Strategy. The Fund normally invests at least 80% of its investable assets in bonds of corporations with varying maturities. For purposes of this policy, bonds include all fixed income securities, adjustable rate securities and floating rate securities, other than preferred securities, and also include other investments (including derivatives) with similar economic characteristics, and corporations include all private issuers. The term investable assets refers to the Funds net assets plus any borrowings for investment purposes. The Funds investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. Although the Fund may invest in bonds of any maturity, under normal market conditions the Fund generally will maintain … Show more… The Fund normally invests at least 80% of its investable assets in bonds of corporations with varying maturities. For purposes of this policy, bonds include all fixed income securities, adjustable rate securities and floating rate securities, other than preferred securities, and also include other investments (including derivatives) with similar economic characteristics, and corporations include all private issuers. The term investable assets refers to the Funds net assets plus any borrowings for investment purposes. The Funds investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. Although the Fund may invest in bonds of any maturity, under normal market conditions the Fund generally will maintain an effective duration approximately equal to the duration of the Funds benchmark, the Bloomberg US Credit Index, plus or minus one year. A debt security's maturity is the date on which the security matures and the issuer is obligated to repay principal. Duration is not necessarily equal to average maturity. Duration differs from maturity in that it considers a security's yield, coupon payments, principal payments and call features in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. The Fund may invest in asset-backed securities and mortgage-related securities, dollar-denominated obligations issued in the U.S. by foreign corporations and governments, including those in emerging markets (Yankee obligations), and debt obligations issued by the U.S. Government and government-related entities. The Fund generally invests in securities that are rated investment grade at the time of purchase. Investment grade securities are considered to be those instruments that are rated BBB- or higher by S&P Global Ratings (S&P), or Baa3 or higher by Moodys Investors Service, Inc. (Moodys), or the equivalent by another nationally recognized statistical rating organization (NRSRO), or if unrated, are considered by the Funds subadviser to be of comparable quality. In the event that a security receives different ratings from different NRSROs, the Fund will treat the security as being rated in the highest rating category received from an NRSRO. The Fund invests only in securities that are denominated in U.S. dollars, although the securities may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or by a foreign government or its agencies and instrumentalities. The Fund may also invest up to 20% of its investable assets in below investment grade debt obligations (junk bonds) rated BB or lower by S&P, Ba or lower by Moodys, or the equivalent by another NRSRO. The Fund may invest in unrated debt obligations that it determines are of comparable quality to the rated debt obligations that are permissible investments. In managing the Funds assets, the subadviser uses a combination of top-down economic analysis and bottom-up research in conjunction with proprietary quantitative models and risk management systems. In the top-down economic analysis, the subadviser develops views on economic, policy and market trends. In its bottom-up research, the subadviser develops an internal rating and outlook on issuers. The rating and outlook are determined based on a thorough review of the financial health and trends of the issuer. The subadviser may also consider investment factors such as expected total return, yield, spread and potential for price appreciation as well as credit quality, maturity and risk. The Fund may invest in a security based upon the expected total return rather than the yield of such security. The Fund may use derivatives to manage its duration, as well as to manage interest rate risk, to hedge against losses, and to try to improve returns. Show less