The fund aims to generate income and capital appreciation over the long term by targeting investment-grade debt securities of various maturity issued by both governments and corporations from around the world. The fund selects bonds that exhibit favorable fundamental characteristics with up to 25% of net assets invested in bonds rated below investment grade (or unrated). The advisers combine a top-down analysis with a bottom-up approach to analyze the quality and value of individual securities. To build the portfolio, the fund evaluates the global economic environment to form a macro view. Securities are then selected based on perceived value relative to alternatives, creditworthiness, duration analysis and an active yield curve management that is appropriate for the portfolio. As an actively managed fund, the portfolio managers have full discretion to adjust holdings at their discretion.