Fund Description

The fund employs an active management approach and, under normal circumstances, invests at least 80% of its net assets, plus any borrowings for investment purposes, in investment-grade fixed income securities, including high- and medium-quality issues. For this 80% policy, investment-grade securities are rated the equivalent of Baa3 and above by Moody's or another independent rating agency or, if unrated, are deemed of comparable quality by the advisor. The fund expects to maintain a dollar-weighted average maturity of 5 to 10 years and may invest in derivatives such as options, futures contracts, or swap agreements.