Fund Description

The fund invests primarily in U.S. dollar-denominated fixed-income securities selected for high yields relative to the risk involved, including obligations of U.S., state, and local governments and their agencies and instrumentalities; mortgage- and asset-backed securities; corporate debt securities; and repurchase agreements. It may also invest in income-producing common stock, preferred securities, and other securities believed to have debt-like characteristics. It may invest up to 65% in corporate bonds, up to 20% in foreign securities (including non-dollar-denominated and emerging markets), and up to 10% in below-investment-grade securities. The fund may use derivatives, such as futures, options, and swaps, to increase or decrease exposure to changing security prices or other factors that affect security values, to seek to enhance income, to protect the value of portfolio securities, or to keep cash on hand to meet shareholder redemptions or other needs while maintaining exposure to the market.