Fund Description

The fund invests at least 80% of net assets (plus borrowings) in fixed-income securities, including preferred and other hybrid securities, senior and subordinated floating-rate loans, and convertible securities. It focuses on high-yield, high-risk corporate bonds, including those tied to mergers, acquisitions and other highly leveraged transactions, generally below investment grade or comparable unrated issues. It may invest in PIK and non-income-paying bonds, foreign and limited non-U.S. dollar securities with currency hedging, equity, municipal obligations, and money market instruments, and uses short sales, repurchase agreements, and derivatives for hedging, return, and risk management, including up to 20% net economic leverage via credit default swaps. Investments are actively managed.