Fund Description

The fund invests at least 80% of its assets in a diversified portfolio of debt instruments, including bonds, debentures, notes, loans, convertible debt and other fixed income instruments. Holdings may include corporate, municipal and government issues, high yield bonds, mortgage-backed pools, supra-national agency obligations, structured debt such as CMBS, RMBS, ABS, CLOs and CDOs, whole loans and structured notes, and privately placed Rule 144A securities. It may also use cash equivalents, preferred shares, equity residuals, common shares, rights and warrants, derivatives, ETFs, short sales and currency. It may invest up to 75% in securities rated below A, up to 25% in certain non-U.S. issuer exposure, and expects average duration to remain positive without borrowing to enhance returns.