Fund Description

The fund invests primarily in a diversified portfolio of high yield fixed income instruments rated below investment grade by an NRSRO or, if unrated, considered by the subadviser to be of comparable quality. Under normal market conditions, it invests at least 80% of investable assets in below-investment-grade instruments and other investments, including derivatives, with similar economic characteristics. It normally targets a weighted average duration of three years or less and weighted average maturity of five years or less. It may invest up to 20% of its investable assets in U.S. currency-denominated fixed income securities issued by foreign issuers, including issuers in emerging markets, and up to 10% in non-U.S. currency-denominated fixed income securities. It may use derivatives and hedging and relies on top-down and bottom-up research with proprietary quantitative models and risk systems.