About: The Fund seeks to achieve high current income as it primary objective with total return as a secondary objective. It intends to achieve this by primarily investing in a global portfolio of below investment grade securities, emerging market debt securities and investment grade fixed income securities. Under normal market conditions, the Fund will invest at least 10% and up to 80% of its Managed Assets in emerging market fixed income securities. The Fund will invest between 10% and 80% of its Managed Assets in investment grade fixed income securities. The Fund may invest up to 20% of its Managed Assets in other types of securities, including equity securities. The Fund may invest up to 15% of its managed assets in illiquid securities. The definition of an emerging market country includes any country which is, at the time of investment, represented in the JP Morgan EMBI Global Index or categorized by the World Bank, in its annual categorization, as middle or low-income. The Fund will also attempt to maintain a portfolio with a weighted average credit quality rated B- or above by Standard & Poors Corporation (S&P), or equivalent ratings from any nationally recognized statistical rating organization. In addition, the Board of Directors approved a new policy providing that in the opinion of the Funds subadvisor, conditions in the securities markets would make pursuing the Funds basic investment strategy inconsistent with the best interest of the Funds stockholders, as a temporary defensive strategy, the subadvisor may employ alternative strategies, including investment of all of the Funds assets in securities rated investment grade by any nationally recognized statistical rating organization, or in unrated securities of comparable quality. Previously, the Fund had no investment policies that addressed adverse market conditions.
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