Fund Description

The fund uses a valuation methodology to identify securities its investment sub-advisor believes are underpriced relative to value. It normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in a broad range of U.S. dollar-denominated fixed income products, including corporate bonds, notes and debentures, closed-end funds that invest at least 80% of their assets in fixed income securities, and U.S. government and agency securities. The fund generally invests in investment-grade securities but may invest up to 35% of assets in securities rated lower by both S&P and Moody's. There is no limit on average or individual security maturity.