Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities and investments that provide exposure to fixed income securities. The fixed income securities in which the Fund invests may include securities of the ? U.S. government, its agencies and instrumentalities, including U.S. government-sponsored enterprises (some of which are not backed by the full faith and credit of the U.S. government), corporate bonds, municipal securities, including but not limited to private activity bonds, debentures, bank loans and senior loans, preferred stocks, and convertible securities. The Fund may invest significantly in U.S. Treasury obligations and asset-backed, mortgage-backed and mortgage-related securities (including collateralized mortgage obligations (CMOs), commercial … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed income securities and investments that provide exposure to fixed income securities. The fixed income securities in which the Fund invests may include securities of the ? U.S. government, its agencies and instrumentalities, including U.S. government-sponsored enterprises (some of which are not backed by the full faith and credit of the U.S. government), corporate bonds, municipal securities, including but not limited to private activity bonds, debentures, bank loans and senior loans, preferred stocks, and convertible securities. The Fund may invest significantly in U.S. Treasury obligations and asset-backed, mortgage-backed and mortgage-related securities (including collateralized mortgage obligations (CMOs), commercial mortgage-backed securities (CMBSs), and mortgage pass-through securities). The Fund may invest in securities with call features. Under normal circumstances, the Fund seeks to invest primarily in a diversified mix of ?U.S. and U.S. dollar denominated foreign investment grade fixed income securities. The Fund considers investment grade fixed income securities to be debt securities that are rated BBB- or better by S&P Global Ratings (S&P Global) or Fitch Ratings Inc. (Fitch), Baa3 or better by Moodys Investors Service, Inc. (Moodys) or, if not rated, are of equivalent investment quality as determined by the sub-advisor. To a lesser extent, the Fund may invest in high-yield securities (commonly referred to as junk bonds). The Fund may also invest in unrated securities. The Funds investments may include fixed income instruments of any maturity or duration. The sub-advisor follows a fixed income investment strategy that combines top-down and bottom-up processes while utilizing a relative value approach to security selection, which takes into account the expected economic and market environments. The sub-advisor uses a team approach to determine sector allocations as well as interest rate and yield curve positioning. The team then conducts thorough research to select securities for the Fund that the sub-advisor deems to have the best relative value. The Fund is managed to have a similar overall interest rate risk to the ? Bloomberg US Aggregate Bond Index. The Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. To reduce market exposure or in anticipation of liquidity needs, the Fund may invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to which the Manager receives a management fee. Show less