High-yield funds invest primarily in lower-rated bonds.
Income mutual funds invest in a broad mix of income-producing securities, including high-yield bonds, investment-grade bonds, preferred stocks and high-dividend stocks.
High-yield fund
A collective investment scheme that invests in bonds with low credit ratings. Because of the risky nature of high-yield bonds, high-yield funds have greater volatility than the average bond fund.
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Don't assume that a fund called the "XYZ Stock Fund" invests only in stocks or that the "Martian High-Yield Fund" invests only in the securities of companies headquartered on the planet Mars.
 See also: Portfolio, Asset, Return, Risk, Offer
  
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