Fund Description

The fund seeks its objective by investing, under normal circumstances, at least 80% of assets in fixed income instruments economically tied to at least three countries (including the U.S.), including through forwards and derivatives such as options, futures or swap agreements. Holdings may be U.S. dollar or major foreign currency denominated, with net foreign currency exposure normally limited to 20% of total assets. It normally invests at least 25% of net assets in non-U.S.-tied instruments and may invest without limitation in emerging markets. Duration typically ranges from two to eight years. It primarily holds investment grade debt, may invest up to 20% in high yield, may use derivatives and mortgage- or asset-backed securities, may transact on a when-issued/forward basis, and may engage in short sales; it is non-diversified and may invest up to 10% in preferred securities.