In the Non-Investment Grade Corporate Credit Strategy, Angelo, Gordon seeks to execute an absolute, total return investment strategy through the investment in predominantly non-investment grade credit instruments. It is anticipated that returns will be generated from both current income and capital appreciation. The strategy’s initial focus is on senior secured floating rate loans. However, the strategy is opportunistic and as such may invest in other instruments including mezzanine debt, high yield bonds, distressed securities, convertible bonds, preferred stock, CDO notes and other credit related instruments and indexes and/or derivatives. The strategy basically has a long bias, but has the ability to benefit from short positions and may utilize both hedged and directional trades. The strategy focus is on the North American market, but may broaden its scope to include Europe, Asia and emerging market countries.