Fund Description

The fund invests at least 80% of net assets (plus investment borrowings) in fixed-income securities, normally keeping at least 55% in investment-grade issues, and may hold up to 35% in below investment-grade bonds and up to 20% in equity securities. It may buy unrated fixed income deemed comparable in quality and invest across any maturity. Security selection weighs issuer strength, bond-market stability, rates, valuations, currency considerations, and portfolio risk/return. It may invest up to 40% in foreign securities (including emerging markets) and up to 20% in non-U.S. dollar issues, and without limit in supranational obligations. Holdings may include corporates, governments, mortgage-related securities, asset-backed, loans (including senior and junior loans), convertibles, REITs, private placements, CLOs, and derivatives.