The investment seeks to outperform the Barclays Capital U.S. Aggregate Index by maximizing total return through a combination of income and capital appreciation.
The fund normally invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in bonds. It invests primarily in U.S. dollar denominated, investment grade fixed income securities. The anticipated average duration for the fund is a range within one year longer or shorter than the average duration of the Barclays Capital U.S. Aggregate Index (the "Benchmark"). The modified adjusted duration of the Benchmark was 5.26 years.