Fund Description

The fund invests principally across four fixed income sectors: U.S. investment grade, U.S. high yield, international developed markets, and emerging markets. Under normal circumstances, it invests at least 80% of net assets plus borrowings in fixed income securities, with sector weights set by the manager based on economic and market conditions and return potential; allocations may vary and not all sectors are held at all times. U.S. high yield generally represents 5%-35% of net assets; emerging markets are limited to 20%. Foreign securities are limited to 5%-40%, with foreign currency exposure limited to 20% and typically hedged via forward currency contracts. It may hold cash or short-term obligations in unusual markets, invest in mortgage- and asset-backed securities, CMOs and REMICs, and use derivatives for hedging and nonhedging purposes.