The fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds such as: U.S. corporate debt obligations; non-U.S. corporate and sovereign debt obligations; residential and commercial mortgage-backed securities; asset-backed securities; U.S. government securities; and convertible bonds. It may invest up to 25% of its total assets in lower rated fixed-income securities (also called "high yield bonds" or "junk bonds") or, if unrated, determined to be of comparable credit quality by the fund's advisor or sub-advisor.