Fund Description

The fund normally invests in a diversified mix of debt securities, primarily government, corporate, mortgage-backed and asset-backed bonds. It may invest in U.S. government and agency issues, municipals, foreign and emerging market securities, supranationals, inflation-linked debt, commercial paper, CDOs/CLOs, and preferreds, and may use when-issued, forward-settling and TBA transactions. Holdings primarily are investment grade. Derivatives may be used for hedging, investment or efficient portfolio management. The fund normally will not invest more than 15% of its total assets in non-U.S. dollar denominated securities and, through hedging strategies, will attempt to limit its exposure to currencies other than the U.S. dollar to 5% of its total assets. Duration is managed relative to the Bloomberg U.S. Aggregate Bond Index, and the fund may trade actively. It normally invests at least 80% of net assets in bonds and related exposure.