Fund Description

The fund invests at least 80% of its assets in high yield debt securities rated below investment grade, or if unrated, deemed comparable by the subadviser. Investments may include high yield corporate debt and adjustable rate bank loans. While it may invest in securities of any maturity, it normally expects to maintain a dollar-weighted average effective duration of three years or less. Subject to its 80% policy, it may also hold investment grade fixed income, including corporate debt, mortgage- and asset-backed securities, and securities of foreign issuers, including emerging markets, in U.S. dollars or foreign currencies. It may use derivatives and other synthetic instruments for exposure, hedging, and to adjust portfolio characteristics such as duration, subject to regulatory requirements.