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Fight inflation with less interest rate risk. Short Duration Inflation Protection Bond is actively managed to help investors combat the corrosive effects of domestic inflation and mitigate interest rate risk through a broadly diversified portfolio of short-term inflation-indexed bonds and other fixed income securities.
Pursues total return using a strategy that seeks to protect against U.S. inflation.
At least 80% of the fund's assets are invested in inflation-linked bonds, which are designed to help investors keep pace with rising consumer prices—the U.S. Treasury adjusts TIPS' principal periodically to reflect reported changes in the Consumer Price Index (CPI).
We manage the fund's duration to help reduce volatility associated with rising interest rates. Using duration as a guide, Short Duration Inflation Protection Bond shareholders are exposed to about half of the interest-rate risk compared to its inflation-protected bond category peers.
The investment team of sector specialists has the capability to take opportunistic positions in higher yielding bonds, such as corporate and mortgage-backed bonds, for greater return potential. At the same time, they manage the fund aiming to protect total returns from inflation risk.
Investments in fixed income securities are subject to the risks associated with debt securities including credit, price and interest rate risk. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-protected securities with similar durations may experience greater losses than other fixed income securities. Interest payments on inflation-protected debt securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable. There is no guarantee that the investment objectives will be met. Dividends and yields represent past performance and there is no guarantee that they will continue to be paid.
Real return, primarily through investment-grade, short-term inflation-indexed bonds.
Designed to fight the effects of domestic inflation and reduce interest rate risk by investing primarily in short-term inflation-indexed bonds. Employs comprehensive risk management seeking to maximize real return per level of risk.
Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized.
For periods prior to the inception of a class, performance is for the oldest class, restated with applicable fees, if any.
Maturity: Describes the portfolio of the fund in terms of the different maturities of the securities it holds.
Weighted average life to maturity (WALM) is a measure of the sensitivity of a fixed income portfolio to interest rate changes. WALM is the average time in years to receive the principal repayments. Accordingly, WALM reflects how a portfolio would react to deteriorating credit or tightening liquidity conditions.
Senior Vice President, Senior Portfolio Manager
Vice President, Portfolio Manager
Investments in fixed income securities are subject to the risks associated with debt securities including credit, price and interest rate risk.
In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-protected securities with similar durations may experience greater losses than other fixed income securities. Interest payments on inflation-protected debt securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable.
Please see the prospectus for details about sales charges.
The gross expense ratio is the fund's total annual operating costs, expressed as a percentage of the fund's average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund's most recent fiscal year. Please see the prospectus for more information.
Only Investor Class shares are made available to investors directly. Advisor, A, C, I, and Y Classes of shares are only available for purchase by institutions or other financial intermediaries. R, R5, and R6 Classes of shares are only available for purchase by group employer-sponsored retirement plans. Review definitions and minimums for all share classes.
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Source: Bloomberg Index Services Ltd
The Dow Jones AveragesSM and The Dow Jones Global IndexesSM are compiled, calculated and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones AveragesSM and The Dow Jones Global IndexesSM ©2021 Dow Jones & Company, Inc. All Rights Reserved.
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