Fund Description

The fund invests at least 80% of net assets (plus any investment borrowings) in investment-grade fixed income securities, including U.S. dollar-denominated corporate obligations; U.S. government, agency, and instrumentality securities; U.S. and foreign issuer dollar-denominated bonds; private placements; Rule 144A securities; and mortgage- and other asset-backed securities, including collateralized bond and loan obligations. It may use exchange-traded and OTC derivatives, which may create leverage, and may invest in money market securities, repurchase agreement transactions, and may enter into dollar roll or reverse repurchase agreement transactions. It may invest in other investment companies and ETFs, hold cash, and trade on a when-issued, delayed delivery, to-be-announced, or forward commitment basis. Duration is generally managed to match (within 10%) the Bloomberg U.S. Aggregate Bond Index, and it may have significant sector exposure. The fund typically engages in active and frequent trading and so will typically have a relatively high portfolio turnover rate.