The fund invests primarily in fixed income securities from anywhere around the world rated BB or lower. Aiming for income and long-term capital appreciation, the fund tactically invests in preferred shares, bank loans, convertible securities, floating-rate debt instruments, and other fixed-income debt instruments. It could invest in non-Canadian securities and private placements or other illiquid equity or debt securities of public or private companies. While retaining its focus on high-yield debt securities of various maturities, the actively managed fund has broad discretion in making investment decisions. As such, it may invest in warrants and derivatives, hedge its losses, or gain exposure to securities and markets instead of buying the securities for additional returns. The fund may engage in securities lending, repurchase and reverse repurchase transactions, as well as hold cash and cash-equivalent securities. The pool may also may engage in short selling.