Fund Description

The fund seeks to achieve its investment objective by investing in a diversified portfolio of fixed income instruments of varying maturities, trading opportunistically across sectors based on perceived market anomalies and inefficiencies, including in illiquid or thinly traded securities. Under normal circumstances, it invests at least 80% of net assets in domestic and foreign fixed income, including U.S. government and agency securities, corporate and sovereign bonds, mortgage- and asset-backed securities, municipals, and certain Rule 144A/Reg S securities. It may invest in emerging markets, foreign-currency securities, preferred stock, and use U.S. Treasury futures for hedging, and may allocate up to 60% to below-investment-grade, emerging market debt, and foreign-currency securities. The Adviser expects that the fund's average duration will range between 20% shorter and 20% longer than that of the Bloomberg US Aggregate Index.