ARMS seeks a high level of current income through USD-denominated, income-producing debt instruments, with an expected weighted average duration of zero to eight years. The actively managed fund is unconstrained by sector, investing up to 75% in investment-grade debt and up to 65% in high-yield bonds. The portfolio may include both corporate and government debt securities, with non-USD-denominated securities limited to 10%20%. The fund may also invest in USD-denominated securities issued by foreign entities. Selection is driven by a fundamental research process combining bottom-up analysis and top-down market assessment, with consideration to capital appreciation potential. The fund targets companies with sustainable competitive positions, strong management, and the ability to repay or refinance debt obligations. Each potential issuer undergoes a credit analysis, and each potential investment is subject to a relative value assessment. The fund may engage in securities lending.