The prospectus states the fund seeks current income and capital appreciation, emphasizing current income with low volatility and low correlation to broader markets. It invests at least 80% of net assets in U.S. and non-U.S. credit investments: loans, fixed-income securities, distressed debt, asset-based securities, convertibles, emerging market debt and private credit, including below-investment-grade debt. The subadviser selects investments; derivatives, reverse repurchase agreements and short-term borrowing are permitted. The prospectus describes a high degree of risk.