Fund Description

The fund seeks its investment objective by investing at least 80% of assets in high yield investments, including below-investment-grade or comparable unrated securities, or those in the ICE BofA U.S. High Yield, BB-B Rated, Constrained Index; it may use forwards and derivatives such as options, futures, or swaps. Up to 20% may be rated Caa or below (or equivalent). Remaining assets may be in investment grade fixed income instruments. Portfolio duration normally stays within plus or minus one year of the index duration. It may invest up to 20% in foreign-currency securities, limit net foreign currency exposure to 20%, and invest up to 15% in emerging market-tied instruments. It may invest in mortgage- or asset-backed securities, transact when-issued/forward, engage in short sales, use techniques such as buy backs or dollar rolls, and invest up to 10% in preferred securities.