Fund Description

The fund seeks its objectives by investing, under normal circumstances, at least 65% of total assets in a multi-sector portfolio of fixed income instruments of varying maturities, including bonds and debt securities issued by U.S. and non-U.S. public- or private-sector entities, and may use forwards and derivatives such as options, futures, or swaps. It aims to maintain high, consistent dividend income by investing across fixed income sectors and using income-efficient strategies, with capital appreciation generally from falling interest rates or improving credit fundamentals. It may allocate without limitation among sectors including high yield and investment grade corporates, government-related debt, mortgage- and asset-backed securities, and foreign currencies. Average portfolio duration normally ranges from zero to eight years. It may invest up to 50% in below-investment-grade securities (excluding mortgage/asset-backed), up to 20% in emerging-market-tied instruments, and normally limits net foreign currency exposure to 20%. It may use derivatives without limitation, trade when-issued or forward, engage in short sales, use buy backs or dollar rolls, and invest in contingent convertible and up to 10% preferred securities.