Strategy. Under normal market conditions, the Fund invests predominantly in high yield, lower-rated debt securities. Lower-rated securities generally pay higher yields than more highly rated securities to compensate investors for the higher risk. These securities include bonds, notes, debentures, convertible securities and senior and subordinated debt securities. The Fund may also invest in preferred stock. The Fund may invest up to 100% of its total assets in debt securities that are rated below investment grade, also known as junk bonds. Investment grade debt securities are rated in one of the top four ratings categories by at least one independent rating agency such as S&P Global Ratings (S&P ) and Moodys Investors Service (Moodys). The Fund may buy both rated and unrated … Show more… Under normal market conditions, the Fund invests predominantly in high yield, lower-rated debt securities. Lower-rated securities generally pay higher yields than more highly rated securities to compensate investors for the higher risk. These securities include bonds, notes, debentures, convertible securities and senior and subordinated debt securities. The Fund may also invest in preferred stock. The Fund may invest up to 100% of its total assets in debt securities that are rated below investment grade, also known as junk bonds. Investment grade debt securities are rated in one of the top four ratings categories by at least one independent rating agency such as S&P Global Ratings (S&P ) and Moodys Investors Service (Moodys). The Fund may buy both rated and unrated debt securities, including securities rated below B by Moody's or S&P (or deemed comparable by the Fund's investment manager). The Fund may also invest in defaulted debt securities and in securities issued by issuers in any foreign country, developed or developing. Foreign securities held by the Fund generally will be denominated in U.S. dollars and traded on U.S. markets. The Fund's investment manager is a research driven, fundamental investor that relies on a team of analysts to provide in-depth industry expertise and uses both qualitative and quantitative analysis to evaluate issuers. As a "bottom-up" investor, the investment manager focuses primarily on individual securities. The investment manager also considers sectors when choosing investments and, from time to time, may have significant investments in certain sectors. In selecting securities for the Funds investment portfolio, the investment manager does not rely principally on the ratings assigned by rating agencies, but performs its own independent investment analysis to evaluate the creditworthiness of the issuer. The investment manager considers a variety of factors, including the issuers experience and managerial strength, its sensitivity to economic conditions, and its current and prospective financial condition. Show less