Fund Description

The fund invests at least 80% of assets in a diversified portfolio of fixed income instruments of varying maturities, including bonds, debt securities and bank loans issued by U.S. and non-U.S. public- or private-sector entities, and may use forwards or derivatives such as options, futures or swaps. It targets total return from income and potential capital appreciation. Duration normally ranges from zero to six years. It may hold investment grade and high yield securities, with up to 50% in issues rated below B- (or equivalent, or unrated but comparable). It may invest without limitation in foreign and emerging market-tied securities, while normally limiting net foreign currency exposure to 20%. It may invest up to 15% in preferred, convertible and other equity-related instruments, including up to 10% in common stock, and may use mortgage- or asset-backed securities, when-issued trading, short sales, and other techniques such as buy backs or dollar rolls.