Fund Description

Under normal circumstances, the fund invests at least 80% of assets in credit-related instruments and other financial instruments, principally derivatives and ETFs, with similar economic characteristics. Credit-related instruments may include U.S. dollar-denominated fixed income securities from U.S. and foreign corporations, U.S. government agencies or instrumentalities, foreign governments or agencies, supranational entities, convertibles, mortgage- and asset-backed securities, and taxable municipals. It may use ETFs for sector exposure or cash-flow management and trade credit and fixed-income index futures primarily for cash management. When investing in fixed income securities, the advisor attempts to identify sectors, as well as individual securities within those sectors, that offer yields and credit spreads sufficient to compensate for risks, considering relevant economic conditions and sector trends, interest rate sensitivities, and yield differentials; for mortgage- and asset-backed securities, the advisor also considers prepayment speeds and bottom-up analysis such as collateral-level and issuer/servicer analysis. The fund is not subject to any maturity or duration restrictions and will principally invest in investment grade securities. Sector exposure is unrestricted, and trading may be active.