Fund Description

The fund seeks to achieve its objective by normally investing at least 80% of net assets (plus borrowings for investment) in below-investment-grade debt securities issued by public and private companies, while maintaining an average duration of less than three years, and in derivatives and other synthetic instruments with similar economic characteristics. It may invest up to 20% in bank loans and up to 20% in non-U.S. securities, typically U.S. dollar-denominated, and will invest less than 10% in securities rated CCC or below. Managers use fundamental research and a disciplined process emphasizing issue and sector/industry selection and opportunistic trading, aiming for lower volatility than the broader high yield market.