Fund Description

The fund is actively managed by multiple investment advisors, each independently selecting and maintaining a portfolio of securities. Under normal circumstances, it invests at least 80% of net assets, plus any borrowings for investment purposes, in investment-grade fixed income securities, including high- and medium-quality issues. For this policy, investment-grade means rated the equivalent of Baa3 or higher by Moody's or another independent rating agency, or, if unrated, deemed of comparable quality by the fund's advisor. The fund expects to maintain a dollar-weighted average maturity within a range that is five years shorter than or five years longer than that of its performance benchmark. It may invest in derivatives such as options, futures contracts, or swap agreements.