Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in below-investment-grade fixed-income securities or unrated equivalents as determined by its sub-adviser. Holdings may include corporate bonds and notes, mortgage-related and asset-backed securities, floating rate loans (up to 20% of net assets) and other floating rate securities, zero coupon, convertible securities, preferred stock, and other debt of U.S. and foreign issuers. It uses a top-down process focused on yield, credit risk, and interest-rate volatility, with no maturity or duration limits. It may invest in CDOs (including CBOs and CLOs), use forward roll transactions and forward commitments, and may trade frequently, increasing turnover.