The prospectus states the objective is attractive total returns, consisting of income and capital appreciation. Under normal conditions at least 80% of total assets is invested in credit related instruments (loans, bonds, derivatives, cash equivalents) with no limit on credit quality, duration or maturity, and at least 40% in non-U.S. issuers, including emerging markets. The event-driven strategy targets companies facing corporate, market or regulatory events such as restructurings, bankruptcies and refinancings, taking long and short positions in debt and equity (equity capped at 20% of total assets). Leverage up to 33 1/3% of total assets and derivatives may be used.