Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in a diversified portfolio of high-yield bonds that are rated below investment grade by one or more NRSROs or, if unrated, determined by the fund to be of comparable quality, and may buy and hold securities in default. Holdings may include bank loans, payment-in-kind securities, floating-rate and deferred-interest debt, convertibles, and zero-coupon obligations. The sub-adviser primarily relies on its own analysis and combines extensive company and industry research with relative value analysis, considering ESG factors among many inputs. Remaining assets may include investment-grade debt, stocks, U.S. government and money market securities, foreign and emerging-markets debt, derivatives, and other investment companies including ETFs. The fund may lend securities.