Fund Description

The fund invests primarily in a diversified portfolio of high-yield, high-risk fixed-income securities, including secured and unsecured loan assignments, loan participations and other loan instruments of U.S. and foreign issuers. It focuses on lower-quality debt rated BB+ or lower (or unrated securities deemed comparable) and can invest up to 100% of assets in non-investment-grade high-yield or junk bonds, in securities of any maturity, and up to 100% in foreign securities denominated in U.S. dollars or foreign currencies, including restricted securities. The Manager relies mainly on its own credit analysis, may invest in secured and/or unsecured loans, floating rate notes and/or secured and/or unsecured high-yield bonds, and if conditions favor a type, most or all holdings may be of that type, and may use a wholly owned subsidiary and affiliated sub-advisors.