The sub-adviser will invest at least 80% of the fund's net assets, directly, or indirectly through underlying ETFs, in debt obligations. The fund may also invest in hybrid securities that combine debt and equity characteristics, such as preferred securities, convertible preferred securities and contingent convertible securities. It may invest in debt obligations of any credit quality and may invest up to 100% of its net assets in debt instruments that are rated below investment grade or are unrated but determined by the sub-adviser to be of comparable quality. The fund is non-diversified.