Fund Description

The fund is actively managed and invests primarily in a diversified group of high-yield, higher-risk corporate bonds with medium- and lower-range credit quality ratings. Under normal circumstances, it invests at least 80% of net assets, plus any borrowings for investment purposes, in corporate bonds rated below Baa by Moody's or equivalent, or if unrated, deemed comparable by the fund's advisors. Holdings generally have short- and intermediate-term maturities. Up to 20% may be invested in bonds rated below B, fixed- and floating-rate loans, or other securities such as convertible securities or preferred stocks, and it may hold Rule 144A securities. The fund may invest in derivatives such as fixed income futures contracts, foreign currency exchange forward contracts, fixed income options (including options on swaps), and swaps including currency swaps, interest rate swaps, total return swaps, and credit default swaps.