Fund Description

The fund invests in fixed income securities of various maturities, yields, and qualities, normally committing at least 80% of assets to bonds such as corporate bonds; U.S. Treasury obligations and other U.S. government and agency securities; and asset-backed, mortgage-backed, and mortgage-related securities. Bonds purchased generally have maturities of 90 days or more at issuance. It invests predominantly in U.S. dollar-denominated bonds, with up to 10% in non-U.S. dollar bonds. Dollar-weighted average maturity normally ranges from 4 to 12 years. The fund may buy bonds of any quality, but limits non-investment-grade bonds to 5%. It may use derivatives and TBA mortgage-backed securities, including short TBA positions.