Description

The fund generally commits a minimum of 80% of its net assets, supplemented by any investment-related borrowings, to various types of fixed-income securities. Specifically, these include, but are not limited to, government and corporate notes and bonds, commercial and residential mortgage-backed securities, asset-backed securities, credit risk transfer securities (CRTs), and money market instruments. A substantial component, specifically at least 65% of its total net assets, is dedicated to investment-grade fixed-income instruments. The portfolio's exposure to non-investment grade, higher-risk bonds (often termed "junk bonds") is strictly capped at 35% of its net assets.