Strategy And Objective

The Fund seeks to provide high current income, and long-term total return. The Fund normally invests at least 80%, and may invest up to 100%, of its assets in non-investment grade debt securities (also referred to as junk bonds ). In seeking to achieve the Fund s investment objective, the sub-adviser, Wellington Management Company LLP ( Wellington Management ), invests in specific issuers and securities that it considers to be attractive for providing current income as well as total return. The Fund may invest up to 30% of its net assets in securities of foreign issuers, including non-dollar securities. Wellington Management generally seeks to hedge any foreign currency exposure back to U.S. dollars. The Fund may invest in bonds of any maturity or duration. The Fund may make use of derivative investments, including futures and options, swap transactions, forwards and foreign currency transactions to manage risk (including mitigating the effects of foreign currency fluctuations), to replicate securities the Fund could buy that are not currently available in the market, to manage liquidity, or for other investment purposes. The Fund may invest in Rule 144A securities, which are privately placed, restricted securities that may only be resold under certain circumstances to other qualified institutional buyers. As part of the portfolio construction process, Wellington Management combines its top-down strategy with its bottom-up fundamental research. As part of this process, Wellington Management focuses on risk management, including the consideration of financially material environmental, social and/or governance ( ESG ) factors based on Wellington Management s proprietary ESG research; analysis of the business cycle; and sector and quality positioning. Wellington Management incorporates these ESG factors into the analysis of individual high yield issuers, both at the time of purchase and on an on-going basis, with a particular emphasis on corporate governance. The factors that Wellington Management considers as part of its fundamental analysis, including the assessment of financially materially ESG factors, contribute to its overall evaluation of an issuer s risk and return potential.