Fixed-maturity funds were built on a promise: predictable returns with minimal drama. The sector's now worth $260 billion, yet something's shifting beneath the surface. Managers are venturing into asset classes they'd typically avoid—all because investors won't settle for modest yields anymore. When safety-focused products start hunting returns in sketchy territory, that's usually when alarm bells should ring. The question isn't whether these funds can deliver higher numbers. It's whether those numbers come with risks the brochure conveniently forgot to mention.