- May be suitable as core fixed-income investment in many portfolios.
- Goal is to pay steady income in all interest-rate environments.
- Diversified; seeks to help protect principal.
(As of )
The fund's investment objective is maximum current income without undue risk to principal. The fund invests primarily in U.S. dollar-denominated debt securities, including, among others, obligations of U.S., state, and local governments, their agencies and instrumentalities, mortgage- and asset-backed securities, corporate debt securities, and repurchase agreements that have been selected for their high yields relative to the risk involved. The fund will invest primarily in investment-grade securities but also may invest up to 10% of its net assets in below-investment-grade securities, which are sometimes referred to as high-yield or "junk" bonds. The fund may invest up to 20% of its assets in foreign securities, including non-dollar-denominated securities and emerging-markets securities.