Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in bonds of any maturity, mainly investment grade U.S. dollar-denominated fixed income such as corporate bonds, U.S. government and agency bonds, and mortgage- and asset-backed securities. It may invest up to 35% of total assets in below-investment grade securities, including those in default, and up to 40% in foreign securities, including up to 20% in emerging markets. Management applies credit and relative value analysis, considers ESG and macro factors, and may use derivatives for duration management, hedging, risk management, or to seek enhanced gains. It may hold cash or money market instruments, lend securities up to one-third of assets, and is expected to trade actively.