The investment seeks maximum total return, consistent with preservation of capital and prudent investment management.
The fund invests at least 80% of its assets in Fixed Income Instruments that are economically tied to foreign (non-U.S.) countries, representing at least three foreign countries, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. It may invest, without limitation, in derivative instruments, such as options, futures contracts or swap agreements, or in mortgage- or asset-backed securities. The fund may also invest up to 10% of its total assets in preferred stocks.
The investment seeks a high total return, emphasizing current income, and, to a lesser extent, providing opportunities for capital appreciation.
The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) ("Net Assets") in a portfolio of fixed income securities of U.S. and foreign issuers. Foreign securities include securities of issuers located outside the U.S. or securities quoted or denominated in a currency other than the U.S. dollar. It also enters into transactions in foreign currencies, typically through the use of forward contracts and swap contracts. It is non-diversified.