Strategy And Objective

Total return consisting of income and capital appreciation. The fund invests in bonds of varying maturities, but normally limits its portfolio duration to within +/- 50% of the effective duration of the fund's benchmark index, Bloomberg Barclays US Government/Credit Index,which as of July 31, 2020 was approximately 7.77 years and may change over time. This means that the duration of the fund could range from approximately 3.89 years to 11.66 years in this example. Duration is a measure of the fund's exposure to interest rate risk. For example,when the level of interest rates increases by 1%, a debt security having a positive duration of 8 years generally will decrease in value by about8%; when the level of interest rates decreases by 1%, the value of that same security generally will increase by about 8%. A longer duration means that changes in market interest rates are likely to have a larger effect on the value of the assets in a portfolio.