Industry description
The investment seeks to provide high income.
The fund normally invests in a diversified portfolio of longer duration debt instruments issued by corporations as well as certain non-corporate issuers. The fund manager focuses on corporate bonds, the non-corporate debt instruments in which the fund may invest include securities issued by supranational organizations and U.S. and foreign governments and government agencies. Holdings mainly consist of investment-grade debt securities, although the fund has the flexibility to purchase some below investment-grade bonds (also called high yield or "junk" bonds).