Fund Description

The fund seeks capital appreciation and current income to maximize total return by investing at least 80% of net assets in bonds and other fixed-income securities, including U.S. government and agency obligations, U.S. state and local and foreign government debt, domestic and foreign bank and corporate obligations, zero coupon bonds, debentures, convertibles, loan participations, mortgage and other asset-backed securities, inflation-indexed and stripped securities. It may invest via investment companies and ETFs, use TBA transactions for MBS exposure, and buy Rule 144A securities. It primarily holds investment-grade domestic debt but may invest up to 20% in below-investment-grade domestic and foreign debt. Average maturity ranges three to fifteen years. Management uses a relative value approach, may trade actively, and may use U.S. Treasury futures for risk and cash management. From time to time, the fund may have a focused investment (investment exposure comprising more than 15% of its total assets) in one or more particular sectors.