Fund Goal and Approach
The fund seeks to maximize total return, consisting of capital appreciation and current income.Accordingly, the fund invests at least 80% of its assets in investment grade fixed-income securities of U.S. and foreign issuers. The fund may invest up to 20% of its assets in fixed-income securities rated below investment grade ("high yield" or "junk bonds") to as low as Caa/CCC. The fund may invest up to 30% of total assets in fixed-income securities of foreign issuers, including emerging markets.
Bond Risk: Bonds are subject generally to interest rate, credit, liquidity, call and market risks, to varying degrees. Generally, all other factors being equal, bond prices are inversely related to interest-rate changes and rate increases can cause price declines.
Credit Risk: High yield bonds are subject to increased credit risk and are considered speculative in terms of the issuer's perceived ability to continue making interest payments on a timely basis and to repay principal upon maturity.
Foreign Investment Risk: To the extent the fund invests in foreign securities, its performance will be influenced by political, social and economic factors affecting investments in foreign companies. These special risks include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards.
Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.