Fund Description

The fund invests in investment-grade corporate and government bonds, mortgage-backed securities (including commercially backed), asset-backed securities, and collateralized debt obligations (including collateralized loan obligations). Under normal market conditions, it invests at least 80% of net assets plus borrowings in investment-grade debt securities or preferred stock rated at purchase BBB-/Baa3 or higher, or comparable unrated issues, with a dollar-weighted average effective maturity expected to be one to five years. It may also buy below-investment-grade high-yield "junk" bonds. The adviser uses fundamental and other research and may invest in U.S. dollar-denominated debt of foreign companies. It may use derivatives, including U.S. Treasury futures, to manage duration, on exchanges or over the counter.