Fund Description

The fund seeks its objective by investing at least 65% of total assets in a diversified portfolio of fixed income instruments of varying maturities, including U.S. and non-U.S. bonds and debt securities, which may be represented by forwards or derivatives such as options, futures or swaps. Average portfolio duration normally ranges from three to eight years. It may hold investment-grade and high yield securities, with a 10% cap on holdings rated below B (or equivalent, or comparable unrated). It may invest without limitation in emerging market-tied and foreign-currency securities, as well as mortgage- or asset-backed securities, and may use when-issued trades, short sales, and techniques such as buy backs or dollar rolls; up to 10% may be in preferreds.