Fund Description

The fund invests at least 80% of net assets in high- and medium-grade, non-money market debt securities, including corporate bonds and notes, government securities, mortgage- or asset-backed securities, collateralized loan obligations, and collateralized mortgage obligations, with shorter-term debt securities also used. Most holdings are investment-grade, and the portfolio's weighted average maturity must be three and one-half years or longer. It may invest in certain U.S. agency securities, bank loans, and derivatives such as futures, options on futures, swaps (including credit default swaps), and foreign currency exchange contracts for hedging. Security selection integrates macroeconomic inputs, relative-value technical analysis, and fundamental research, with active trading.