Fund Description

The fund invests primarily in lower rated U.S. debt securities (high yield or "junk" bonds), including securities in default, and normally invests at least 80% of net assets (plus borrowings) in below-investment-grade fixed income securities or unrated securities deemed below investment grade by its subadviser or sub-subadviser. It may also invest in convertibles, preferred stocks, warrants, bank loans, Rule 144A securities, and fixed income securities of U.S. and foreign issuers, including up to 15% in non-U.S. dollar-denominated securities. It may use derivatives, which may create leverage, and repurchase and reverse repurchase agreements. It may have significant sector exposure, hold cash, and expects active, frequent trading. Under normal market conditions, the fund expects to have a dollar-weighted average portfolio maturity ranging from 4 to 10 years, though the portfolio may include securities with maturities outside this range and the range may change from time to time.