Fund Description

The fund invests at least 80% of net assets (plus borrowings) in fixed income securities, such as U.S. dollar-denominated corporate obligations and bank loans, U.S. government and agency securities, U.S. and foreign issuer dollar bonds, private placements, Rule 144A securities, convertibles, subordinated debt, and mortgage- and other asset-backed securities, including collateralized bond and loan obligations. Up to 25% of total assets may be invested in securities that are not denominated in U.S. dollars. The fund may also invest in emerging market-related fixed income securities and instruments. It may use derivatives, leverage, repurchase and dollar roll transactions, hold cash equivalents, and invest in other funds and ETFs. Average credit quality is generally not expected below BBB-/Baa3, though up to 50% may be below investment grade. Duration may range from 0-6 years, typically 3-4, and turnover is expected to be relatively high.