Fund Description

The fund invests at least 80% of net assets plus any borrowings for investment purposes in below investment-grade debt instruments, or unrated securities deemed comparable by the portfolio managers, and may invest up to 30% of net assets in loans. It holds debt issued by U.S. companies and U.S. dollar-denominated debt of non-U.S. companies traded over-the-counter or listed on an exchange. It may buy restricted and Rule 144A securities. Derivatives may include options, futures, swaps and related options to manage risks, adjust maturity or duration, or for speculative yield and return enhancement. The sub-adviser uses fundamental, bottom-up credit analysis focused on downside protection and on sectors where firms have assets to support meaningful recovery in case of default.