Strategy. Brown Brothers Harriman Credit Partners, LLC (BBH Credit Partners or Investment Adviser) serves as the Funds investment adviser. The Fund seeks to achieve its investment objective by investing in a well -diversified portfolio of fixed income instruments, including floating or variable rate debt instruments. The Fund intends to invest only in debt instruments which are performing, durable, and available at an attractive valuation. With respect to fixed income instruments, the term performing indicates that the instrument is making payment of interest and principal on schedule, while the term durable signifies the Investment Advisers assessment that the obligor responsible for making payment on the instrument is likely to continue making such timely payment in a variety of future economic circumstances. The … Show more… Brown Brothers Harriman Credit Partners, LLC (BBH Credit Partners or Investment Adviser) serves as the Funds investment adviser. The Fund seeks to achieve its investment objective by investing in a well -diversified portfolio of fixed income instruments, including floating or variable rate debt instruments. The Fund intends to invest only in debt instruments which are performing, durable, and available at an attractive valuation. With respect to fixed income instruments, the term performing indicates that the instrument is making payment of interest and principal on schedule, while the term durable signifies the Investment Advisers assessment that the obligor responsible for making payment on the instrument is likely to continue making such timely payment in a variety of future economic circumstances. The Investment Adviser considers an instrument to be attractively valued when the Investment Adviser believes that the instruments potential excess return over a risk -free rate exceeds that which would be normally justified by the instruments underlying risks. The Funds investments will be primarily focused in notes and bonds issued by domestic and foreign corporations and financial institutions, including those in emerging markets, and the U.S. Government, government agencies and government guaranteed issuers, as well as asset -backed securities, consisting of consumer loans, property loans/leases, auto -loans and credit card receivables. The Fund may invest in fixed- and floating -rate loan transactions, which investments generally will be in the form of loan participations, delayed funding loans, and revolving credit facilities, or assignments of portions of such loans. The Fund may purchase mortgage -backed securities, including but not limited to residential mortgage -backed securities and commercial mortgage -backed securities, and sovereign debt when the Investment Adviser believes that the additional returns from these securities justify the risk of allocations to these asset classes. Typically, the duration of the Fund will be less than one year. Duration is a measure of the sensitivity of a fixed -income security to a change in interest rate. For every 1% change in interest rate, a fixed income securitys price will change by 1% for every year of duration; therefore, the longer a securitys duration, the more sensitive it is to changes in interest rates. To meet its investment objective, the Fund may invest in short -term agreements to buy or sell securities in order to buy or sell them back to the dealer at a higher price, known as repurchase agreements and reverse repurchase agreements. The Fund may also invest in money market instruments, commercial paper, and private placement securities, including Rule 144A, Regulation S and Regulation D securities, to meet its investment objective. The Fund is also permitted to invest in derivative instruments, consisting of U.S. Treasury Futures, forwards, credit default swaps and baskets of credit entities, known as a credit default index. The Fund may also invest a portion of its assets in convertible securities and preferred stock. Subject to applicable statutory and regulatory limitations, the Fund may invest in securities of other investment companies, consisting of shares of exchange -traded funds (ETFs) and notes issued by Business Development Companies (BDCs). The Funds investment in other investment companies may also include shares of money market funds, including funds affiliated with the Investment Adviser. The Fund will invest primarily in investment grade securities but may invest in securities rated below investment grade, and their unrated equivalents, which are commonly referred to as junk bonds, when the Investment Adviser believes that the additional income from these securities justifies the higher risk. As part of the Funds investment process, the Investment Adviser considers environmental, social and governance (ESG) factors when evaluating investments in corporate notes and bonds, and in structured products. The Investment Adviser does not evaluate ESG factors for investments in investment companies and securities issued by the U.S. government and its agencies. ESG factors may include, but are not limited to, the environmental and social risks of the issuer, as well as the issuers instituted governance programs. When an instrument is no longer trading at an attractive valuation, according to this framework, the Fund aims to sell the investment entirely and invest the proceeds in cash or U.S. Treasury instruments until it identifies another attractively valued investment. Show less