Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in non-investment grade securities and/or financial instruments that provide exposure to non-investment grade securities. This Fund seeks to maximize current income by investing in a diversified portfolio of debt securities that are generally rated below investment grade (such as Ba or lower by Moodys Investors Service, Inc. or BB or lower by S&P Global Ratings or Fitch, Inc.) or, if unrated, are deemed to be below investment grade by the Funds sub-advisor, Strategic Income Management, LLC (SiM). These types of securities are commonly referred to as high yield or junk bonds. The Fund has no limitation on investments … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in non-investment grade securities and/or financial instruments that provide exposure to non-investment grade securities. This Fund seeks to maximize current income by investing in a diversified portfolio of debt securities that are generally rated below investment grade (such as Ba or lower by Moodys Investors Service, Inc. or BB or lower by S&P Global Ratings or Fitch, Inc.) or, if unrated, are deemed to be below investment grade by the Funds sub-advisor, Strategic Income Management, LLC (SiM). These types of securities are commonly referred to as high yield or junk bonds. The Fund has no limitation on investments in unrated securities. The non-investment grade securities in which the Fund may invest include: (1) corporate bonds, (2) convertible securities, including convertible preferred securities, (3) preferred stock, and (4) variable and floating rate securities. The Funds investments in financial instruments that provide exposure to non-investment grade securities are in the form of derivative instruments, which may be used to substitute for investing directly in non-investment grade securities or to decrease (i.e., hedge) or increase the Funds exposure to principal risks that are associated with non-investment grade securities, such as credit risk, high-yield securities risk and interest rate risk. These instruments include: (1) futures contracts, (2) swap agreements (including credit default swaps, equity swaps, interest rate swaps and total return swaps), and (3) warrants. In selecting investments for the Fund, ?SiM uses an approach that combines different aspects of top-down and bottom-up analysis. As part of its top-down analysis, SiM utilizes a core philosophy to identify positive long-term trends. SiM then invests in sectors, industries and companies that will benefit from these trends. Concurrent with this core philosophy, SiMs management seeks to take advantage of market volatility by analyzing and potentially investing in sectors, industries and companies undergoing a change in dynamics that has not been fully recognized by the market. Market volatility continually provides opportunities to capture value from these types of situations. Once potential investment opportunities are identified, SiM utilizes bottom-up research to assess the fundamental strengths and weaknesses of each individual company and the best risk/reward security is chosen for inclusion in the portfolio. SiM may reduce or sell the Funds portfolio securities for a variety of reasons, including if, in SiMs opinion, a securitys value becomes fully recognized or there is a reassessment of the fundamental attributes of the security. The Fund has no limitations regarding the maturities of the debt securities it can hold. SiM may use derivative instruments to manage the effective duration of the Funds portfolio. The Fund may invest in securities of foreign issuers, including those in emerging markets. The Fund may have exposure to ?non-U.S. currencies, including emerging market currencies, for investment or hedging purposes by purchasing or selling foreign currency forward contracts, including non-deliverable foreign currency forwards, currency swaps and non-U.S. currency futures contracts. The Fund may also make direct investments in non-U.S. currencies and in securities denominated in non-U.S. currencies. Investments in currencies and currency hedging are established to extract value or reduce risk. The remainder of the Funds assets may be invested in any other securities that ?SiM believes are consistent with the Funds objective, including investment grade fixed-income securities, Treasury futures, securities issued by the U.S. government and government-sponsored enterprises, covenant-lite obligations and income-producing equity securities, including securities that pay dividends. The Fund may also hold certain equity securities from time to time as a result of a restructuring transaction involving a fixed income security. The Fund can invest in securities that are not registered and thus restricted in their ability to be traded. The Fund may invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to which the Manager also receives a management fee. Show less