Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in bonds and other fixed-income and income-producing debt instruments issued or guaranteed by governmental or private-sector entities. It primarily holds investment-grade debt, including corporate, government and mortgage bonds, may invest in below-investment-grade securities, and seeks to maintain a minimum weighted average portfolio quality rating of at least investment grade, using specified rules for split-rated issues. Dollar-weighted average duration generally ranges from three to 10 years. It may also invest in preferred stock, money market instruments, municipals, foreign and emerging-market debt and currencies, mortgage- and asset-backed securities, bank and senior loans, derivatives, other investment companies, and use techniques such as buy backs, dollar rolls, and securities lending. The sub-adviser uses a dynamic process combining top-down and bottom-up analysis and may consider ESG factors among other inputs.