Fund Description

The fund invests at least 80% of assets in below investment grade fixed-income securities, including unrated issues deemed comparable by the adviser, with no minimum rating. It may invest up to 30% in U.S. dollar-denominated foreign fixed-income securities, including emerging markets; certain securities purchased by the fund may be issued by domestic companies incorporated outside of the United States and are not considered foreign if the issuer is included in the U.S. fixed-income indices published by Bloomberg. The adviser emphasizes bottom-up, value-driven selection, its own extensive credit analysis, and diversification, while minimizing market timing and interest-rate forecasting. It may also invest in structured notes, CLOs, zero-coupon, pay-in-kind, convertible, Rule 144A, private credit, and derivatives.