The fixed income team at PH&N is arguably one of the best on the street and this fund gives them a bit more flexibility than the highly regarded PH&N Bond. Basically, this fund is approximately 70% of the bond fund, with 30% invested in more non-traditional investments like mortgages, high yield and derivatives. In a rising rate environment, I expect this to outpace their traditional bond offering, but expect it to be hit harder than the Dynamic fund discussed earlier. Those looking for more balance between upside and downside will want to look at this fund.