About: The Funds primary investment objective is to provide current income. The Fund has a secondary objective of capital appreciation. There can be no assurance that the Funds investment objectives will be achieved. The Fund will seek to achieve its investment objectives by investing, under normal market conditions, a majority of its assets in a diversified portfolio of U.S. and foreign (including emerging markets) high-yield corporate fixed-income securities of varying maturities that are rated below-investment grade at the time of purchase. As part of its investment strategy, the Fund intends to maintain both long and short positions in securities under normal market conditions. The Fund will take long positions in securities that the High Yield Active Core investment team of the Sub-Advisor (the investment team) believes offer the potential for attractive returns. For long positions, the investment team seeks to identify securities that it considers in the aggregate to have the potential to outperform the Funds benchmark, the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index. The Funds long positions, either directly or through derivatives, may total up to 130% of the Funds Managed Assets. The Fund will take short positions in securities, or invest in derivative instruments, that the Sub-Advisor believes in the aggregate will underperform the Index. These securities may consist of securities included in the Index or other securities, including U.S. Treasury securities or derivative instruments, that the Sub-Advisor believes in the aggregate will underperform the Index. The Funds short positions, either directly or through derivatives, may total up to 30% of the Funds Managed Assets, although initially, the Fund anticipates short positions totaling approximately 20% of the Funds Managed Assets.
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