Fund Description

The fund invests at least 80% of total assets in corporate fixed-income instruments and derivatives providing exposure to those instruments or related market risk factors, including corporate bonds, notes and debentures of U.S. and non-U.S. issuers. It may also invest in asset-backed and mortgage-backed securities, obligations of non-U.S. governments and supranational organizations, collateralized mortgage obligations, U.S. Treasury and agency securities, cash equivalents, and when-issued and delayed-delivery securities, and may use repurchase and reverse repurchase agreements and restricted securities. Purchases are limited to investment-grade securities at time of purchase, or unrated securities deemed of similar quality. The management team may use options, futures, and interest rate or foreign currency derivatives, including swaps, typically as substitutes for underlying positions and/or to reduce risks such as interest rate or currency risk.