Non Investment Grade 

Bonds not considered suitable for preservation of invested capital; ordinarily, those rated Baa3 or below by Moody?s Investors Service, or BBB- or below by Standard & Poor?s Corporation. Bonds that are non-investment grade are also called high-yield bonds.

Remarks: Bond funds including mutual funds (open-end and closed-end, actively managed and indexed), exchange-traded funds and unit investment trusts offer a convenient and affordable way to invest in a diversified portfolio of bonds, but a bond fund investment can differ from a bond investment in ways that are important to understand.