have variable interest rates that adjust periodically, providing potential protection against rising interest rates. This fund aims to generate a steady stream of income for investors while also seeking to preserve capital. It may be suitable for investors looking for a conservative fixed income option with potential for higher returns than traditional fixed rate bonds.