Fund Description

The fund invests, under normal circumstances, at least 80% of its assets in a broad range of high yield, high risk debt securities rated below the top four long-term rating categories, or unrated securities deemed comparable; if ratings differ, it uses the higher rating. It may invest in corporate, government, mortgage- and asset-backed securities, loan participations and assignments, revolvers, DIPs, sovereign and Eurodollar debt, and preferred and restricted (including Rule 144A) securities, as well as closed-end funds, ETFs and mutual funds. It may invest up to 10% in defaulted securities, may hold foreign and foreign-currency securities and may attempt to reduce foreign currency exchange rate risk by entering into contracts with banks, brokers or dealers to purchase or sell securities or foreign currencies at a future date. It may use derivatives and leverage, including reverse repurchase agreements, and may use repurchase agreements, forward commitments, short sales, securities lending and dollar rolls.