Fund Description

The fund invests mainly in bonds issued by U.S. companies that are below investment-grade in quality (sometimes referred to as junk bonds) and have intermediate- to long-term maturities of three years or longer. Under normal circumstances, it invests at least 80% of its net assets in securities rated below investment-grade; this policy may be changed only after 60 days' notice to shareholders. The fund may also invest in other debt instruments, including loans. It may use derivatives-including futures, options, certain foreign currency transactions, and credit default swaps-for hedging and non-hedging purposes.