APLU is designed to provide exposure to the broad fixed income market. It actively invests in debt securities of any maturity and across different sectors both issued by domestic and foreign issuers. The securities may be of investment grade or high yield credit rating with 35% capping on the latter. Up to 25% of the fund may be allocated to foreign securities. To form the portfolio, the fund uses a top-down, macroeconomic outlook to identify portfolio duration and yield curve positioning as well as industry, sector and credit quality allocations. Credit research with ESG assessment is then done to select the individual securities believed to add value and/or have capital growth potential. Note that the fund may also utilize derivatives, including futures and swap agreements to manage risk or enhance return.