Fund Description

The fund seeks exposure similar to the total return of the U.S. and Canadian high yield bond markets by investing in fixed-rate, non-investment grade debt primarily through credit default swaps, swaps on ETFs, and bond futures, and also through high yield securities, total return swaps and other comparable instruments. High yield bonds may include BB+ and lower (S&P) or Ba1 and lower (Moody's), as well as unrated bonds deemed similar in quality. It may use OTC derivatives, repurchase agreements, and hold other fixed income and money market instruments for cash management. Derivatives are expected to be significant and can create leverage, increasing volatility and potential losses. The fund is non-diversified and, under normal circumstances, invests at least 80% of net assets plus borrowings in instruments with high yield market characteristics. It may invest substantially in affiliated short-term fixed-income funds, increasing exposure to junk bonds, U.S. government securities, CLOs, asset-backed and mortgage-backed securities, and other short-term fixed income.