Description

Under typical market conditions, this fund allocates a minimum of 80% of its total assets (encompassing both its net assets and any borrowed funds used for investment) to a diverse collection of fixed-income instruments. These may include, but are not limited to, corporate bonds, government securities, and mortgage-backed debt. Upon purchase, these bonds must carry an investment-grade credit rating—for example, at least BBB- from S&P Global Ratings or Baa3 from Moody's Investors Service—or an equivalent assessment from any other nationally recognized statistical rating organization (NRSRO). Unrated securities are also permissible, provided they are determined to be of comparable quality.