Fund Description

The fund, under normal circumstances, has substantial exposure to fixed-income/debt markets and can invest in any sector and across the credit quality spectrum. It may hold U.S. government and agency bonds and notes, U.S. and international bonds and notes (including developed, developing and emerging markets), investment grade corporates, mortgage- and other asset-backed securities, high yield instruments, floating rate loans and other floating rate debt, inflation-protected/linked and convertible securities, preferred securities, and cash/cash equivalents; investments may also include non-U.S. dollar denominated instruments, including foreign government, sovereign and quasi-sovereign debt. It may use derivatives that create leverage, invest in IO/PO stripped securities, trade when-issued/delayed delivery/forward commitments (including TBA and dollar rolls), transact in Rule 144A securities, and may trade frequently; it has no maturity or duration target.