The investment seeks positive returns over the long term, regardless of market conditions.
Under normal market conditions, the fund will invest at least 80% of its investable assets in fixed income instruments with varying maturities. The fund's investments in fixed income instruments may include bonds, debentures, notes, commercial paper and other similar types of debt instruments, mortgage-related securities, asset-backed securities, municipal securities, loan assignments and participations, money market instruments, and derivatives related to or referencing these types of securities and instruments. It may invest without limit in derivative instruments.
The investment seeks total return from income and capital appreciation.
The fund will generally invest in a combination of (i) U.S. high-yield debt securities (commonly known as "junk" bonds, and referred to herein as "High-Yield Securities") and (ii) U.S. investment grade debt securities and U.S. Treasury debt obligations (collectively, "Investment Grade Securities"). It invests without restriction as to issuer credit quality, capitalization or security maturity; however, other than periods when the fund is invested solely in cash, at least 10% of the fund's assets will generally be invested in Investment Grade Securities at all times. It is non-diversified.