Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in debt securities issued by securitized vehicles and similar instruments, typically backed by assets such as commercial or residential mortgage loans and other assets, and will provide 60 days' written notice before changing this policy. It may invest in U.S. government and agency securities, corporate obligations (including convertibles), mortgage- and asset-backed securities (including privately issued), foreign debt, money market instruments, and other fixed- or variable-rate debt of any maturity. At least 50% of net assets will be in specified U.S.-guaranteed or highly rated securitized obligations, other U.S. obligations, and money market instruments. It may invest in below-investment-grade bonds, use derivatives (including mortgage derivatives) for management or hedging, and trade when-issued, delayed delivery, or forward commitments; managers target a weighted average duration of no more than eight years and sell holdings for opportunity, credit, targets, or rebalancing.