Fund Description

The fund invests primarily in higher yielding, generally lower quality debt securities rated Ba1/BB+ or below, or unrated securities deemed of equivalent quality by the investment adviser, including corporate loan obligations; these securities are sometimes referred to as junk bonds. It may also invest a portion of assets in securities economically tied to countries outside the United States. The fund may use derivatives such as futures contracts and swaps. It targets a high level of current income for investors able to tolerate greater credit risk and price fluctuations. Management uses multiple portfolio managers overseeing segmented sleeves and relies on professional judgment to buy attractively priced, long-term opportunities and sell when no longer relatively attractive.