DFLEX

The fund strives to achieve its financial objectives by actively reallocating investments across a diverse range of fixed income market segments. Its portfolio may incorporate a wide array of debt instruments, including, for instance, U.S. government obligations, corporate bonds, mortgage-backed and other asset-backed securities, international debt (including those from emerging markets), loans, and high-yield debt. The fund maintains the flexibility to invest in securities of any credit quality. Furthermore, it has no restrictions on the proportion of its assets invested in debt rated below investment grade or in unrated securities that the Adviser deems to be of comparable risk.