Fund Description

The fund invests at least 80% of net assets (plus any borrowings for investment purposes) in investment-grade bonds rated AAA to BBB at the time of purchase, including corporate bonds and debentures, mortgage- and asset-backed securities, U.S. government and agency securities, and U.S. dollar-denominated securities of foreign governments and corporations. It may invest in bonds of any maturity, but normally maintains a dollar-weighted average maturity of three to ten years, and does not buy below-investment-grade bonds. Management emphasizes sector and industry allocation and security selection using top-down and bottom-up research. The fund may use futures and options and may trade actively.