Fund Description

The fund seeks to achieve its investment objective by investing at least 80% of assets in a diversified portfolio of fixed income instruments of varying maturities, including bonds and other debt issued by U.S. and non-U.S. public or private entities, and may use forwards and derivatives such as options, futures, or swaps. It is not managed to an index and uses multiple fixed income sector strategies. Average portfolio duration normally ranges from (negative) 3 to positive 8 years. It may hold investment-grade and high yield securities, with up to 40% in securities rated below Baa (or equivalent, or comparable if unrated). It may invest without limitation in foreign-currency securities and U.S. dollar debt of foreign issuers, up to 50% economically tied to emerging markets, normally limits net foreign currency exposure to 35%, and may invest up to 10% in preferred securities. It may invest without limitation in derivatives and mortgage- or asset-backed securities, transact on a when-issued or forward basis, and engage in short sales.