Fund Description

The fund normally invests at least 80% of its assets in a broad range of debt securities with a dollar-weighted average portfolio maturity between three and 10 years. Up to 65% of assets may be invested in corporate bonds. Eligible holdings include obligations of U.S., state, and local governments and their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; repurchase agreements; and other securities believed to have debt-like characteristics. It invests primarily in investment-grade securities, but may invest up to 10% in below-investment-grade bonds. It may invest up to 20% in foreign debt, including non-dollar-denominated and emerging markets securities.