Total Fund Assets (as of 4/30/2025)

$795.3 million

Lipper Category

Absolute Return category

Morningstar Category

Nontraditional Bond

Strategy Highlights

• High conviction, active credit manager.
• Benchmark unconstrained, multisector fixed income strategy that seeks to provide a favorable absolute total returnwith a low correlation to traditional fixed income
• Flexible investment framework with the capability to invest across global fixed income markets while seeking to provide consistent investment results throughout market cycles
• Keen focus on risk and drawdown consistent with capital preservation

Investment Strategy

• Duration: -2 to 5 years
• Maximum/Minimum net exposure Below investment grade: +/- 50%
• Non-US dollar currency: +/- 50%
• Emerging markets currency: +/- 20%

About Risk

• Fixed income securities may carry one or more of the following risks: credit, interest rate (as interest rates rise bond prices usually fall), inflation and liquidity.
• Below investment grade fixed income securities may be subject to greater risks (including the risk of default) than other fixed income securities.
• Currency exchange rates between the US dollar and foreign currencies may cause the value of the fund’s investments to decline.
• Derivatives involve risk of loss and may entail additional risks. Because derivatives depend on the performance of an underlying asset, they can be highly volatile and are subject to market and credit risks.
• Foreign and emerging market securities may be subject to greater political, economic, environmental, credit, currency and information risks. Foreign securities may be subject to higher volatility than US securities due to varying degrees of regulation and limited liquidity. These risks are magnified in emerging markets.
• Mortgage-related and asset-backed securities are subject to the risks of the mortgages and assets underlying the securities. Other related risks include prepayment risk, which is the risk that the securities may be prepaid, potentially resulting in the reinvestment of the prepaid amounts into securities with lower yields.
• Commodity-related investments, including derivatives, may be affected by a number of factors including commodity prices, world events, import controls and economic conditions, and therefore may involve substantial risk of loss.
• Non-diversified funds invest a greater portion of assets in fewer securities and therefore may be more vulnerable to adverse changes in the market.
• Short exposures using derivatives may present various risks. If the value of the asset, asset class or index on which the fund holds short investment exposure increases, the fund will incur a loss. The potential risk of loss from a short exposure is theoretically unlimited, and there can be no assurance that securities necessary to cover a short position will be available for purchase.