Investment Objective: |
The Fund is actively managed & seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus any borrowings for investment purposes, in investment grade corporate bonds and other fixed income securities at the time of purchase. Investment grade securities are rated BBB- or higher by S&P Global Ratings ("S&P Global") or Baa3 or higher by Moodys Investors Service, Inc. ("Moodys") or, if unrated, of comparable quality in the opinion of those selecting such investments. If the security has been rated by only one of those agencies, that rating will determine whether the security is investment grade. The fixed income securities in which the Fund invests include foreign securities, corporate securities, securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, and securities issued or guaranteed by foreign governments payable in U.S. dollars. Under normal circumstances, the Fund maintains an average portfolio duration that is within /- 10% of the duration of the Bloomberg U.S. Corporate Investment Grade Bond Index, which as of March 30, 2018 was 7.50 years. The Fund utilizes exchange-traded and over-the-counter derivative strategies. |