Fund Description

The fund pursues its objective by investing, under normal circumstances, at least 80% of net assets (including borrowings) in floating-rate securities and securities with durations of one year or less, with an average portfolio duration below one year. It is not a money market fund and does not seek a stable net asset value. It typically invests at least 85% in investment-grade, U.S. dollar-denominated debt, primarily U.S. corporate, U.S. Government, agency and GSE bonds, and may also hold ABS/MBS, trust preferreds, money market instruments, taxable municipals and loans. High-yield, including distressed and defaulted, is limited to 15%; foreign debt up to 25%, with currency hedging. It applies ESG criteria and may use Treasury securities and futures for duration and hedging.