Fund Description

The fund invests in high-yield corporate bonds and other debt securities, emphasizing issues rated below investment-grade or deemed of similar quality, and under normal market conditions maintains at least 80% of net assets in such instruments, including income-producing convertible and preferred securities, loan participations, and loan assignments. Remaining assets may be in common stocks or other equity-related securities, including new issues, distressed and restricted or illiquid securities (including Rule 144A), and contingent convertible securities. Up to 40% may be in foreign fixed income and up to 20% in money market instruments and U.S. government securities. It may use derivatives, mortgage- or asset-backed securities, and securities lending, and uses a systematic, model-driven process that utilizes data and technology and quantitative models and tools to evaluate securities; the portfolio managers may review model outputs and make adjustments in response to extraordinary economic events, corporate developments, or liquidity issues.