Fund Description

The fund invests at least 80% of net assets in debt securities, with up to 35% of total assets in below investment-grade debt and up to 25% in debt of foreign issuers, including emerging markets and foreign-currency issues. It invests principally in corporate, mortgage- and asset-backed securities, bank loans, foreign sovereign debt, supranational agencies, and U.S. Government obligations. The fund may invest in both investment-grade and below investment-grade debt securities, including unrated securities and securities that are in default at the time of purchase. The fund may use swap agreements to manage risk or enhance return, futures for duration and yield curve management or to gain or adjust exposure to different credit markets, and currency-related derivative transactions to manage, hedge or reduce foreign currency-specific risk exposure or to obtain net long exposure to selected currencies. Portfolio duration is generally maintained within one year of its benchmark.