Strategy. The Fund is designed to protect the total return generated by its core fixed income holdings, as further described below, from inflation risk. As used in the Funds objective, total return includes income and capital appreciation. The Fund seeks to hedge the risk of inflation by using swaps that are based on the Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U) in combination with its core portfolio of bonds and other debt securities. The CPI-U measures the changes in the cost of living, made up of components such as housing, food, transportation and energy. There can be no assurance that the CPI-U will accurately measure the real rate of inflation in the prices of goods and services. This … Show more… The Fund is designed to protect the total return generated by its core fixed income holdings, as further described below, from inflation risk. As used in the Funds objective, total return includes income and capital appreciation. The Fund seeks to hedge the risk of inflation by using swaps that are based on the Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U) in combination with its core portfolio of bonds and other debt securities. The CPI-U measures the changes in the cost of living, made up of components such as housing, food, transportation and energy. There can be no assurance that the CPI-U will accurately measure the real rate of inflation in the prices of goods and services. This strategy is intended to create the equivalent of a portfolio of inflation-protected bonds. The Fund also may purchase other investments, including actual inflation-protected securities, such as Treasury Inflation Protected Securities (TIPS). Inflation Managed in the Funds name does not refer to a type of security in which the Fund invests, but rather describes the Funds overall strategy of creating a portfolio to maximize inflation protected total return. The fixed income securities in which the Fund invests include U.S. and foreign corporate bonds, U.S. government securities, bonds issued by foreign governments, corporate loans, asset-backed securities and mortgage-backed securities. Mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities (interest-only or principal-only), commercial mortgage-backed securities, and mortgage pass-through securities. The Fund also may invest in TIPS, which are inflation-adjusted securities issued by the U.S. Treasury, as well as in other inflation-linked securities issued by entities such as domestic and foreign corporations and governments. The Fund may invest up to 10% of its total assets in securities that, at the time of purchase, are rated below investment grade (i.e., junk bonds). The Fund may invest in securities issued by foreign issuers, including those that are located in emerging market countries. All securities in which the Fund invests are denominated in U.S. dollars. The Fund uses derivatives, such as swaps and futures. The Fund uses CPI-U swaps for inflation hedging purposes. In addition to CPI-U swaps, the Fund has the flexibility to use swaps (including credit default swaps) and futures for hedging purposes, to increase income and gain to the Fund, and as part of its risk management process by establishing or adjusting exposure to particular securities or markets and/or to manage cash flows. The Fund may use swaps structured as credit default swaps to gain or hedge exposure to investment grade or high-yield securities or indexes of investment grade or high-yield securities. The subadviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the subadviser looks for individual fixed income investments that it believes will perform well over market cycles. The subadviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions and the structure of the transactions. Show less