The Fund invests for total return primarily in a diversified portfolio of Non-Investment Grade and unrated fixed income securities either issued by companies or issued or guaranteed by governments, government agencies, quasigovernment entities, state sponsored enterprises, local or regional governments and supranational bodies in both developed and Emerging Markets and denominated in or hedged into United States Dollars. Minimum of 90% of the funds net assets will be invested in Non-Investment Grade rated and other higher yielding bonds (including unrated bonds). However, for liquidity management purposes, the und may at times invest up to 30% in Investment Grade rated fixed income securities.