Fund Description

Under normal circumstances, the fund invests at least 80% of net assets (plus borrowings for investment purposes) in a diversified portfolio of domestic and foreign high yield instruments, including bonds, convertible securities, forward commitments, loan participations and assignments, preferred stocks and Rule 144A securities. High yield includes below-investment-grade or comparable unrated securities as determined by the Adviser. The remainder of the fund's assets may be invested in investment grade instruments, including bonds, debt securities, convertible securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities, and loan participations and assignments. Average duration normally stays within two years (plus or minus) of the Bloomberg U.S. Corporate High-Yield Index. Up to 10% may be tied to emerging markets. From time to time, the fund may experience significant inflows; if this occurs, it may, on a temporary or interim basis, invest these new assets in other investment companies, including ETFs, until appropriate high yield instruments can be identified and invested in accordance with the fund's principal strategy. It may trade when-issued, delayed delivery or forward commitments, and use purchase/sale contracts or techniques such as buy backs or dollar rolls. The Adviser selects industries and issuers using criteria including financial performance, capital structure, free cash flow, protections, yield and relative value.