The investment seeks a high level of current income.
The fund allocates the portfolio of investments among the following three categories of the fixed-income market: domestic investment-grade (including, but not limited to, U.S. government, asset-backed, mortgage-backed, corporate, municipal and Risk Transfer Notes), domestic noninvestment-grade, including, but not limited to, corporate debt issues (also known as junk bonds and leveraged loans), MBS, municipal securities and agency Risk Transfer Notes and foreign investments.
The investment seeks to provide total return.
The fund has a non-fundamental policy to invest, under normal circumstances, at least 80% of the value of its net assets plus borrowings for investment purposes in bonds. The fund employs a multi-manager approach whereby portions of the fund are allocated to different money managers.