Fund Description

The fund seeks absolute total return over a full market cycle and is not managed relative to an index. It uses a flexible global approach across credit, currencies and interest rates, employing risk management to mitigate downside risk, and often gains exposure substantially through derivatives. It may invest up to 100% of assets in below investment grade fixed income and related derivatives, with net exposure generally not exceeding 50% under normal conditions. It may invest up to 50% in non-U.S. currency investments and related derivatives, including up to 20% in emerging market currencies. Duration is unrestricted and may change over time, and the fund may invest in equities, including preferred stocks.