Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in a diversified bond portfolio, including corporate bonds and debentures, mortgage- and asset-backed securities, and U.S. government and agency securities. It generally emphasizes investment-grade debt but may invest up to 25% in below-investment-grade bonds rated as low as CC by S&P Global Ratings and Fitch Ratings and Ca by Moody's, or a comparable rating by any NRSRO, or unrated equivalents; it expects at least 75% in investment-grade debt and cash/cash equivalents. There is no average maturity limit. The manager uses top-down analysis for sector and industry allocations and bottom-up research to identify individual securities that appear comparatively undervalued, considers ESG factors, may invest in securities of foreign governments and corporations, will not invest more than 10% of total assets in securities denominated in foreign currencies, and under normal market conditions does not anticipate investing more than 25% of total assets in U.S. dollar-denominated foreign securities (excluding U.S. dollar-denominated Canadian securities). It may use derivatives and trade actively.