Fund Description

The fund seeks high total return through an actively managed, diversified portfolio that invests at least 80% of net assets plus borrowings in lower-rated high-yield debt, including corporate debt and securities convertible into common stock or with warrants. It may invest in any credit quality, including defaulted and distressed debt, and in structured and hybrid instruments such as CLOs. It may invest up to 20% in foreign securities, 20% in municipal securities, 15% in floating or adjustable rate loans, and 20% in equities, and may invest in mortgage- and other asset-backed securities. It may use derivatives for exposure, hedging, duration, or cash management, and trades actively.