Fund Description

The fund invests at least 80% of net assets in debt securities, with up to 25% of total assets in debt of foreign issuers and up to 25% in below investment-grade debt. It invests principally in corporate, mortgage- and asset-backed securities, bank loans, and U.S. Government obligations with fixed, floating, or variable rates. As part of its below investment-grade strategy, it generally targets issues rated at least BB/Ba or comparable quality. It may use derivatives for duration and yield curve management, currency exposure, risk control, or return enhancement, and expects dollar-weighted average effective maturity and duration of three years or less.