The Fund is subject to various risks, including: Investment and Market Risk, Management Risk, Sub-Advisor Risk, Value Investing Risk, Below-Investment Grade Securities Risk, Fixed-Income Securities Risk, Issuer Risk, Interest Rate Risk, Reinvestment Risk, Prepayment Risk, Mortgage-Backed Securities risk, Asset-Backed Securities Risk, Convertible Securities Risk, Municipal Securities Risk, Non-U.S. Securities Risk, Non-U.S. Government Securities Risk, Currency Risk, Distressed Securities Risk, Equity Securities Risk, Preferred Stock Risk, Inflation/Deflation Risk, Market Discount From Net Asset Value Risk, Leverage Risk, Derivatives Risk, Portfolio Turnover Risk, Market Disruption Risk, Illiquid/Restricted Securities Risk, Certain Affiliations, Anti-Takeover Provisions, and Secondary Market for the Fund's Shares.
Below-investment grade securities are commonly referred to as "high-yield" or "junk" bonds and are considered speculative with respect to the issuer's capacity to pay interest and repay principal and are susceptible to default or decline in market value due to adverse economic and business developments. The market values for high-yield securities tend to be very volatile, and these securities are less liquid than investment grade debt securities. For these reasons, your investment in the Fund is subject to the following specific risks: (a) increased price sensitivity to changing interest rates and to a deteriorating economic environment; (b) greater risk of loss due to default or declining credit quality; (c) adverse company specific events are more likely to render the issuer unable to make interest and/or principal payments; and (d) a negative perception of the high-yield market may depress the price and liquidity of high-yield securities.
The risks of investing in the Fund are spelled out in the prospectus, shareholder report and other regulatory filings.