The investment seeks to generate current income consistent with preservation of capital.
The fund invests at least 80% of its net assets in fixed-income securities and derivatives related to fixed-income securities. It invests in a portfolio that includes fixed-income securities of U.S. and non-U.S. companies and U.S. and non-U.S. government securities and supranational entities, including lower-rated securities. The fund may invest in debt securities with a range of maturities from short- to long-term. It expects that its average portfolio duration will vary normally from negative 3 years to positive 7 years.