Fund Description

The fund invests in high yield, high risk debt securities and may also invest in convertible securities, preferred stock, common stock, and loan participations and assignments and commitments to purchase loan assignments. Under normal circumstances, it invests at least 80% of assets in below investment grade or unrated bonds, other debt, loans, unfunded commitments, and preferred stocks, with up to 20% in other securities, including investment grade. It may invest up to 100% in below investment grade or unrated U.S. dollar-denominated securities, including distressed debt. Loans and unfunded commitments are capped at 30% of net assets. It may use derivatives, including futures, options, swaps, and credit default swaps, for hedging, risk management, income or gain, or cash flow needs. The adviser uses value-focused, issuer-level credit analysis, ongoing monitoring, and considers ESG factors.