Fund Description

The fund seeks to achieve its investment objective by investing in a broad range of high-quality fixed-income securities, primarily high-quality short-term bonds and other fixed-income securities rated BBB- or higher by S&P Global Ratings or Baa3 or higher by Moody's at the time of purchase. If rated by one agency, that rating applies; if ratings differ, the highest is used; if unrated, the fund assesses quality. It may invest in corporate, government, mortgage-backed and asset-backed securities, and foreign securities. It maintains an effective maturity of five years or less and average duration within plus or minus 30% of the Bloomberg Credit 1-3 Year Index, and uses derivatives such as Treasury and credit index futures for hedging and managing fixed-income exposure.