The investment seeks positive absolute returns over a full market cycle, regardless of market conditions. The fund seeks to achieve its investment objective through a flexible investment process that allocates investments across global fixed-income markets and uses various investment strategies. It is not constrained in its management relative to a stock or bond market index. Under normal circumstances, the fund invests at least 80% of its net assets (including borrowings for investment purposes) in bonds and/or instruments (including derivative instruments) that provide exposure to bonds. Bonds include debt securities of any maturity.