The Fund will invest at least 80 percent of its net assets (including any borrowings for investment purposes) in bonds or derivatives and other instruments that have economic characteristics similar to such securities. The Fund will primarily invest in securities that have a dollar-weighted average portfolio duration of 4 years or less. The Funds investments in bonds and other instruments that have economic characteristics similar to bonds may consist of, but are not limited to the following: (1) securities issued or guaranteed by the U.S. Government, its agencies, or sponsored corporations, (2) corporate obligations, (3) mortgage-backed securities (MBS) (including commercial mortgage-backed securities (CMBS) and residential mortgage-backed securities (RMBS)) and other asset-backed securities (ABS), collateralized mortgage obligations (CMOs), government mortgage pass-through securities, multi-class pass-through securities, private mortgage pass-through securities, stripped mortgage-backed securities (SMBS) (which include interest-only and principal-only securities), and inverse floaters, (4) collateralized debt obligations (CDOs), including collateralized loan obligations (CLOs), (5) municipal securities and other debt obligations issued by state and local governments and government sponsored entities, (6) distressed and defaulted securities, (7) payment-in-kind bonds, (8) zero-coupon bonds, (9) cash and cash equivalents, (10) other short-term investments including, but not limited to, commercial paper, certificates of deposit, repurchase agreements and investments in money market funds or similar pooled investments, and (11) other instruments bearing fixed or variable interest rates of any maturity.