Click Here for The Global Investment Performance Standards (GIPS®) Composite Report.
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Risks to Consider: The strategy discussed is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The value of investments in debt securities will fluctuate in response to market movements. When interest rates rise, the prices of debt securities are likely to decline, and when interest rates fall, the prices of debt securities tend to rise. The strategy may invest substantially in high yield, lower-rated securities. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. Moreover, the specific collateral used to secure a loan may decline in value or become illiquid, which would adversely affect the loan's value. The strategy may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The strategy may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. Certain of the strategy’s derivative transactions may give rise to leverage risk. Leverage, including borrowing for investment purposes, may increase volatility in a portfolio by magnifying the effect of changes in the value of the portfolio's holdings. The use of leverage may cause investors to lose more money in adverse environments than would have been the case in the absence of leverage. These factors may adversely affect performance.
