Fund Description

The fund invests in a non-diversified group of low-quality, high-yield corporate bonds and convertible securities, and may invest without limitation in non-investment-grade corporate bonds rated Baa or lower by Moody's or BBB or lower by S&P, as well as corporate issues that have defaulted. With no maturity restrictions, the portfolio generally has an average maturity of less than ten years. It seeks capital appreciation by selling securities above purchase price, which may result from improved credit quality. The sub-advisor conducts fundamental credit research and may sell securities deemed less attractive. It primarily invests in corporate debt, preferred stocks, and convertible securities, and may invest in other investment companies as permitted.