Fund Description

The fund invests principally in income-producing debt instruments, with allocations between non-investment grade and investment grade debt shifting based on the sub-adviser's view of market conditions. It may invest up to 70% of net assets in non-investment grade debt and floating rate loans or up to 65% in investment grade debt, including corporate, asset-backed, mortgage-related, and U.S. government and agency securities. It may invest in U.S. dollar-denominated developed-market foreign issuers, lend portfolio securities, and keep duration within one to seven years. Up to 10% of assets (20% aggregate) may be in foreign currency debt, convertibles, or equity; sector exposure may be significant, and holdings may change. The sub-adviser's fundamental research process combines a bottom-up issuer analysis and top-down market assessment and includes a credit analysis on each potential issuer and a relative value analysis for each potential investment; sales may reflect targets, relative value, or fundamentals.