Fund Description

The fund invests primarily in investment-grade fixed-income securities, including asset-backed (including mortgage-backed) securities and corporate debt, and may invest up to 35% in noninvestment-grade fixed income. It may invest directly or through other investment companies, including adviser- or affiliate-advised underlying funds, and allocates sector exposure based on the adviser's view of the best balance between total return and risk. The fund may invest in foreign securities and may use hybrid instruments, derivatives (counted toward its 80% policy at market value), and CMOs for hedging. The adviser seeks to limit dollar-weighted average effective duration to one year or less and expects average effective maturity of 18 months or less. It invests at least 80% of net assets (plus borrowings) in fixed-income investments.