Strategy. Under normal circumstances, we invest: at least 80% of the Funds net assets in income-producing securities; up to 100% of the Funds total assets in debt securities of foreign issuers, including emerging markets issuers, and up to 50% of the Funds total assets in non-dollar denominated debt securities; up to 100% of the Funds total assets in debt securities that are below investment-grade; up to 25% of the Funds total assets in preferred stocks; and up to 10% of the Funds total assets in debt securities that are in default at the time of purchase. We invest principally in income-producing securities, including corporate, mortgage- and asset-backed securities, municipal securities, bank loans, convertible securities, preferred stocks, foreign corporate debt, foreign sovereign … Show more… Under normal circumstances, we invest: at least 80% of the Funds net assets in income-producing securities; up to 100% of the Funds total assets in debt securities of foreign issuers, including emerging markets issuers, and up to 50% of the Funds total assets in non-dollar denominated debt securities; up to 100% of the Funds total assets in debt securities that are below investment-grade; up to 25% of the Funds total assets in preferred stocks; and up to 10% of the Funds total assets in debt securities that are in default at the time of purchase. We invest principally in income-producing securities, including corporate, mortgage- and asset-backed securities, municipal securities, bank loans, convertible securities, preferred stocks, foreign corporate debt, foreign sovereign debt, collateralized debt obligations, commercial paper, variable and adjustable rate securities, inflation-protected debt securities, supranational entity securities and U.S. Government obligations. We may invest a significant portion of the Funds assets in mortgage-backed securities, including those issued by agencies and instrumentalities of the U.S. Government. We may also invest in below investment-grade debt securities (often called high yield securities or junk bonds) of any credit quality, including unrated securities that we deem to be of comparable quality, as well as securities that are in default at the time of purchase. We may invest in debt securities of foreign issuers, including emerging markets issuers, denominated in any currency. Emerging market countries generally are those countries defined as having an emerging or developing economy by the World Bank or its related organizations, or the United Nations or its authorities. The emerging market countries in which the Fund may invest currently include, but are not limited to, Argentina, Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, the Philippines, Poland, Russia, South Africa, Thailand, Turkey and Uruguay. We may seek to add yield by having exposures to a variety of credits, mortgages, and higher yielding countries and currencies. We pursue the Funds investment objective by creating an integrated strategy that combines income-producing securities from a variety of sectors, countries and issuers. Portfolio managers meet regularly to review and assess the overall portfolio risk level, the allocation of assets among the different sectors, and the role played by each sector in the portfolio. The investment process for both asset allocation and security selection focuses on the value-driven measures that are used by the portfolio managers when managing sector assignments such as high yield bonds, global bonds, emerging markets, investment-grade bonds, and mortgages. We seek to add return by allocating assets to sectors that we believe offer better opportunities and by using rigorous credit research to identify attractive individual securities. The portfolio managers utilize proprietary tools when measuring opportunities and risks associated with country, currency, credit and mortgage exposures. Securities are sold and allocations to various sectors are reduced when prices rise significantly above our estimates of underlying value, when changes in the financial environment indicate that securities or sectors at current prices no longer offer attractive risk-adjusted returns, or due to cash flow needs. While we may purchase securities of any maturity or duration, under normal circumstances, we expect the Funds overall dollar-weighted average effective duration to be between 0 and 6 years. Dollar-weighted average effective duration is an aggregate measure of the sensitivity of a funds fixed income portfolio securities to changes in interest rates. As a general matter, the price of a fixed income security with a longer effective duration will fluctuate more in response to changes in interest rates than the price of a fixed income security with a shorter effective duration. We may use futures for duration and yield curve management or to gain or adjust exposure to different credit markets. There are no fixed weights for the Funds allocation across various sectors or markets. The pursuit of the Funds investment objective of total return, a component of which consists of a high level of current income, however, implies that the Fund will normally seek to have significant holdings of securities offering higher yields relative to U.S. Treasuries. In addition to currency exposures stemming from our management of non-dollar denominated bonds, including the hedging and cross-hedging of currency exposures associated with these securities, we can manage currency as a separate asset class. We may purchase a foreign currency on a spot or forward basis in order to benefit from potential appreciation of such currency relative to the U.S. dollar or to other currencies. The Fund may enter into foreign currency exchange contracts to gain or hedge currency exposure or control risk. The Fund may engage in credit default swap indicies or other derivatives in order manage risk or enhance return. Show less