Iron Hedged

Credit Strategy

Fund Investment Objectives

In the Portfolio Managers' ongoing management of the portfolio and its composition of securities, they are consistently seeking to increase the Fund's weighting to (buy) the cheapest/least expensive exposure and reduce the Fund's weighting to (sell) the most expensive exposure current portfolio exposure. After the Portfolio Managers decide which type of security makes the most sense at a given time, they then assess the security's liquidity profile as well as the security's impact on overall diversification. By combining value, liquidity and diversification, the Portfolio Managers seek to always manage a portfolio that represents optimal exposure under current and anticipated market conditions.