Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in bonds and other fixed income or income-producing debt instruments issued or guaranteed by governmental or private-sector entities. It invests primarily in investment-grade corporate, government, and mortgage debt, while seeking to maintain a minimum weighted average portfolio quality rating of at least investment grade; split rated debt instruments are valued so that if three NRSROs rate a debt instrument it is considered to have the median credit rating, and if two of the three NRSROs rate a debt instrument it is considered to have the lower credit rating of the two provided. Dollar-weighted average duration generally ranges from three to ten years. It may also invest in preferred stock, high quality money market instruments, municipal bonds, non-U.S. and emerging-market debt and currencies, mortgage- and asset-backed securities, Senior Loans, derivatives, other investment companies/ETFs, and may use buy backs, dollar rolls, and securities lending.