Fund Description

The fund normally invests at least 80% of net assets (plus any borrowings for investment purposes) in inflation protected bonds, with certain derivatives counted toward this policy. It focuses on U.S. Treasury inflation protected bonds such as TIPS, and may also buy similar bonds issued by U.S. government agencies and corporations. It may invest up to 20% in foreign inflation protected bonds, including emerging markets and those linked to non-U.S. inflation rates, and up to 20% in fixed income securities not indexed to inflation. Non-U.S. Treasury holdings will be investment grade or deemed comparable quality. It may hold downgraded securities, invest across maturities, and vary weighted average maturity. Portfolio management may consider implied inflation rates and adjust duration. Derivatives may include futures, options, forwards, and swaps, including interest rate futures and CPI swaps.