Fund Description

The fund primarily invests in a broad range of U.S. dollar-denominated high-yield securities, including bonds, convertible securities, leveraged loans (which generally are adjustable-rate bank loans made to companies rated below investment grade), and preferred stocks, with an emphasis on non-investment-grade debt securities. While it invests mainly in U.S. securities, it may invest without limit in dollar-denominated foreign securities and to a limited extent in non-dollar-denominated foreign securities, including emerging markets. It may also invest in derivatives such as futures and options, and use derivatives or other techniques to adjust exposure to changing security prices and related factors.