The Fund seeks to provide a high level of current income consistent with preservation of principal within an intermediate-term maturity structure.
The fund seeks to maximize potential total return through a diversified selection of intermediate-term, high-quality fixed income securities concentrated on our best ideas. In pursuit of this, the fund invests at least 80% of its total net assets in fixed income securities such as U.S. Government securities, corporate fixed income securities, mortgage-backed securities, and asset-backed securities. The fund may also purchase municipal securities issued by states, U.S. territories, and possessions.
The fund will generally own securities that have a maturity between 1 and 10 years which are rated in the top four categories of a Nationally Recognized Statistical Rating Organization. Normally, the fund’s maturity, duration and sector allocations will be generally reflective of its benchmark, the Bloomberg Barclays Intermediate Aggregate Bond Index. The fund will typically have a dollar-weighted maturity between 3 and 10 years and an average duration of 2 to 5 years.