Fund Description

The fund normally invests at least 80% of its net assets, including any borrowings for investment purposes, in high income debt instruments, including corporate debt, foreign government securities, floating rate loans, and other obligations to repay money borrowed. High income debt instruments are below investment grade quality, rated BB+ or lower by S&P or Fitch, Ba1 or lower by Moody's, or comparably rated by another NRSRO. It may invest up to 100% in below investment grade debt, may invest in other types of debt and in foreign securities, and may concentrate in a single industry or sector. It may use derivatives, primarily to adjust market or interest rate exposure or as alternatives to direct investments. The strategy uses active bottom-up fundamental analysis, with quantitative screening tools and consideration of top-down factors.