Fund Description

The fund seeks to achieve its objective by investing, under normal circumstances, at least 65% of total assets in a multi-sector portfolio of fixed income securities of varying maturities, including through forwards or derivatives such as options, futures, or swap agreements. Fixed income instruments include bonds and debt issued by U.S. and non-U.S. public or private entities. It aims for a high, consistent level of dividend income across sectors and may seek capital appreciation from declining interest rates or improving credit fundamentals. It may allocate without limitation among high yield and investment grade corporates, government securities, mortgage- and asset-backed securities, and foreign currencies. Average portfolio duration normally ranges from zero to three years. Up to 30% may be in below-investment-grade securities (excluding mortgage/asset-backed), up to 15% in emerging market-tied instruments, and net foreign currency exposure is normally limited to 15%. It may use derivatives, when-issued and forward transactions, short sales, buy backs, dollar rolls, contingent convertibles, and up to 10% in preferred securities.