Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in fixed income securities, a policy that may be changed upon 60 days' prior written notice to shareholders. It actively manages duration and seeks to keep the portfolio's average effective duration within plus or minus four years of the Bloomberg U.S. Aggregate Bond Index. To pursue total return from income and capital appreciation, the adviser uses duration and yield-curve analysis, asset and credit-sector allocation, and security selection. It typically holds U.S. dollar-denominated Treasuries, agency, corporate, asset-backed, taxable municipal, CLOs, collateralized mortgage obligations and residential and commercial mortgage-backed securities, and may use repurchase agreements. The fund's fixed income investments focus primarily on investment grade securities, but may at times include below investment grade and unrated securities, and may at times have some allocation or exposure to distressed fixed income opportunities.