p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"The Fund invests, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in high yield corporate debt securities and investments that provide exposure to high yield corporate debt securities./span/pp style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"The Adviser has engaged Franklin Advisers, Inc. ("FT") to provide the day-to-day management of the Fund's portfolio pursuant to investment guidelines provided by the Adviser./span/p p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"High yield debt securities are those that are rated below investment grade, also known as "junk bonds." High yield debt securities are rated at the time of purchase below the top four ratings categories by at least one independent rating agency such as Samp;P Global Ratings (Samp;P) (rated BB+ and lower) and Moody's Investors Service (Moody's) (rated Ba1 and lower) or, if unrated, are determined to be of comparable quality by FT. Corporate issuers may include corporate or other business entities in which a sovereign or governmental agency or entity may have, indirectly or directly, an interest, including a majority or greater ownership interest./span/p p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"Lower-rated securities generally pay higher yields than more highly rated securities to compensate investors for the higher risk. Debt securities include bonds; notes; debentures; convertible securities; bank loans and corporate loans; and senior and subordinated debt securities./span/p p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"The Fund may invest up to 100% of its total assets in high yield debt securities. The Fund may buy both rated and unrated debt securities, including securities rated below B by Moody's or Samp;P (or deemed comparable by FT). The Fund may purchase loans and other direct indebtedness, including bank loans (also called "leveraged loans"). The Fund may also invest in defaulted debt securities./span/p p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"The Fund may invest in debt securities of any maturity or duration. The Fund may invest in U.S. dollar denominated debt securities of issuers located in developed markets./span/p p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"The Fund may purchase or receive equity securities and rights offerings, including in connection with restructurings./span/p p style="margin:0pt 0pt 6pt 0pt;"span style="font-size:10pt; font-family: Times New Roman, Times, serif;"The Fund may enter into certain derivative transactions, principally high yield credit default swaps and U.S. Treasury futures. The use of these derivative transactions may allow the Fund to obtain net long or short exposures to interest rates, durations and credit risks. These derivatives may be used to enhance Fund returns, increase liquidity, gain exposure to certain instruments or markets in a more efficient or less expensive way and/or hedge risks associated with its other portfolio investments. Derivatives that provide exposure to high yield corporate debt securities or to one or more market risk factors associated with such securities may be used to satisfy the Fund's policy to invest, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in high yield corporate debt securities and investments that provide exposure to high yield corporate debt securities. The Fund's investments in derivative instruments and other investments which provide exposure to the investment focus indicated in the fund's 80% policy or provide exposure to one or more market risk factors associated with the investment focus indicated in the fund's name, are included in the fund's 80% policy./span/p