The investment seeks to maximize long-term total return, consisting of both current income and capital appreciation.
The fund invests predominantly in U.S. dollar-denominated debt securities. These include debt securities issued by U.S. and foreign companies, debt obligations issued or guaranteed by the U.S. government and foreign governments, and U.S. and foreign mortgage-backed securities. It may invest up to 25% of total fixed income assets in non-U.S. dollar securities and may engage in currency hedging. The fund may invest in debt instruments of any maturity and it may invest in both investment-grade securities and non-investment grade securities.