Fund Description

The fund invests primarily in investment-grade fixed income securities and may allocate up to 20% of net assets to high-yield debt. It may hold U.S. government and agency securities, corporate debt, mortgage-backed and other asset-backed securities, inflation-linked investments including TIPS and other Treasury inflation-indexed securities, structured and hybrid instruments such as CLOs, and loans, with up to 10% in floating or adjustable-rate loans. It may invest in non-U.S. issuer debt in U.S. dollars and other currencies, including up to 20% in non-U.S. currency issues, limits industry exposure to 25% with specified exceptions, targets duration within two years of the Bloomberg U.S. Aggregate Bond Index, may use derivatives for hedging, exposure, return enhancement, duration, substitution, or cash management, uses top-down and bottom-up relative value research, may rotate sectors, engages in active and frequent trading of its portfolio securities, and may take temporary defensive positions.