Fund Description

The fund invests at least 80% of net assets in bonds, including derivatives or other investments with bond-like economic characteristics, and under normal market conditions seeks to maintain a positive overall portfolio duration. It invests predominantly in government, government-related and agency bonds worldwide, issued in local or other currencies, with issuers in at least three countries (including the U.S.) and no limit on developing markets exposure. It is non-diversified. It focuses on investment grade bonds but may invest up to 25% of total assets in below-investment-grade debt. It uses currency and interest-rate derivatives, including forwards, options, futures, swaps and credit default swaps, for hedging, return enhancement or long/short exposures, and may hold significant cash and cash equivalents.