Fund Description

The fund seeks its goals by investing worldwide in a broad range of income-producing investments, primarily debt obligations, and expects to invest a majority of assets in such debt. It may invest in debt of any kind, quality, or maturity, and typically emphasizes corporate bonds (including high yield), mortgage- and other asset-backed securities, convertible debt, foreign government obligations (including developing countries), CMOs/CDOs/CBOs/CLOs, U.S. government and agency obligations, structured notes, zero-coupon and stripped securities, and taxable municipal obligations. Holdings are chosen using issuer and industry analysis and economic and market factors. It generally holds securities, but may sell before maturity to enhance income or reduce loss, to change the portfolio's average duration or average maturity, to pursue other investment opportunities, in response to changes in the issuer or overall market conditions, or if the investment no longer serves the fund's investment goals; a capital-preservation objective may limit yield.