Strategy. The Fund invests in a diversified basket of debt securities designed to generate a high rate of current income. The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds such as: U.S. corporate debt obligations, Non -U .S. corporate and sovereign debt obligations (including emerging markets), Residential and commercial mortgage -backed securities, Asset -backed securities, U.S. Government securities (securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities), and Convertible bonds. The Fund primarily invests in bonds rated investment grade (that is, securities rated in the Baa/BBB categories or above by a nationally recognized statistical rating organization (NRSRO) or, if unrated, determined to be of comparable … Show more… The Fund invests in a diversified basket of debt securities designed to generate a high rate of current income. The Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds such as: U.S. corporate debt obligations, Non -U .S. corporate and sovereign debt obligations (including emerging markets), Residential and commercial mortgage -backed securities, Asset -backed securities, U.S. Government securities (securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities), and Convertible bonds. The Fund primarily invests in bonds rated investment grade (that is, securities rated in the Baa/BBB categories or above by a nationally recognized statistical rating organization (NRSRO) or, if unrated, determined to be of comparable credit quality by the Funds advisor or sub -advisor ) at the time of purchase. However, the Fund may invest up to 25% of its total assets in lower rated fixed -income securities (also called high yield bonds or junk bonds) or, if unrated, determined to be of comparable credit quality by the Funds advisor or sub -advisor . The Fund may invest in domestic master limited partnerships (MLPs) and real estate investment trusts (REITs). MLPs are publicly traded companies organized as limited partnerships or limited liability companies and treated as partnerships for federal income tax purposes. REITs are pooled investment vehicles that invest primarily in income producing real estate or real estate related loans or interests. For the purposes of achieving the Funds investment objective and hedging risk, the Fund may also invest in exchange -traded funds (ETFs) and in derivative instruments, including futures and options on futures (including those relating to securities, foreign currencies, indices and interest rates), swaps (including total return, equity, currency, interest rate and credit default swaps), forward contracts (including foreign currency forward contracts) and to be announced (TBA) securities. The Fund may invest in preferred stocks which may be convertible into or may be accompanied by warrants or other equity securities. Any such securities may be of lower quality and may not be rated by any NRSRO. All warrants remaining after sale of the securities to which they were attached and common stocks acquired on conversion or exercise of warrants are considered to comprise this part of the Funds portfolio. Any such warrants or common stocks may be held until a long -term holding period has been established for tax purposes, after which they ordinarily will be sold. The Funds sub -advisor focuses on a relative value strategy. The sub -advisor seeks to identify opportunities to purchase securities with high risk -adjusted yields across various fixed income sectors in order to maintain and increase income, and therefore the Funds dividend payment to its investors. From time to time, the Fund may invest a larger percentage of its net assets in one or more sectors, including the financial sector. The sub -advisor expects that the Funds duration will remain between four and eight years; however, the Funds duration may be lengthened or shortened depending on market conditions. Duration is a measure of the expected life of a debt security that is used to determine the sensitivity of the securitys price to changes in interest rates. Generally, the longer the Funds duration, the more sensitive the Fund will be to changes in interest rates. Show less