Fund Description

The fund, under normal circumstances, invests at least 80% of total assets in fixed-income instruments, focusing on a short duration approach and seeking to maintain an average portfolio duration of zero to three years. It may invest in commercial and residential mortgage-backed securities, asset-backed securities, collateralized mortgage obligations, U.S. Treasury and agency securities, corporate and non-U.S. government and supranational obligations, when-issued and delayed delivery securities, cash equivalents, and repurchase and reverse repurchase agreements, including dollar rolls. The management team evaluates bond sectors and individual securities and may use derivatives such as options, futures, swaps, and interest rate or foreign currency transactions. Purchases are limited to investment-grade securities at the time of purchase, or unrated securities deemed of similar quality. The fund may trade actively and frequently.