Fund Description

The fund invests at least 65% of assets in fixed income securities rated at purchase in the top four credit rating categories by an NRSRO (or deemed similar quality) and typically targets an average portfolio duration of no longer than three years using short- to intermediate-term maturities. It may invest up to 10% in below investment-grade debt rated in the fifth or sixth categories, including issuers in countries with new or emerging securities markets. Holdings may include U.S. government and agency obligations, U.S. dollar-denominated fixed income securities of domestic or foreign corporations and fixed income securities of foreign governments or supranational entities (including U.S. dollar-denominated and non-U.S. dollar-denominated), asset-backed and mortgage-related securities, CLOs, senior loans, and short-term investments. Management uses top-down and bottom-up selection, considers financially material ESG factors, and may use derivatives, repurchase and reverse repurchase agreements, dollar rolls, when-issued/forward commitments, Rule 144A securities, and securities lending.