The fund utilizes a flexible, multi-sector credit strategy and can provide access to less liquid investment strategies given its limited expected share repurchases in an attempt to provide risk-adjusted returns and current income. To achieve its objective, the fund looks to allocate across a wide array of global credit sectors, including corporate, mortgage, consumer emerging market, and municipal credit markets, and has the flexibility to invest in both public and private credit sectors.
The fund will invest, under normal circumstances, at least 80% of its assets (plus any borrowings for investment purposes) in a portfolio of debt instruments of varying maturities. At least 25% of its total assets will typically be invested in public and private issued mortgage-related assets, and up to 40% of its total assets may be invested in securities of issuers economically tied to emerging market countries. The average portfolio duration of the fund is expected to be between zero and eight years. (See the fund prospectus for more detailed portfolio information.)
The Fund is a interval fund and as such offers limited expected share repurchases. The fund has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding common shares at net asset value. Subject to applicable law and approval of the Board of Trustees, for each quarterly repurchase offer, the fund currently expects to offer to repurchase 5% of the fund’s outstanding common shares at net asset value.
80% Bloomberg Barclays U.S. Credit Index/20% ICE BofAML High Yield BB/B Index
PRIMARY BENCHMARK DESCRIPTION
The benchmark is a blend of 80% Bloomberg Barclays U.S. Credit Index and 20% ICE BofAML High Yield BB/B Index. The Bloomberg Barclays U.S. Credit Index is an unmanaged index comprised of publicly issued U.S. corporate and specified non-U.S. debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. This index was formerly known as the Bloomberg Barclays Credit Investment Grade Index. It is not possible to invest directly in an unmanaged index. The ICE BofAML U.S. High Yield, BB-B Rated Index is comprised of fixed income securities rated BB and B. The index tracks the performance of below investment grade U.S. Dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Prior to 1/97, data represents that of ICE BofAML High Yield Cash Pay, BB-B rated. ICE BofAML High Yield Cash Pay, BB-B rated. is comprised of fixed income securities rated BB and B. The index tracks the performance of below investment grade U.S. Dollar-denominated corporate bonds publicly issued in the U.S. domestic market. Excludes pay-in-kind bonds and deferred interest bonds that are not yet accruing a coupon. It is not possible to invest directly in an unmanaged index.
Quarterly with Daily Accrual
SHARE CLASS INCEPTION