Strategy. Under normal circumstances, at least 80% of the Funds assets will be invested in high yield securities (commonly referred to as junk bonds). This policy may be changed without shareholder approval; however, you would be notified upon 60 days notice in writing of any changes. The Fund seeks to achieve its investment objective by investing primarily in high yield securities which are fixed- income securities rated by one or more rating agencies below Baa3 by Moodys Investors Service, Inc. (Moodys), below BBB- by S&P Global Ratings Group, a division of S&P Global Inc. (S&P), below BBB- by Fitch Ratings, Inc. (Fitch) or, if unrated, considered by the Adviser to be of equivalent quality. The average maturity of the Funds investments … Show more… Under normal circumstances, at least 80% of the Funds assets will be invested in high yield securities (commonly referred to as junk bonds). This policy may be changed without shareholder approval; however, you would be notified upon 60 days notice in writing of any changes. The Fund seeks to achieve its investment objective by investing primarily in high yield securities which are fixed- income securities rated by one or more rating agencies below Baa3 by Moodys Investors Service, Inc. (Moodys), below BBB- by S&P Global Ratings Group, a division of S&P Global Inc. (S&P), below BBB- by Fitch Ratings, Inc. (Fitch) or, if unrated, considered by the Adviser to be of equivalent quality. The average maturity of the Funds investments varies, and there is no limit on the maturity or on the credit quality of any security held by the Fund. The Funds securities may include distressed and defaulted securities and mezzanine investments. The Fund also may invest in investment grade fixed-income securities, including U.S. and foreign government securities, corporate bonds and collateralized bond obligations. The Fund may also invest in preferred securities, equity securities and convertible securities. The Funds investment process starts with top-down macroeconomic analysis to assess the optimal positioning of the Fund. The team then applies a combination of quantitative and qualitative filters to identify securities that meet the teams investment criteria in terms of competitive position, franchise value and management quality. The investment teams credit analysis focuses on financial risk, business risk, management ability and intentions. Valuation analysis is used to narrow the screened investment universe to a pool of investment candidates who are then assessed in order to determine relative valuation. Finally, the Fund is constructed with sector allocation driven primarily from bottom-up security selection. Integral to the Fund construction process is the measurement and monitoring of market risk, duration and volatility and credit risk through the use of proprietary risk measures and models. The Funds investment process incorporates information about environmental, social and governance issues (also referred to as ESG) via an integrated approach within the investment teams fundamental investment analysis framework. The Adviser may engage with management of certain issuers regarding corporate governance practices as well as what the Adviser deems to be materially important environmental and/or social issues facing a company. When deemed by the Adviser to be relevant to its evaluation of creditworthiness and when applicable information is available, the Adviser considers ESG, which may impact the prospects of an issuer (or obligor) or financial performance of an obligation. When considered, one or more ESG issues are taken into account alongside other factors in the investment decision-making process and are not the sole determinant of whether an investment can be made or will remain in the Funds portfolio. The Fund may also invest in loan-related investments, such as public bank loans made by banks or other financial institutions and loan participations and assignments, which may be rated investment grade or below investment grade. The Fund may also invest in restricted and illiquid securities. The Fund may, but it is not required to, use derivative instruments for a variety of purposes, including hedging, risk management, portfolio management or to earn income. The Funds use of derivatives may involve the purchase and sale of derivative instruments such as futures, options, swaps and other related instruments and techniques. The Fund may utilize foreign currency forward exchange contracts, which are also derivatives, in connection with its investments in foreign securities. Derivative instruments used by the Fund will be counted toward the Funds 80% policy discussed above to the extent they have economic characteristics similar to the securities included within that policy. Show less