Fund Description

The fund normally invests at least 80% of net assets, including any borrowings for investment purposes, in debt instruments such as corporate bonds, U.S. and foreign government securities, securitized instruments (including mortgage-backed and other asset-backed securities), municipal instruments, and other obligations to repay borrowed money. It primarily invests in investment grade debt but may also hold below investment grade. The fund may transact on a when-issued, delayed delivery, or forward commitment basis, including TBA mortgage-backed securities, and may invest in foreign securities. It is generally diversified by industry and sector but may concentrate in a single industry/sector or in one or a small number of issuers. Derivatives may be used for any purpose, primarily to adjust market, segment, security, or interest rate exposure, or as alternatives to direct investments, and can include futures, forwards, options, and swaps. Security selection follows an active bottom-up approach using fundamental analysis, with quantitative screening tools and top-down factors also considered.