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 derivatives that provide exposure to fixed-income securities. The Funds investments may be of any maturity or duration, although, under normal market conditions, the Funds dollar-weighted average maturity is expected to be under three years. The Funds dollar-weighted average maturity may, at times, exceed three years under certain circumstances, including, for example, in response to adverse market conditions or shareholder redemption requests. The Funds fixed-income investments may include obligations issued or guaranteed by the ?U.S. government (such as U.S. Treasuries, among other instruments) and non-U.S. governments (also known as sovereign debt) and obligations issued by … 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 derivatives that provide exposure to fixed-income securities. The Funds investments may be of any maturity or duration, although, under normal market conditions, the Funds dollar-weighted average maturity is expected to be under three years. The Funds dollar-weighted average maturity may, at times, exceed three years under certain circumstances, including, for example, in response to adverse market conditions or shareholder redemption requests. The Funds fixed-income investments may include obligations issued or guaranteed by the ?U.S. government (such as U.S. Treasuries, among other instruments) and non-U.S. governments (also known as sovereign debt) and obligations issued by their agencies, instrumentalities or political subdivisions. The Funds investments may also include obligations issued by quasi-sovereign and supranational entities, corporate debt obligations, debentures, trust preferred securities, convertible preferred securities, convertible and non-convertible debt, contingent convertible bonds (CoCos), collateralized loan obligations (CLOs), mortgage-backed and other asset-backed securities, collateralized mortgage obligations (CMOs) and other mortgage-related products (including commercial and residential loans and mortgage pass-through securities). The Fund may invest in other investment companies, including exchange-traded funds (ETFs) and government money market funds, which may include government money market funds managed by the Manager, with respect to which the Manager also receives a management fee. The Funds investments may include fixed-rate, variable and floating-rate, inflation-indexed, separately traded registered interest and principal securities (STRIPS) and zero-coupon securities. The Funds holdings may include restricted securities, such as Rule 144A securities, and the Fund may have significant exposure to the ? Financials sector and to issuers located in, or with economic ties to, Europe and the United Kingdom. However, as the sector and geographic composition of the Funds portfolio changes over time, the Funds exposure to the Financials sector, Europe and/or the United Kingdom may decline, and the Funds exposure to other market sectors or geographic areas may increase. To a lesser extent, the Fund may also invest in equity securities, primarily including preferred stock of U.S. and non-U.S. companies. The Fund will invest primarily in investment-grade instruments, although up to one-third of its total assets may be invested in non-investment grade securities (also referred to as high-yield or junk bonds). The Fund may also invest in unrated securities. The Funds holdings may be denominated in ?U.S. and non-U.S. currencies, and all non-U.S. currency exposure will typically be hedged back to the U.S. dollar using foreign currency forward contracts. The Fund may also have direct exposure to non-U.S. currencies for investment or hedging purposes. The Fund may use derivative instruments primarily to hedge its exposure to investments denominated in foreign (non-U.S.) currencies; however, it may also use derivatives selectively to reduce or adjust its exposure to credit spreads, interest rates, to enhance total return or to substitute for the purchase or sale of the underlying securities or currencies. The Fund will generally invest in forward contracts (including deliverable and non-deliverable currency forwards). To a lesser extent, the Fund may also invest in futures (including bond index futures, interest rate futures and government bond futures such as U.S. treasury futures), swaps (including credit default, total return, interest rate and currency swaps), options (including puts, calls and non-deliverable options (NDOs)), warrants and structured notes. The Funds use of derivatives may be extensive. Derivative positions may also require the Fund to segregate liquid assets to cover its obligations. In selecting investments, the Funds sub-advisor develops a top-down macroeconomic view of the global economic environment as indicated by factors such as interest rates, equity markets, corporate profitability, international capital flows, government policy and other relevant inputs. The sub-advisor then performs bottom-up analysis on individual issuers that focuses on the issuers ?creditworthiness and considers historical trends and patterns in an instruments price and relative valuation. The Funds portfolio investments will be screened in accordance with the sub-advisors view of appropriate Environmental, Social and/or Governance (ESG) parameters as measured by the sub-advisors proprietary ESG scoring model. The sub-advisors ESG parameters include: (1) environmental parameters, such as emissions creation, resource use and use of renewable energy; (2) social parameters, such as workforce turnover and diversity, human rights, including child labor policies, community service and responsible products; and (3) governance parameters, such as management and board composition and independence, shareholder engagement and corporate social responsibility policies. The sub-advisor applies its proprietary scoring model, which synthesizes data received from a third-party data provider and the sub-advisors independent assessment of a companys ESG capabilities, to calculate an issuers score. If issuers have a score below a minimum threshold they will generally not be considered for investment. The sub-advisor also integrates the ?ESG considerations throughout the portfolio management process because they believe that those considerations may influence investment valuations, which drive the sub-advisors investment decisions. The sub-advisor examines the risk and return characteristics of each investment, which includes an investments ?ESG outlook, and seeks to identify opportunities to establish long positions in income-generating instruments that, at times, may have the potential for price appreciation. The sub-advisor also seeks to reduce or hedge positions in instruments that may decline in value, experience unwanted volatility, exhibit declining ESG trends, or when better investment opportunities are identified. The sub-advisor receives ?ESG data from a third-party data provider which the sub-advisor utilizes in its assessment of an issuer and for comparison purposes when it is available; however, the sub-advisor places significant emphasis on ensuring that its own experiences with and views of the issuer are reflected in its final ESG assessment, and the sub-advisors assessment may differ materially from that of the third-party data provider. Additionally, many issuers held by the Fund, such as those in the securitized sectors and those without publicly traded equity, may not be covered by the third-party data provider. For such issuers, the sub-advisors ESG assessment is based exclusively on its own analysis. As a result, the Funds holdings may not be comparable to those of other funds with ESG investment mandates. Show less