Fund Description

The fund invests at least 80% of net assets in bonds, including derivatives or other investments with bond-like economic characteristics. It may invest in U.S. and foreign debt securities, including emerging markets, across fixed, variable and floating rate instruments such as government and agency securities, corporate loans and loan participations, and mortgage- and other asset-backed securities, and may shift among classes with substantial exposure to any class at times. It follows a core plus approach, primarily investment-grade with up to 30% below investment grade (generally at least Caa/CCC or comparable unrated). It targets duration within 1.5 years of the Bloomberg US Aggregate Index. It may use TBA mortgage trades and invest in CMOs, CDOs/CLOs, and currency, interest rate and credit derivatives for hedging, return enhancement or exposure management, using top-down and bottom-up research.