Strategy. Under normal market conditions, the fund invests primarily in the following types of securities: foreign government and corporate debt securities from developed and emerging markets, U.S. government and agency securities, and high-yield bonds. The fund may also invest in preferred stock and other types of debt securities. Although the fund may invest up to 10% of its net assets in securities rated as low as D (in default) by S&P Global Ratings (S&P) or Moodys Investors Service, Inc. (Moodys) (or their unrated equivalents) (i.e., junk bonds), it seeks to keep its average credit quality in the investment-grade range (AAA to BBB). There is no limit on the funds average maturity. The funds investment policies are based on credit ratings at … Show more… Under normal market conditions, the fund invests primarily in the following types of securities: foreign government and corporate debt securities from developed and emerging markets, U.S. government and agency securities, and high-yield bonds. The fund may also invest in preferred stock and other types of debt securities. Although the fund may invest up to 10% of its net assets in securities rated as low as D (in default) by S&P Global Ratings (S&P) or Moodys Investors Service, Inc. (Moodys) (or their unrated equivalents) (i.e., junk bonds), it seeks to keep its average credit quality in the investment-grade range (AAA to BBB). There is no limit on the funds average maturity. The funds investment policies are based on credit ratings at the time of purchase. In managing the fund, the subadvisor allocates assets among the three major types of securities (U.S. government debt and mortgages; corporate debt primarily high yield; and foreign debt both government and corporate, including emerging markets) based on analysis of economic factors, such as projected international interest rate movements, industry cycles and political trends. However, the subadvisor may invest up to 100% of the funds total assets in any one sector. Within each type of security, the subadvisor looks for investments that are appropriate for the overall fund in terms of yield, credit quality, structure and industry distribution. In selecting securities, relative yields and risk/reward ratios are the primary considerations. The fund may use certain higher-risk investments, including restricted or illiquid securities and derivatives, which include futures contracts on securities, indices and foreign currency; options on futures contracts, securities, indices and foreign currency; interest rate, foreign currency and credit default swaps; and foreign currency forward contracts, in each case, for the purposes of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. In addition, the fund may invest up to 10% of its net assets in domestic or foreign common stocks. Use of Hedging and Other Strategic Transactions . The fund is authorized to use all of the various investment strategies referred to under Additional Information About the Funds Principal Risks Hedging, derivatives and other strategic transactions risk including, but not limited to, U.S. Treasury futures and options, index derivatives, credit default swaps and currency forwards and options. The manager considers environmental, social, and/or governance (ESG) factors, alongside other relevant factors, as part of its investment process. ESG factors may include, but are not limited to, matters regarding board diversity, climate change policies, and supply chain and human rights policies. The ESG characteristics utilized in the funds investment process may change over time and one or more characteristics may not be relevant with respect to all issuers that are eligible fund investments. Because ESG factors are considered alongside other relevant factors, the manager may determine that an investment is appropriate notwithstanding its relative ESG characteristics. Show less