Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in a diversified portfolio of high-yield bonds rated below investment grade, or unrated debt deemed comparable, issued or guaranteed by governmental or private-sector entities, and may buy and hold securities in default. High-yield holdings may include bank loans, payment-in-kind securities, floating-rate and deferred-interest obligations, convertibles, and zero-coupon debt. The sub-adviser relies primarily on its own analysis, using company and industry research, relative value analysis, sector input, and may consider ESG factors. Remaining assets may include investment-grade debt, stocks, U.S. government securities, money markets, debt instruments of foreign (non-U.S.) issuers, including securities of companies in emerging markets, derivatives, and other investment companies. No maturity limits apply; securities lending up to 33 1/3% of total assets is permitted.