Fund Description

The fund seeks to maximize current income by investing in a diversified portfolio of debt securities generally rated below investment grade (or, if unrated, deemed below investment grade by its sub-advisor) and invests at least 80% of net assets plus borrowings in non-investment grade securities and/or instruments providing such exposure. Holdings may include corporate bonds, convertibles, preferred stock, and variable or floating rate securities, with no maturity limits and no limit on unrated securities. Derivatives-including futures, swaps, and warrants-may be used to gain, hedge, or adjust exposure and manage effective duration. It may invest in foreign and emerging market issuers and non-U.S. currencies, and may also hold other securities consistent with its objective, including investment grade, government-related securities, covenant-lite obligations, and certain equities.