Fund Description

The fund allocates among three fixed-income categories: domestic investment-grade (including U.S. government, asset-backed, mortgage-backed, corporate and municipal), domestic noninvestment-grade (including junk bonds/leveraged loans, MBS and municipal), and foreign investments (investment- and noninvestment-grade government and corporate in emerging and developed markets, and trade finance). The Adviser seeks to manage risks by allocating the portfolio among the three categories, and the portfolio usually includes securities from all three categories. Each category is limited to 60% of assets, except domestic investment-grade, which may be up to 75%. At least 80% of net assets (plus borrowings) are in fixed income. The fund may invest in other funds (including affiliates), use derivatives or hybrids, and may invest up to 20% in equities.