Fund Description

The fund invests primarily in investment grade bonds and maintains an average portfolio duration between 0 and 3 years, using the ICE BofA 1-3 Year US Corporate & Government Index as its benchmark. It normally invests at least 80% of assets in debt securities, including U.S. and foreign government obligations, mortgage-backed and TBA securities, U.S. and foreign issuer debt, municipal securities, and asset-backed securities, with derivatives counted toward this policy when they provide relevant exposure. It may invest up to 35% in non-investment grade bonds and up to 35% in foreign issuers, including up to 10% in emerging markets, and may have up to 10% non-U.S. currency risk. The fund may use derivatives, reverse repurchase agreements, and mortgage dollar rolls, and may trade actively and frequently.