div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"The Fund seeks to achieve its investment objective by investing /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"opportunistically across different markets and sectors, based /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"on the portfolio management team’s view of the markets and /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"sectors. The Fund’s approach is flexible and it is not managed to /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"or constrained by a benchmark. This allows the Fund to shift its /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"allocations based on changing market conditions which may /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"result in investing in a few or multiple markets and sectors. /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"Total return in the Fund’s objective includes both current /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"income and capital appreciation./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"Under normal circumstances, the Fund invests at least 80% of /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"its Assets in debt investments. Debt investments include loan /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"assignments and participations (Loans), commitments to /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"purchase Loans, convertible securities, bonds, and all other /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"types of debt securities and debt instruments. Debt investments /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"also include money market investment companies. “Assets” /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"means net assets plus the amount of borrowings for investment /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"purposes./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"The Fund is unconstrained by sectors and strategies. The Fund /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"has broad flexibility to invest in a wide variety of debt securities /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"and instruments. As part of its principal investment strategy, /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"the Fund may invest in fixed and floating rate debt securities /span/div div style="line-height: 11.0pt; text-align: left;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"issued in both U.S. and foreign markets including emerging /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"markets. These securities may include debt securities issued by /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"governments and their agencies, supranational organizations, /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"corporations, and banks. The Fund may also invest in equity /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"securities as a principal strategy./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"Derivatives, which are instruments that have a value based on /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"another instrument, exchange rate or index, may also be used /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"as substitutes for securities in which the Fund can invest. The /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"Fund may use fixed income, currency and credit derivatives./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"Such derivatives may include futures contracts, options, swaps /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"including credit default swaps, and forward contracts. The Fund /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"may hedge its non-dollar investments back to the U.S. dollar /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"through the use of derivatives including forward foreign currency/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" contracts and other foreign currency transactions, but /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"may not always do so. In addition to hedging non-dollar investments,/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" the Fund may also use such derivatives for other hedging/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" purposes (e.g., decreasing exposure to certain securities), to /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"increase income and gain to the Fund and/or as part of its risk /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"management process by establishing or adjusting exposure to /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"particular foreign securities, markets or currencies./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"The Fund may invest without limit in securities that are rated /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"below investment grade (also known as junk bonds or high yield /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"securities) by Moody’s Investor Service, Inc. (Moody’s), Samp;P /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"Global Ratings (Samp;P), Fitch Rating (Fitch) or the equivalent by /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"another national rating organization, or securities that are /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"unrated but are deemed by the adviser to be of comparable /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"quality. Below investment grade securities may include /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"so-called “distressed debt.” Distressed debt includes securities /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"of issuers experiencing financial or operating difficulties, securities/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" where the issuer has defaulted in the payment of interest /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"or principal or in the performance of its covenants or agreements,/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" securities of issuers that may be involved in bankruptcy /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"proceedings, reorganizations or financial restructuring or /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"securities of issuer’s operating in troubled industries./spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 11pt;" /span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"A significant portion of the Fund’s assets may be invested in /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"asset-backed securities and mortgage-related and mortgage-backed/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" securities. Such securities may be structured as collateralized/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" mortgage obligations and stripped mortgage-backed /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"securities, including those structured such that payments /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"consist of interest-only (IO), principal-only (PO) or principal and /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"interest. The Fund may also invest in structured investments /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"and adjustable rate mortgage loans (ARMs)./spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt; line-height: 11pt;" /span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"The Fund may invest in securities issued by the U.S. government /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"and its agencies and instrumentalities including U.S. Treasury /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"securities, treasury receipts and obligations and securities /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"issued by the Government National Mortgage Association (Ginnie/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" Mae), the Federal National Mortgage Association (Fannie /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"Mae) and the Federal Home Loan Mortgage Corporation (Freddie/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" Mac)./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"The Fund may also invest in mortgage pass-through securities /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"including mortgage TBAs. The Fund may enter into dollar rolls, /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"in which the Fund sells mortgage-backed securities including /span/div div style="line-height: 11.0pt; text-align: left;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"mortgage TBAs and at the same time contracts to buy back /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"very similar securities on a future date. The Fund may also sell /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"mortgage TBAs short./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"The Fund may invest in inflation-linked debt securities including /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"fixed and floating rate debt securities of varying maturities /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"issued by the U.S. government, its agencies and instrumentalities,/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" such as Treasury Inflation Protected Securities (TIPS). The /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"Fund may also invest in inflation-linked debt securities issued /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"by other entities such as corporations, foreign governments and /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"foreign issuers./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"The Fund may invest in loan assignments and participations /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"(Loans), and commitments to purchase loan assignments /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"(Unfunded Commitments). Loans will typically consist of senior /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"floating rate loans (Senior Loans), but may also include secured /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"and unsecured loans, second lien loans or more junior (Junior /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"Loans) and bridge loans. The Fund may invest in municipal /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"securities. The Fund may also invest in when-issued securities, /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"delayed delivery securities, forward commitments, zero-coupon /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"securities, pay-in-kind securities and deferred payment securities./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"The Fund may also invest in convertible securities and /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"preferred securities that the adviser believes will produce /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"income or generate return./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"As part of its principal investment strategy and for temporary /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"defensive purposes, any portion of the Fund’s total assets may /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"be invested in cash and cash equivalents./span/div div style="margin-top: 4pt;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"In buying and selling investments for the Fund, the adviser uses /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"a flexible, benchmark agnostic strategy to make investments /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"that the adviser believes will perform well over time, and uses /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"both top-down macro views and bottom-up security selection to /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"allocate its investments among strategies and sectors, including /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"through the use of bonds and derivative instruments. For each /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"strategy/sector, dedicated sector specialists provide security /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"research and recommendations to the lead portfolio managers. /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"Buy and sell decisions are based on fundamental, quantitative /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"and technical research, including, but not limited to, analyzing /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"individual securities and market sectors and monitoring positive /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"and negative credit developments. As part of its investment /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"process, the adviser seeks to assess the impact of /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"environmental, social and governance (ESG) factors on many /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"issuers or countries in the universe in which the Fund may /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"invest. The adviser’s assessment is based on an analysis of key /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"opportunities and risks across industries to seek to identify /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"financially material issues with respect to the Fund’s investments/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" in issuers and ascertain key issues that merit engagement/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" with issuers. These assessments may not be conclusive /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"and securities of issuers or countries that may be negatively /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"impacted by such factors may be purchased and retained by the /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"Fund while the Fund may divest or not invest in securities of /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"issuers or countries that may be positively impacted by such /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"factors. The Fund uses a flexible asset allocation approach that /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"permits the adviser to invest in only a small number of /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"strategies/ sectors from time to time although the Fund intends /span/div div style="line-height: 11.0pt; text-align: left;"span style="color: #000000; font-family: arial narrow; font-size: 10pt;"to invest in at least two sectors under normal market conditions./spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" While the Fund seeks to mitigate downside risk, the /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"Fund’s risk exposure may vary due to the Fund’s flexible allocation/spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;" approach and a risk associated with an individual strategy /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"or type of investment may become more pronounced when the /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"Fund utilizes a single strategy or type of investment or only a /spanspan style="color: #000000; font-family: arial narrow; font-size: 10pt;"few strategies or types of investments./span/div