The fund seeks long-term capital growth by investing in a wide range of fixed income securities including US corporate bonds and government obligations, convertibles, and foreign debt instruments. Up to 100% of the funds assets may be allocated to foreign securities and up to 40% may be invested in below investment grade debt. The fund adviser uses a flexible approach in the selection process. To make buy/sell decisions, financial strength, interest rates, valuations, and level of risk are considered, among other things. The fund may also invest in other ETFs, provided that these do not exceed 10% of the funds assets. The fund may engage in lending and repurchase agreements to earn additional income. It may also use derivatives for hedging and non-hedging purposes and engage in short selling.