Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade corporate debt securities and investments. Investment grade debt securities are securities that are rated at the time of purchase in the top four ratings categories by one or more independent rating organizations such as S&P Global Ratings (S&P ) (rated BBB- or better) or Moodys Investors Service (Moodys) (rated Baa3 or higher) or, if unrated, are determined to be of comparable quality by the Funds investment manager. Corporate issuers may include corporate or other business entities in which a sovereign or governmental agency or entity may have, indirectly or directly, an interest, including a majority or greater ownership interest. Derivatives that provide exposure … Show more… Under normal market conditions, the Fund invests at least 80% of its net assets in investment grade corporate debt securities and investments. Investment grade debt securities are securities that are rated at the time of purchase in the top four ratings categories by one or more independent rating organizations such as S&P Global Ratings (S&P ) (rated BBB- or better) or Moodys Investors Service (Moodys) (rated Baa3 or higher) or, if unrated, are determined to be of comparable quality by the Funds investment manager. Corporate issuers may include corporate or other business entities in which a sovereign or governmental agency or entity may have, indirectly or directly, an interest, including a majority or greater ownership interest. Derivatives that provide exposure to investment grade corporate debt securities may be used to satisfy the Funds 80% policy. The Fund invests primarily in U.S. dollar denominated corporate debt securities issued by U.S. and foreign companies. The Fund may invest in debt securities of any maturity or duration. The Funds focus on the credit quality of its portfolio is intended to reduce credit risk and help to preserve the Funds capital. The Fund may also invest a portion of its assets in convertible securities, preferred securities (including preferred stock) and U.S. Treasury securities, and generally expects to invest a portion of its assets in cash, cash equivalents and high quality money market securities, including short-term U.S. government securities, commercial paper, repurchase agreements and affiliated or unaffiliated money market funds. The Fund may invest up to 40% of its net assets in foreign securities, including those in developing markets, and up to 15% of its net assets in non-U.S. dollar denominated securities. The Fund may enter into certain derivative transactions, principally currency forwards; interest rate and U.S. Treasury futures contracts; and swap agreements, including interest rate, fixed income total return, currency and credit default swaps (including credit default index swaps). The use of these derivative transactions may allow the Fund to obtain net long or short exposures to select currencies, interest rates, countries, durations or credit risks. These derivatives may be used to enhance Fund returns, increase liquidity, gain exposure to certain instruments or markets in a more efficient or less expensive way and/or hedge risks associated with its other portfolio investments. The Fund may invest up to 15% of its net assets in collateralized debt obligations (CDOs), including collateralized loan obligations (CLOs). In choosing investments, the Funds investment manager selects securities in various market sectors based on the investment managers assessment of changing economic, market, industry and issuer conditions. The investment manager uses a top-down analysis of macroeconomic trends, combined with a bottom-up fundamental analysis of market sectors, industries and issuers, to try to take advantage of varying sector reactions to economic events. The Funds portfolio is constructed by taking into account the investment managers desired duration and yield curve exposure, total return potential, as well as the appropriate diversification and risk profile at the issue, company and industry level. The investment manager may utilize quantitative models to evaluate investment opportunities as part of the portfolio construction process for the Fund. Quantitative models are proprietary systems that rely on mathematical computations to identify investment opportunities. The investment manager may seek to sell a security if: (i) the security has moved beyond the investment managers fair value target and there has been no meaningful positive change in the companys fundamental outlook; (ii) there has been a negative fundamental change in the issuers credit outlook that changes the investment managers view of the appropriate valuation; or (iii) the investment managers views on macroeconomic or sector trends or valuations have changed, making that particular issuer (or that issuers industry) less attractive for the Funds portfolio. In addition, the investment manager may sell a security that still meets the investment managers buy criteria if another security becomes available in the new issue or secondary market that the investment manager believes has better return potential or improves the Funds risk profile. Show less