Under normal circumstances, the Sub-Adviser will invest at least 80% of the fund's net assets in a portfolio of fixed income securities of any credit quality. The fund may invest up to 25% of its net assets in corporate high yield securities (commonly known as "junk bonds"). It may invest up to 15% of its net assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The fund is non-diversified.