Fund Description

The fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of assets in a diversified portfolio of investment grade fixed income securities of varying maturities, which may be represented by forwards or derivatives such as options, futures, or swap agreements. It may invest the remainder in other fixed income instruments, including bonds and debt securities issued by U.S. and non-U.S. public- or private-sector entities. It may invest up to 15% in high yield securities, up to 30% in foreign currency-denominated securities, and up to 25% in instruments economically tied to emerging market countries, while normally limiting net foreign currency exposure to 20%. It may use derivatives without limitation, invest in mortgage- or asset-backed securities, transact when-issued or forward, engage in short sales, and invest up to 10% in preferred securities.