Fund Description

The fund uses a flexible approach to allocate across global fixed-income markets, normally investing at least 80% of assets in a diversified mix of government, supranational, corporate, municipal, mortgage- and asset-backed, loan participation, convertible, zero-coupon, and variable or floating-rate debt. It may invest in investment-grade and below-investment-grade debt, including foreign and emerging markets, in U.S. or foreign currencies with currency exposure that may or may not be hedged, and may invest up to 15% in equities. It is not managed relative to an index, its average portfolio duration will normally vary from 0 to 7 years, and may invest in derivatives (such as futures, options, forward commitments and interest rate swap agreements) to try to enhance returns or reduce the risk of loss by hedging certain holdings or manage duration, and may invest up to 25% of its total assets in swaps. The subadvisor combines macro analysis and bottom-up selection, including ESG risk considerations.