Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in U.S. and foreign fixed-income securities rated BB/Ba or lower and unrated equivalents. Holdings may include corporate bonds and government obligations, debentures and notes, convertible securities, and preferred securities; the fund may also invest in both investment-grade and below-investment-grade asset-backed securities. No more than 10% of the fund's total assets may be invested in securities that are rated in default by S&P, Fitch Ratings or Moody's; the fund's investment policies are based on credit ratings at the time of purchase. There is no limit on average maturity. The manager combines top-down industry allocation with bottom-up security selection and considers ESG factors. The fund may invest up to 20% in common stocks, and may use bank loans, derivatives, and restricted or illiquid securities, and may trade actively.