Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in credit-related instruments, including U.S. and non-U.S. government and corporate debt, municipal debt, agency and sponsored-entity securities, sovereign and emerging markets debt, zero coupon securities, collateralized debt and loan obligations, senior secured or subordinated loans, and derivatives with similar economic characteristics. It may invest up to 100% in one category and in debt of any maturity and credit quality, including below-investment-grade junk bonds. Managed for total return, it uses a credit long/short strategy, may take short positions up to 100% of net asset value, and involves active and frequent trading; it may also borrow for cash management or investment purposes, including to increase holdings and/or to collateralize short sale positions, and may use ETFs and derivatives for hedging purposes and to seek investment returns consistent with its investment objective.