Fund Description

The fund invests at least 80% of assets in high income producing instruments, including instruments rated at the time of purchase below BBB by S&P, below Baa3 by Moody's, or below a comparable rating by another NRSRO, as well as unrated bonds determined by the Adviser to be of comparable quality, and may invest in the lowest rating categories or in default. The strategy is primarily directed toward U.S. Dollar denominated debt rated below investment grade and ordinarily holds at least 60% in U.S. Dollar securities, with flexibility across corporate and sovereign debt (including emerging markets) of any maturity, and up to 20% in investment grade debt. It may invest in restricted/private placements, structured notes, preferreds, asset-backed securities, convertibles, income trusts, swaps, bank loans, and up to 20% in equities, and may use derivatives for positioning or currency hedging. The Adviser may consider material ESG risks where relevant.