Fund Description

Under normal circumstances, the fund generally invests at least 65% of net assets, plus the amount of any borrowings for investment purposes, in junk bonds, which are those rated below the fourth highest credit rating category or, if unrated, determined by the Advisor to be of similar quality. It may invest up to 50% of total assets in U.S. dollar or foreign-currency bonds of foreign issuers, including emerging markets. It invests across maturities and targets a dollar-weighted effective average portfolio maturity of 10 years or less. Management emphasizes cash flow, total return, diversification, relative value, research, and ESG factors. It may use derivatives, including credit default swaps and forward currency contracts, lend securities, and trade actively.