Fund Description

The fund invests in a diversified portfolio of fixed income securities, including corporate credit (investment-grade debt, bank loans and structured credit), sovereign debt from developed and emerging markets, and securitized assets such as asset-backed securities, residential and commercial mortgage-backed securities, and collateralized mortgage obligations. Under normal circumstances it invests at least 80% of net assets in bonds, which may be represented by other instruments including derivatives, and it normally maintains an effective duration of three years or less. It may invest up to 5% in below-BBB or comparable unrated debt, but not below B, and it may hold positions after rating changes. The Investment Manager may use derivatives for hedging or non-hedging purposes and may buy privately placed, potentially illiquid securities.