Fund Description

The fund invests in a diversified portfolio of bonds and other debt securities. Under normal circumstances, it invests at least 80% of net assets in investment-grade debt securities and cash equivalents; derivatives are counted toward this policy when they provide such exposure. It may invest up to 30% of total assets in U.S. dollar-denominated securities of non-U.S. issuers, including emerging markets. Holdings may include U.S. government and agency/GSE obligations, mortgage- and asset-backed securities, corporate and municipal bonds, and collateralized mortgage obligations. Up to 20% may be below investment grade, with no more than 5% below B3/B.