Fund Description

The fund invests, under normal circumstances, at least 80% of net assets in investment-grade fixed income securities or unrated securities deemed comparable by the Adviser, with up to 20% in below-investment-grade or comparable unrated securities. It also invests at least 80% of net assets plus borrowings in fixed income securities it regards as bonds, broadly defined. Portfolio duration is typically two to eight years, with dollar-weighted average maturity of two to fifteen years. It invests in the U.S. and abroad, including emerging markets, and may invest up to 25% of its assets in foreign securities denominated in U.S. dollars, up to 15% in securities of foreign issuers not denominated in U.S. dollars, and up to 10% in emerging market securities. Holdings may include corporate and municipal debt, mortgage- and asset-backed securities, bank loans, money market securities, derivatives, defaulted debt, private placements and restricted securities, and may short sell up to 25% of total assets.