Fund Description

Under normal circumstances, the fund invests at least 80% of its assets in corporate debt securities and at least 80% in investment grade debt securities, including notes, bonds, debentures and commercial paper. Investment grade includes securities rated in a top four ratings category at purchase or, if unrated, judged by the subadviser to be of comparable credit quality. Holdings may be secured or unsecured, issued by U.S. or foreign entities, and may have variable or floating rates. It may invest in U.S. government securities, U.S. dollar fixed income of foreign issuers, and securities of any maturity or duration. Up to 25% may be non-U.S. dollar foreign fixed income, with an intention to keep unhedged exposure to 10% or less. It may use derivatives and other synthetic instruments for exposure, hedging, and to adjust portfolio characteristics such as duration.