Fund Description

The fund invests in a globally diverse portfolio of fixed income securities, with broad discretion to allocate across all segments of the global fixed income market without specified minimums or maximums, including U.S. and foreign corporate debt (including emerging markets), mortgage- and asset-backed securities, sovereign debt (including emerging markets), and U.S. government obligations. Under normal circumstances, it invests in at least three countries (one may be the United States). It may invest without limit in below-investment-grade and foreign securities (in U.S. dollars or foreign currencies) and in any maturity, and the dollar-weighted average effective duration of the fund's portfolio, as estimated by the subadviser, is normally expected to be between 0 and 10 years. The fund may use derivatives and other synthetic instruments to provide economic exposure or as a hedging technique, and may use one or more types of these instruments without limit, subject to applicable regulatory requirements, including to change investment characteristics such as shortening or lengthening duration.