Fund Description

The fund invests, under normal market conditions, at least 80% of net assets plus borrowings in fixed income securities of any maturity or duration and related instruments, including derivatives and certain fixed-income-tracking investment companies, with assets allocated across sectors and maturities. Holdings may include U.S. government and agency securities, corporate and convertible securities, commercial paper, ABS (including CLOs and CDOs), Rule 144A, floating rate and inflation-linked securities (including TIPS), structured and mortgage-related/MBS (including CMOs, ARMs, IOs/POs, inverse floaters, subprime, CMBS) and mortgage dollar rolls. It may use when-issued, delayed delivery and forward commitments (including TBA), invest in below-investment-grade and unrated securities (including defaulted bonds), foreign and emerging markets, loans, other funds/ETFs, futures, swaps, forwards and repurchase agreements. Multiple sub advisers manage allocated sleeves set by the adviser.