Fund Description

The fund invests at least 80% of net assets plus borrowings in credit and credit-related instruments such as domestic and foreign corporate debt, fixed- and floating-rate loans (including senior and junior loans, up to 30% of net assets), residential and commercial mortgage-backed and other asset-backed securities, preferred and contingent capital securities (up to 20%), CLO tranches, U.S. government securities, and foreign government debt. The fund will invest at least 65% of its assets in securities rated lower than investment grade at the time of purchase or in unrated bonds of comparable quality as determined by the fund's sub-adviser. Foreign debt is unlimited, with emerging markets capped at 30% of total assets. It may buy restricted and Rule 144A securities and invest in ETFs, closed-end funds, and other investment companies. Selection follows a top-down process with yield-curve analysis for maturity and duration. The fund may use derivatives to attempt to manage market, currency, credit, and yield curve risk, to manage the effective maturity or duration of portfolio securities, or for speculative purposes in an effort to increase the fund's yield or enhance returns.