Strategy. Under normal circumstances, the fund invests at least 80% of its net assets in a diversified portfolio of domestic, investment grade, debt securities. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) Debt securities may be issued by governments, companies or special purpose entities and may include notes, discount notes, bonds, debentures, commercial paper, repurchase agreements, mortgage-backed and other asset-backed securities and assignments, participations and other interests in bank loans. ?Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. The fund may also invest in cash and cash equivalents. The funds investment policies are … Show more… Under normal circumstances, the fund invests at least 80% of its net assets in a diversified portfolio of domestic, investment grade, debt securities. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) Debt securities may be issued by governments, companies or special purpose entities and may include notes, discount notes, bonds, debentures, commercial paper, repurchase agreements, mortgage-backed and other asset-backed securities and assignments, participations and other interests in bank loans. ?Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. The fund may also invest in cash and cash equivalents. The funds investment policies are based on credit ratings at the time of purchase. Investment grade securities include securities that are rated in one of the four highest rating categories as determined by a nationally recognized statistical rating organization, such as S&P Global Ratings (S&P), Fitch Ratings (Fitch) or Moodys Investors Service (Moodys), or are unrated securities determined by the subadvisor to be of comparable quality. The fund may invest up to 20% of its net assets in securities that are rated BBB by S&P or Fitch, Baa by Moodys, or unrated securities determined by the subadvisor to be of comparable quality. The fund may invest up to 20% of its net assets in foreign debt securities, including up to 5% of its net assets in foreign debt securities that are denominated in a foreign currency. Under normal circumstances, the funds dollar weighted average maturity will be two years or less and its duration will be one year or less. Up to 15% of the funds net assets may be invested in securities with maturities greater than three years. Use of Hedging and Other Strategic Transactions . The fund is authorized to use various hedging, derivatives and other strategic transactions described under Additional Information about the Funds Principal Risks Hedging, derivatives and other strategic transactions risk. The fund may invest in derivatives, including futures, currency forwards, options, swap contracts and other derivative instruments. The fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset. Show less