Fund Description

The fund invests in equity and debt securities, including defaulted securities, emphasizing lower-quality, less than investment-grade debt (high yield or junk bonds) and companies in troubled or uncertain financial condition. It may invest in domestic and foreign issuers and uses fundamental analysis of each issuer's financial condition and industry position, along with market and economic conditions, to select investments. Effective December 11, 2025, the fund normally invests at least 80% of assets in a combination of debt securities and income-producing equity securities, and derivatives that provide investment exposure to these investments or related market risk factors are included in the fund's 80% policy. Debt holdings may include corporate and government securities, mortgage and other asset-backed securities, loans and loan participations, repurchase agreements, money market securities, and hybrid or synthetic securities with debt-like characteristics. Equity holdings may include common and preferred stocks, depositary receipts, convertibles, rights and warrants, and hybrid or trust preferred securities.