Fund Description

The fund invests, under normal circumstances, at least 80% of net assets in below-investment-grade fixed-income securities ("junk bonds"), including obligations of U.S. and foreign corporations and banks; senior and subordinated bonds and debentures; zero coupon, pay-in-kind and capital appreciation bonds; convertible securities, preferred stock, structured securities; and loans and loan participations. Holdings may be BB/Ba or lower, unrated of comparable quality, or in default, with no minimum rating and no maturity limit. Foreign exposure is not expected to exceed 30%. The fund may invest up to 15% of its net assets in illiquid investments, and it may also invest in securities that are subject to resale restrictions such as those contained in Rule 144A. Assets are allocated among sub-advisers, who may trade actively.