The fund will invest all of its assets in fixed income and fixed income-related securities, using a combination of long-short, long-only, short-only and hedging strategies. Fixed income securities in which the fund will invest are anticipated to generally consist of U.S. and foreign fixed income and fixed income-related securities of varying maturities and credit quality. It may invest in securities of any grade, including those that are rated below investment grade at the time of purchase.