Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class C shares were first offered on January 23, 2015.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class T shares were first offered on April 7, 2017.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class F-1 shares were first offered on January 23, 2015.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class F-2 shares were first offered on January 23, 2015.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class F-3 shares were first offered on January 27, 2017.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class 529-A shares were first offered on January 23, 2015.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class 529-C shares were first offered on January 23, 2015.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class 529-E shares were first offered on January 23, 2015.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class 529-T shares were first offered on April 7, 2017.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class 529-F-1 shares were first offered on January 23, 2015.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class 529-F-2 shares were first offered on October 30, 2020.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class 529-F-3 shares were first offered on October 30, 2020.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.

Interest rate positioning was the key driver of relative returns over the fund’s fiscal year, with active duration positioning making a positive contribution. Entering 2024 with an underweight to duration helped returns as rates rose due to stronger-than-expected economic data and a reassessment of the Fed’s monetary policy path. As economic data showed signs of softening, the fund’s managers moved to a longer duration position, allowing the portfolio to benefit from falling rates. From a sector positioning perspective, modest positive contributions came from small out-of-benchmark exposures to securitized credit, municipal bonds and emerging markets debt.

Conversely, the fund’s hedging of credit risk had a negative impact in an environment in which credit outpaced most fixed income sectors, including both nominal and inflation-linked Treasuries. Positioning for a steeper yield curve also detracted from the fund’s results. Even though the spot yield curve steepened during the period, the steepening was smaller than what the market had priced in.

Yield curve positioning is a strategy where a manager adjusts a bond portfolio to seek to profit from an expected change in the yield curve, which is a line that plots the yields or interest rates of bonds that have equal credit quality but different maturity dates.

Class R-1 shares were first offered on January 23, 2015.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower.

Results assume all distributions are reinvested. Any market index shown is unmanaged, and therefore, has no expenses. Investors cannot invest directly in an index. Source(s): Bloomberg Index Services Ltd.