Fund Description

The fund invests in a wide variety of debt instruments and income-producing securities payable primarily in U.S. dollars, including government and supranational debt; corporate debt, loans and commercial paper; mortgage- and asset-backed securities; municipal securities; and convertible bonds and preferred stock. It invests at least 90% of total assets in investment grade debt securities, may invest up to 10% below investment grade, and maintains an overall average credit quality that remains investment grade. It may hold securities of any maturity, with a maximum average portfolio maturity of two and one-half years under normal market conditions. The fund may invest in ETFs and other investment companies, including affiliated funds, and may use derivatives for hedging currency exposure or obtaining market sector exposure, including long or short currency positions.