Fund Description

The fund invests mainly in bonds that are securitized debt instruments (such as mortgage-backed investments) and related derivatives, along with other obligations of companies and governments worldwide, primarily denominated in U.S. dollars and, to a lesser extent, foreign currencies. It may hold both investment-grade and below-investment-grade ("junk") securities with intermediate- to long-term maturities of three years or longer. The manager considers credit, interest rate, and prepayment risks and general market conditions, and typically uses derivatives extensively for hedging and non-hedging purposes.