Fund Description

The fund primarily invests in investment grade, U.S. dollar-denominated short-term fixed and floating rate debt instruments, including corporate debt, mortgage-related and asset-backed securities, U.S. government and agency securities, and money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. It may invest in U.S. dollar issues from foreign entities and may lend portfolio securities to generate additional income. Weighted average duration normally will not exceed one year and may not exceed two years; dollar-weighted average maturity will not exceed two years. The sub-adviser uses bottom-up issuer analysis and top-down market assessment, may concentrate in a single sector, and is not a money market fund.