Fund Description

The fund seeks high current income and total return while preserving capital by applying extensive credit research and an approach designed to capitalize on opportunities across undervalued sectors of the bond market. It seeks diversification among 14 sectors to increase return potential and reduce risk. Under normal circumstances, it invests at least 80% of assets in bonds, including through mutual funds and ETFs that invest in bonds, which may include affiliated funds managed by the subadviser. It invests primarily in intermediate-term bonds with a dollar-weighted average duration of three to 10 years across U.S. government-related, mortgage-backed and pass-through securities, foreign and emerging markets debt, investment-grade and high-yield debt including bank loans, and may use swaps, futures and currency forwards to increase or hedge exposure.