The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in the securities of biotechnology companies. The fund defines biotechnology companies as companies engaged in health care innovations, such as developing new and effective therapies to treat and cure disease through the use of living cells. The fund references the MSCI GICS (Global Industry Classification Standard) biotechnology and pharmaceuticals industries to identify such companies. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy.

As a fundamental policy, the fund will concentrate (invest more than 25% of its net assets) in biotechnology companies. The majority of the fund will be invested in equity securities, such as common stocks. While most assets are typically invested in U.S. common stocks, the fund may invest in foreign stocks in keeping with its investment objective.

The fund uses fundamental, bottom-up analysis and may invest in companies of any market capitalization. The advisor prioritizes healthcare innovation, identifying companies that are advancing technologies that could meaningfully advance the care of individuals with disease. There is a special focus on companies developing: (i) new platform technologies, e.g., pioneering new drug technologies or novel therapeutic targets, (ii) approaches which expand the impact of existing technologies, or (iii) companies which capitalize on novel insights into human biology/disease. The fund will invest in companies across different stages of drug development, from preclinical drug discovery companies to commercial stage companies; across distinct therapeutic modalities (such as DNA/RNA-based medicines and cell therapies); and across different therapeutic areas (such as cancer and central nervous system disorders).

The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund.

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in debt securities of issuers in emerging markets. For purposes of the fund’s 80% investment policy, the fund relies on a classification by either JPMorgan or the International Monetary Fund to determine which countries are considered emerging markets, and the fund relies on Bloomberg or another unaffiliated data provider to determine the country assigned to a security. The fund considers frontier markets to be a subset of emerging markets and any investments in frontier markets are counted toward the fund’s 80% investment policy. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy.

The fund invests primarily in debt securities issued by governments, government agencies, supranational organizations, and companies that are either incorporated in one of the economically emerging countries of Latin America, Asia, Europe, Africa, and the Middle East or conduct most of their business in such countries.

The fund’s investments in debt securities primarily consist of a mix of both sovereign bonds and corporate bonds. The fund has flexibility to also invest in debt securities of government, government agencies, and quasi-sovereign. The holdings include securities of issuers located outside the U.S. or securities quoted or denominated in a currency other than the U.S. dollar. The fund may invest in debt securities of any credit rating. In addition to investment grade debt securities, the fund’s holdings may include the lowest-rated debt securities, including those in default, and there are no overall limits on the fund’s investments that are rated below investment grade. The fund may invest in debt securities of any maturity or duration and there are no maturity or duration restrictions on the overall portfolio.

The investment manager’s approach is based on proprietary fundamental research and relative value analysis. The investment manager seeks to add value primarily through security selection, sector allocation, duration management, and currency selection.

The fund may use derivatives for investment purposes, efficient portfolio management, and hedging. These derivatives may include, among others, foreign currency forward contracts (including non-deliverable forwards), futures, options, swaps (including interest rate swaps, currency swaps, cross-currency swaps, inflation swaps, total return swaps, and credit default swaps), swaptions, and other instruments that provide exposure to interest rates, currencies, credit, or other market factors. The fund may use derivatives to obtain or adjust exposure to countries, currencies, interest rates, credit markets, or issuers; manage duration, yield curve positioning, and overall portfolio risk; hedge specific positions or broader market exposures; express directional, relative value, or tactical investment views; and manage cash and liquidity.

The fund is nondiversified, which means it may invest a greater percentage of its assets in a particular issuer than is permissible for a diversified fund.

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in securitized assets, including asset-back securities (ABS), agency and non-agency residential mortgage backed securities (RMBS), agency and non-agency commercial mortgage backed securities (CMBS), and collateralized loan obligations (CLOs). Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy.

The fund invests primarily in investment-grade assets, which is BBB- and higher, or if unrated, determined to be of comparable credit quality. The fund invests primarily in U.S. securities, but may also invest in securitized assets of developed market countries. The fund may purchase securities of any maturity and there are no overall maturity restrictions for the portfolio. The fund’s weighted average maturity and duration will generally shift in response to current interest rates and expected interest rate changes. The securities may have fixed, floating, or variable interest rates.

In selecting securities, the adviser will engage in a fundamental analysis of securitized assets where default and/or downgrade risk is the most relevant factor (at individual asset level and portfolio level), weigh the characteristics of various types of securitized assets, and examine yield relationships in the context of the outlook for interest rates and the economy.

The fund may gain investment exposure to mortgage-backed securities by entering into agreements to buy or sell securities through the TBA market. These transactions have the potential to enhance the fund’s returns and may facilitate more efficient portfolio management when compared with holding mortgage-backed securities directly, although these transactions will increase the fund’s portfolio turnover rate. By entering the TBA market, the fund trades standardized forward contracts based on general criteria (such as issuer, maturity, and coupon) rather than identifying specific mortgage pools. This standardization eliminates the operational complexity of pool selection and streamlines the trading process, allowing the fund to efficiently adjust its exposure to mortgage-backed securities without the administrative overhead and increased transaction costs associated with individual securities. The fund also expects to engage in short sales of TBA mortgages, including short sales on TBA mortgages the fund does not own, to potentially enhance returns or manage risk.

The fund may use derivatives, such as futures, forwards (such as foreign currency exchange contracts (FX forwards)), options, structured securities, or swaps. The fund uses derivatives to efficiently manage its portfolio, such as managing exposure to an asset, markets, or various market factors, seeking additional returns, protecting against losses, and mitigating risks. The fund uses index futures, credit default swap indexes (CDX), total return swaps, and commercial mortgage-backed index swaps (CMBX) in order to gain efficient market exposure; interest futures and interest rate swaps to manage interest rate risk and manage portfolio duration; FX forwards and currency options to manage foreign currency risk; and inflation swaps to manage inflation risk.

The fund may invest in CLOs, which are structured securities backed by a diversified pool of floating-rate bank loans, typically issued by companies with below investment-grade credit ratings. CLOs issue multiple classes (or "tranches") of debt and equity securities with varying levels of risk and return, allowing investors to select their desired level of credit exposure. The fund invests in CLOs to seek attractive yields, reduced sensitivity to interest rate changes (due to their floating-rate nature), and lower correlation to traditional fixed income assets such as investment-grade bonds, which may help to diversify the portfolio and provide an additional source of income. The fund generally focuses on investment-grade CLO tranches (rated BBB/Baa or higher), though it may invest a portion of its assets in below investment-grade CLO debt securities when such securities present an attractive risk-adjusted return opportunity, based on fundamental credit analysis and assessment of relative value compared to other available investments.

The fund may sell assets for a variety of reasons, including in response to a change in the original investment considerations or to limit losses, adjust the characteristics of the overall portfolio, or redeploy assets into different opportunities.