Fund Description

The fund is appropriate for investors seeking diversification and the potential rewards associated with investing in high-yield fixed income securities (junk bonds), which are rated below investment grade. Its subadviser focuses on adding value through issue selection, sector/industry selection, and opportunistic trading, generally overweighting sectors and industries with well-valued companies viewed to have improving business profiles. The subadviser seeks duration similar to the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index. Under normal circumstances, it invests at least 80% of assets in high yield fixed income securities, primarily in U.S. securities, but may invest in foreign securities, including those in emerging markets. It may use derivatives, including swaps, futures, and currency forwards, to increase or hedge exposure.