Fund Description

The fund invests primarily in non-investment-grade bonds with maturities of ten years or less, normally committing at least 80% of net assets (plus any investment borrowings) to high yield investments or instruments with similar economic characteristics. Holdings may include domestic and foreign bonds, convertible debt, mezzanine investments, collateralized debt obligations, bank loans, loan assignments and loan participations, and mortgage- and asset-backed securities, generally in the lower rating categories (BB or lower by S&P Global Ratings or Fitch Ratings, Inc. or Ba or lower by Moody's Investor Services) or determined by the fund's management team to be of similar quality. It may invest via other investment companies, use median/lower ratings for split-rated securities, invest up to 30% in non-dollar bonds of non-U.S. issuers (hedged or unhedged), invest in any rating including up to 10% distressed, and use derivatives and other techniques with active trading.