Strategy. The fund invests in debt securities such as notes, bonds, commercial paper, mortgage- or asset-backed securities, collateralized loan obligations, collateralized mortgage obligations, and U.S. Treasury securities. These securities may be payable in U.S. or foreign currencies. The fund invests at least 65% of its assets in investment-grade, non-money market debt securities. An investment-grade security is one that has been rated by a nationally recognized statistical rating organization in its top four credit quality categories or determined by the advisor to be of comparable credit quality. The fund may invest up to 35% of its assets in high-yield debt securities. A high-yield security, or junk bond, is one that has been rated below the four highest categories used by a nationally … Show more… The fund invests in debt securities such as notes, bonds, commercial paper, mortgage- or asset-backed securities, collateralized loan obligations, collateralized mortgage obligations, and U.S. Treasury securities. These securities may be payable in U.S. or foreign currencies. The fund invests at least 65% of its assets in investment-grade, non-money market debt securities. An investment-grade security is one that has been rated by a nationally recognized statistical rating organization in its top four credit quality categories or determined by the advisor to be of comparable credit quality. The fund may invest up to 35% of its assets in high-yield debt securities. A high-yield security, or junk bond, is one that has been rated below the four highest categories used by a nationally recognized statistical rating organization, or determined by the investment advisor to be of similar quality. The fund may also invest in securities issued by companies that are located in emerging market countriesemerging market securities. The fund may invest in non-dollar denominated debt securities. The weighted average maturity of the funds portfolio must be 3 years or longer. The fund may invest in securities issued or guaranteed by the U.S. Treasury and certain U.S. government agencies or instrumentalities such as the Government National Mortgage Association (Ginnie Mae). Ginnie Mae is supported by the full faith and credit of the U.S. government. Securities issued or guaranteed by other U.S. government agencies or instrumentalities, such as the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac), and the Federal Home Loan Bank (FHLB) are not guaranteed by the U.S. Treasury or supported by the full faith and credit of the U.S. government. However, they are authorized to borrow from the U.S. Treasury to meet their obligations. In addition to the debt securities described above, the fund may also invest in bank loans. The fund also may invest in derivative instruments provided that such investments are in keeping with the funds investment objectives. Such derivative instruments may include options, futures contracts, options on futures contracts, and swaps (including credit default swaps). The fund may use foreign currency exchange contracts to shift investment exposure from one currency into another for hedging purposes or to enhance returns. The portfolio managers select securities using an approach that integrates macroeconomic inputs, technical analysis of the relative value among various sectors, and fundamental research on individual securities. The macroeconomic framework provides interest rate and duration guidelines for the fund by analyzing economic activity, inflation, and monetary policy. Portfolio managers select individual securities using in-depth fundamental analysis designed to provide a detailed understanding of the credit worthiness of a security and its related market. As the market environment and investment opportunities change, portfolio managers buy and sell securities to meet the funds evolving sector allocations and credit quality standards. The fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. This may cause higher transaction costs and may affect performance. It may also result in the realization and distribution of capital gains. Show less