Fund Description

The fund invests at least 80% of net assets, plus borrowings for investment purposes, in fixed income securities, including U.S. government and agency securities; investment grade debt of U.S. issuers and U.S. dollar-denominated investment grade debt of non-U.S. issuers; mortgage-backed, mortgage-related and other asset-backed securities; inflation-linked investments including TIPS; loans and participations, including floating or adjustable rate loans (up to 10%); structured and hybrid instruments such as CLOs; and derivatives. Under normal conditions, it seeks to manage interest rate risk by maintaining its average duration within two years of the Bloomberg U.S. Aggregate Bond Index. Derivatives may be used to hedge, manage duration, gain exposure, enhance returns, or for cash management. It limits industry exposure to 25% of total assets with exceptions, and the portfolio management team buys and sells securities using a relative value-oriented investment process, combines top-down and bottom-up analysis, and the fund engages in active and frequent trading of its portfolio securities.