Strategy. The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in debt securities of all types and repurchase agreements for those securities. The Fund may invest up to 20% of its assets in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). FIAM LLC, the Funds sub-adviser (Sub-Adviser), uses the Bloomberg U.S. Aggregate Index (the Index) as a guide in allocating the Funds assets across the investment-grade, high yield, and emerging market asset classes. The Sub-Adviser manages the Fund to have similar overall interest rate risk to the Index. The Sub-Adviser may invest the Funds … Show more… The Fund invests, under normal circumstances, at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in debt securities of all types and repurchase agreements for those securities. The Fund may invest up to 20% of its assets in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). FIAM LLC, the Funds sub-adviser (Sub-Adviser), uses the Bloomberg U.S. Aggregate Index (the Index) as a guide in allocating the Funds assets across the investment-grade, high yield, and emerging market asset classes. The Sub-Adviser manages the Fund to have similar overall interest rate risk to the Index. The Sub-Adviser may invest the Funds assets in securities of foreign issuers in addition to securities of domestic issuers. The Sub-Adviser allocates the Funds assets among different asset classes, different market sectors (for example, corporate, asset-backed, or government securities), and different maturities based on the Sub-Advisers view of the relative value of each sector or maturity. The Sub-Adviser analyzes the credit quality of the issuer, the issuers potential for success, the credit, currency, and economic risks of the security and its issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments. The Sub-Adviser may engage in transactions that have a leveraging effect on the Fund, including investments in derivatives, regardless of whether the Fund may own the asset, instrument, currency, or components of the index underlying the derivative, and forward-settling securities. The Sub-Adviser may invest a significant portion of the Funds assets in these types of investments. The Funds derivative investments may include interest rate swaps, total return swaps, credit default swaps, options (including options on futures and swaps), forwards, and futures contracts (both long and short positions) on securities, other instruments, indexes, or currencies. Depending on the Sub-Advisers outlook and market conditions, the Sub-Adviser may engage in these transactions to increase or decrease the Funds exposure to changing security prices, interest rates, credit qualities, foreign exchange rates, or other factors that affect security values, or to gain or reduce exposure to an asset, instrument, currency, or index. In addition to the principal investment strategies discussed above, the Sub-Adviser may invest in collateralized loan obligations. Show less