Industry description
The investment seeks to provide a high level of current income with long-term capital appreciation as a secondary objective.
Under normal circumstances, the fund’s sub‑adviser, PineBridge Investments LLC (the “sub‑adviser”), invests at least 80% of the fund’s net assets (plus the amount of borrowings, if any, for investment purposes) in bonds. The average portfolio duration of the fund will normally vary from +/-3 years from the Bloomberg U.S. Aggregate Bond Index, the fund’s primary benchmark.