Fund Description

The fund normally invests substantially all (and at least 80%) of its net assets, plus borrowings for investment purposes, in U.S. and foreign fixed income instruments, including corporate debt (including convertibles and commercial paper), floating/variable-rate and inflation-indexed bonds, structured notes and event-linked bonds, loans and bank instruments, repurchase and reverse repurchase agreements, municipal, government and supranational obligations, mortgage-related and other asset-backed securities (including CBOs, CLOs and other CDOs), and derivative instruments that have economic characteristics similar to the securities referenced above. It may invest up to 50% in high yield securities and up to 55% in U.S. government-related securities, invest in any maturity, and invest without limit in derivative instruments; it expects to use futures contracts, swaps and forward foreign currency contracts and to write put and call options for hedging, risk management or other purposes, including for the purpose or having the effect of creating leverage.