Fund Description

The sub-adviser seeks to achieve the fund's objective by investing, under normal circumstances, at least 80% of net assets (plus any borrowings for investment purposes) in high-yield bonds, rated below investment grade (or, if unrated, determined by the sub-adviser to be of comparable quality), and normally invests primarily in U.S. securities. It uses global top-down macroeconomic and interest-rate analysis and proprietary bottom-up research to set asset class, sector, security, yield curve and duration positions. The fund has no maturity or duration limits; can invest in foreign securities, including up to 10% in emerging markets; and can also invest in investment grade bonds, bank loans, asset- and mortgage-backed securities, preferred and common equity, cash equivalents, hybrid instruments, and privately issued Rule 144A/Regulation S securities. The sub-adviser's research analysts also generally integrate ESG matters within their analytical process for certain investments as a risk management tool; consideration of ESG matters is subjective and not determinative, and the sub-adviser may conclude that other attributes of an investment outweigh ESG considerations.