Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in bonds and other fixed and floating-rate income instruments, including corporate bonds, loans, U.S. government securities, commercial paper, mortgage-related securities (MBS) and other asset-backed securities (ABS), municipal and foreign and emerging markets debt, structured notes, private placements, convertibles and other hybrid securities. It may invest up to 35% in non-U.S. dollar instruments and up to 35% in below-investment-grade or unrated junk bonds, and may hold cash and money market instruments. It may use derivatives to seek to hedge against fluctuations in securities prices, interest rates, or currency exchange rates, enhance returns, increase liquidity and/or gain exposure to certain instruments or markets in a more efficient way, with no stated limit except as required by regulation. It targets average duration within +/-50% of the Bloomberg U.S. Aggregate Bond Index and combines macro views with bottom-up research, considering ESG alongside other factors when relevant.