Fund Description

The fund invests, under normal circumstances, at least 80% of net assets plus borrowings in bonds and other fixed income securities, including U.S. government and agency mortgage-backed securities (including via TBA and reverse repurchase agreements), corporate debt, private mortgage- and asset-backed securities (including CLOs), municipal securities, loan participations and assignments, convertibles, and custodial receipts. It may use derivatives and forward foreign currency transactions, take short positions, invest in non-U.S.-dollar and emerging markets debt (up to 15% of total assets), and buy defaulted securities. The fund's investments in non-investment grade securities will not exceed 25% of its total assets at the time of purchase; otherwise, it invests in fixed income securities rated at least BBB- or Baa3 at the time of purchase. Duration is managed around the Bloomberg U.S. Aggregate Bond Index ??2.5 years. The process may integrate ESG factors.