Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets in income producing securities, including: U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities); residential and commercial mortgage-backed securities; asset-backed securities; domestic and foreign corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations; preferred securities and contingent capital securities (sometimes referred to as CoCos ) in an aggregate amount not to exceed 20% of the Funds net assets; fixed and floating rate loans, including senior loans and secured and unsecured junior loans, in an amount not to exceed 20% of the Funds net assets; debt obligations of foreign governments; and municipal securities … Show more… Under normal market conditions, the Fund invests at least 80% of its net assets in income producing securities, including: U.S. government securities (securities issued or guaranteed by the U.S. government or its agencies or instrumentalities); residential and commercial mortgage-backed securities; asset-backed securities; domestic and foreign corporate debt obligations, including obligations issued by special-purpose entities that are backed by corporate debt obligations; preferred securities and contingent capital securities (sometimes referred to as CoCos ) in an aggregate amount not to exceed 20% of the Funds net assets; fixed and floating rate loans, including senior loans and secured and unsecured junior loans, in an amount not to exceed 20% of the Funds net assets; debt obligations of foreign governments; and municipal securities in an amount not to exceed 20% of the Funds net assets. The Fund may invest up to 30% of its total assets in non-U.S. dollar denominated debt obligations of foreign corporations and governments, including debt obligations issued by governmental and corporate issuers that are located in emerging market countries. The Fund may invest without limitation in U.S. dollar denominated securities of foreign issuers. The Fund may invest up to 50% of its total assets in securities rated lower than investment grade or unrated securities of comparable quality as determined by the Funds sub-adviser (securities commonly referred to as high yield securities or junk bonds). The Fund will not invest in securities rated lower than CCC at the time of purchase or in unrated securities of comparable quality as determined by the Funds sub-adviser. If the rating of a security is reduced or the credit quality of an unrated security declines after purchase, the Fund is not required to sell the security, but may consider doing so. Unrated securities will not exceed 25% of the Funds total assets. The Fund may invest in securities that have not been registered under the Securities Act of 1933, as amended (the Securities Act ) ( restricted securities ), including securities sold in private placement transactions between issuers and their purchasers and securities that meet the requirements of Rule 144A under the Securities Act ( Rule 144A securities ). Rule 144A securities may be resold under certain circumstances only to qualified institutional buyers as defined by the rule. Under normal market conditions, the Fund attempts to maintain a weighted average effective maturity for its portfolio securities of fifteen years or less and an average effective duration of three to eight years. The Funds weighted average effective maturity and average effective duration are measures of how the value of the Funds shares may react to interest rate changes. The Funds sub-adviser makes buy, sell, and hold decisions using a top-down approach, which begins with the formulation of the sub-advisers general economic outlook. Following this, various sectors and industries are analyzed and selected for investment. Finally, the sub-adviser selects individual securities within these sectors or industries. The sub-adviser also analyzes expected changes to the yield curve under multiple market conditions to help define maturity and duration selection. To generate additional income, the Fund may invest up to 25% of its total assets in dollar roll transactions. In a dollar roll transaction, the Fund sells mortgage-backed securities for delivery in the current month while contracting with the same party to repurchase similar securities at a future date. The Fund may utilize the following derivatives: options; futures contracts; options on futures contracts; interest rate caps, collars, and floors; foreign currency contracts; options on foreign currencies; swap agreements, including swap agreements on interest rates, currency rates, security indexes and specific securities, and credit default swap agreements; and options on the foregoing types of swap agreements. The Fund may enter into standardized derivatives contracts traded on domestic or foreign securities exchanges, boards of trade, or similar entities, and non-standardized derivatives contracts traded in the over-the-counter market. The Fund may use these derivatives in an attempt to manage market risk, currency risk, credit risk and yield curve risk, to manage the effective maturity or duration of securities in the Funds portfolio or for speculative purposes in an effort to increase the Funds yield or to enhance returns. The Fund may also use derivatives to gain exposure to non-dollar denominated securities markets to the extent it does not do so through direct investments. The use of a derivative is speculative if the Fund is primarily seeking to enhance returns, rather than offset the risk of other positions. The Fund may not use any derivative to gain exposure to a security or type of security that it would be prohibited by its investment restrictions from purchasing directly. Show less