Fund Description

The fund invests in a wide variety of debt instruments and income-producing securities, including corporate debt securities, loans and commercial paper; U.S. and foreign government and agency debt, including supranational issuers; municipal securities; convertible bonds; and preferred stock. Under normal market conditions, it invests at least 80% of total assets in below-investment-grade corporate debt. It emphasizes mid- to higher-quality high yield issuers with stable to improving prospects and potential for improved results and credit ratings. It may invest up to 30% in emerging markets and up to 20% in equities, use derivatives for hedging currency exposure or sector exposure, and invest in ETFs and other investment companies. It primarily invests in debt securities payable in U.S. dollars and may invest in foreign currencies. It invests in debt securities of any maturity and there is no limit on its minimum or maximum average portfolio maturity.