Fund Description

The fund invests primarily in a diversified portfolio of noninvestment-grade fixed-income securities of domestic and foreign corporations, including loan instruments. Holdings may include corporate debt, loans, commercial paper, zero coupon securities and foreign securities from emerging or developed markets, and it is not managed to specific maturity or duration requirements. The adviser selects securities it believes have attractive risk-return characteristics, and its securities selection process includes analysis of the issuer's financial condition, business and product strength, competitive position and management expertise. It may invest up to 20% in equities or pooled vehicles such as ETFs, may invest across market caps, and may use derivatives or hybrid instruments to adjust exposure; derivatives count toward its 80% policy at market value. At least 80% of net assets (plus borrowings) are invested in below-investment-grade fixed income.