Fund Description

The fund invests, under normal circumstances, at least 80% of net assets plus borrowings in investment-grade core fixed income securities of U.S. and foreign issuers, and uses foreign currency forwards and swaps for hedging and non-hedging purposes. It uses derivatives such as forwards, interest rate futures and swaps, and credit default swaps to hedge risks, manage duration, or gain exposure. Under normal market conditions, at least 30% of its Net Assets, after considering the effect of currency positions, is denominated in U.S. dollars, and investments are tied to at least three countries. It may invest more than 25% in issuers tied to the U.S., Canada, Germany, Japan, and the U.K.; not more than 25% of the fund's total assets will be invested in securities of issuers in any other single foreign country. It may invest in emerging markets debt up to its benchmark weight plus 10%, and in government, corporate, bank, commercial paper, mortgage- and asset-backed securities (including CLOs), TBAs, reverse repos, and ETFs; at least 25% of total assets is AAA/Aaa or U.S. Government Securities. Duration targets the Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged) ??2.5 years; ESG factors may be integrated alongside traditional factors.