Fund Description

The fund may invest primarily in high-yield, high-risk corporate bonds rated below investment grade or unrated of comparable quality, and may hold unrated or very low-rated securities. It may use short sales and invests substantially in bonds tied to mergers, acquisitions and other highly leveraged transactions. It also may invest in loans, preferred stocks and other hybrids, municipal obligations (up to 10%), money market instruments, and securities that pay no current income, such as zero-coupon, deferred-interest and pay-in-kind issues. Up to 25% may be in foreign and emerging market securities, with currency hedging via forwards. It may use futures, options and swaps for hedging, return or risk management; Except as required by applicable regulation, there is no stated limit on the fund's use of derivatives for these purposes. The portfolio is actively managed, typically holds about 100 securities, and may incorporate ESG factors in credit analysis.