Strategy. The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The fixed income investments give exposure to a wide range of maturities and can include investment grade corporate debt, high yield securities (higher risk, lower rated fixed income securities rated below BBB- by S&P or below Baa3 by Moodys, also known as junk bonds), convertible bonds (including contingent convertible bonds), floating-rate debt, collateralized debt, municipal debt, non-U.S. debt (including in emerging markets), commercial paper, loans and loan participations. The Fund may also gain exposure to up to 10% of equity securities, including through depositary receipts, issued by companies of any size. The Fund expects … Show more… The Fund invests, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in fixed income securities. The fixed income investments give exposure to a wide range of maturities and can include investment grade corporate debt, high yield securities (higher risk, lower rated fixed income securities rated below BBB- by S&P or below Baa3 by Moodys, also known as junk bonds), convertible bonds (including contingent convertible bonds), floating-rate debt, collateralized debt, municipal debt, non-U.S. debt (including in emerging markets), commercial paper, loans and loan participations. The Fund may also gain exposure to up to 10% of equity securities, including through depositary receipts, issued by companies of any size. The Fund expects to invest in preferred stock, which it considers similar to fixed income securities (including for purposes of the 80% test above). The Fund intends to invest in non-U.S. debt (including in emerging markets). The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (ETFs) and closed-end funds. The portfolio managers seek to build a portfolio that reflects their investment views across the fixed income markets that is consistent with the Funds objective of preserving capital and delivering returns through a combination of income and modest capital appreciation. The portfolio managers seek to identify resilient income streams by evaluating credit investments on factors such as: (1) a businesss durability and capacity to avoid permanent impairment of capital; (2) a companys financial position, particularly its cash flow, stability of revenues and cost structure; and (3) an investments corporate and legal structure. The Fund typically invests across a wide range of maturities. As market conditions change, the volatility and attractiveness of sectors, securities, and strategies can change as well. To optimize the Funds risk/return, the portfolio managers may dynamically adjust the mix of different asset class exposures. The Fund retains the flexibility to enter into derivatives transactions and various other hedging assets that the portfolio managers believe will reduce the overall volatility of the Fund, protecting capital, in certain market environments. The Fund may also use hedging and derivative instruments to reduce certain risk exposures present in the Funds holdings. The Fund may also engage in short sales or take short positions for hedging or other investment purposes. The Fund is permitted to invest in contingent securities structured as contingent convertible securities also known as CoCos. A contingent convertible security is a hybrid debt security either convertible into equity at a predetermined share price or written down in value based on the specific terms of the individual security if a pre-specified trigger event occurs (the Trigger Event), such as a decline in the issuers capital below a specified threshold or increase in the issuers risk-weighted assets. When the portfolio managers believe that asset prices are attractive (for example, during widespread market selloffs), the portfolio managers may use leverage in an amount up to 15% of the Funds total assets in order to increase market exposure and pursue additional investments in such assets. Additionally, as part of the research process, the portfolio managers consider financially material environmental, social and governance (ESG) factors, including potential impacts on the long-term risk and return profile of a company. Such factors, alongside other relevant factors, may be taken into account in the Funds securities selection process. Show less