The fund invests mainly in a globally diversified portfolio of bonds of issuers with high credit ratings (e.g. highly rated government bonds, corporate bonds, agency bonds, securitized bonds (ABS, MBS), etc.). The fund may also invest opportunistically in emerging-market and high yield bonds. The portfolio has an average credit quality of investment grade. The fund's duration can range from 0 to 4 years. Derivatives are used for investment and hedging purposes. The fund takes active positions in interest rates, credit and currencies using bonds and derivative