Fund Description

The fund invests predominantly in high-yield, lower-rated debt securities, which generally pay higher yields to compensate for higher risk. Holdings may include bonds, notes, debentures, convertible securities, and senior and subordinated debt, and it may also invest in preferred stock. It may invest up to 100% of total assets in below-investment-grade debt, buying rated and unrated securities, including those rated below B (or comparable) and defaulted debt. It may invest in issuers in any foreign country; foreign holdings are generally U.S. dollar-denominated and traded on U.S. markets. The research-driven, bottom-up manager conducts independent credit analysis using qualitative and quantitative factors and may at times hold significant sector exposures.