Strategy. This Fund invests principally in income producing debt instruments. The Funds allocations to non-investment grade debt instruments and investment grade debt instruments will change based on the sub-advisers view of market conditions and, as a result, may range from up to 70% of the Funds assets in non-investment grade (high yield/high risk, sometimes called junk bonds) debt instruments and floating rate loans to up to 65% of the Funds assets in investment grade debt instruments, including corporate debt securities, asset-backed securities, mortgage-related securities, U.S. government securities and agency securities. U.S. government securities consist of U.S. Treasury securities and securities issued or guaranteed by U.S. government agencies or instrumentalities. Debt instruments in which the Fund invests may include those denominated in … Show more… This Fund invests principally in income producing debt instruments. The Funds allocations to non-investment grade debt instruments and investment grade debt instruments will change based on the sub-advisers view of market conditions and, as a result, may range from up to 70% of the Funds assets in non-investment grade (high yield/high risk, sometimes called junk bonds) debt instruments and floating rate loans to up to 65% of the Funds assets in investment grade debt instruments, including corporate debt securities, asset-backed securities, mortgage-related securities, U.S. government securities and agency securities. U.S. government securities consist of U.S. Treasury securities and securities issued or guaranteed by U.S. government agencies or instrumentalities. Debt instruments in which the Fund invests may include those denominated in U.S. dollars and issued by foreign entities in developed markets. For these purposes, the Fund defines investment grade securities as: (i) securities rated BBB-/Baa3 or higher by a nationally recognized statistical rating organization (NRSRO), (ii) securities with comparable short-term NRSRO ratings, or (iii) unrated securities determined by the Sub-Adviser to be of comparable quality, each at the time of purchase. The Fund considers split-rated securities, i.e., when two or more NRSROs assign different ratings for the same security, to be of investment grade if at least one of the ratings of the security is comparable to or higher than the ratings disclosed above for which the Fund is permitted to invest in. The Fund may lend its portfolio securities to generate additional income. The Funds weighted average duration is expected to be within a range of one to seven years. Duration is often used to measure a bonds or funds sensitivity to interest rates. The longer a funds duration, the more sensitive it is to Interest Rate Risk . The shorter a funds duration, the less sensitive it is to Interest Rate Risk . The Fund may also invest up to 10% of its assets, but not to exceed 20% in the aggregate, in each of the following investments: foreign currency denominated debt instruments, convertible securities or equity securities. Fundamental Research Process. The sub-advisers fundamental research process combines a bottom-up issuer analysis and top-down market assessment. A bottom-up issuer analysis relies upon the sub-advisers fundamental research analysis of individual issuers. A top-down market assessment provides a framework for portfolio risk positioning and sector allocations. Once this is determined, the sub-adviser looks for companies that it believes have sustainable competitive positions, strong management teams and the ability to repay or refinance its debt obligations. The sub-adviser performs a credit analysis on each potential issuer and a relative value analysis for each potential investment. When selecting investments, the sub-adviser may invest in instruments that it believes have the potential for capital appreciation. Individual investment selection is based on the sub-advisers fundamental research process. Individual investments may be purchased or sold in the event the sub-adviser decides to adjust debt asset class weightings within the portfolio. An investment is generally sold when the sub-adviser believes that the issue has realized its price appreciation target, the issue no longer offers relative value, or an adverse change in corporate or sector fundamentals has occurred. Show less