Strategy. The fund seeks to generate high total return from both current income and capital appreciation by investing primarily in intermediate-term debt securities across 14 fixed income sectors. The fund seeks to achieve its objective by applying a time-tested approach of active sector rotation, extensive credit research and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets. Under normal circumstances, the fund invests at least 80% of its assets in fixed income debt obligations of various types of issuers, to include some or all of the following: ? Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities; ? Collateralized mortgage obligations (CMOs), real estate mortgage … Show more… The fund seeks to generate high total return from both current income and capital appreciation by investing primarily in intermediate-term debt securities across 14 fixed income sectors. The fund seeks to achieve its objective by applying a time-tested approach of active sector rotation, extensive credit research and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets. Under normal circumstances, the fund invests at least 80% of its assets in fixed income debt obligations of various types of issuers, to include some or all of the following: ? Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities; ? Collateralized mortgage obligations (CMOs), real estate mortgage investment conduits (REMICs), and other pass-through securities, including those issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities; ? Debt securities issued by foreign issuers, including foreign governments and their political subdivisions and issuers located in emerging markets; ? Investment-grade securities (primarily of U.S. issuers, secondarily of non-U.S. issuers), which are securities with credit ratings within the four highest rating categories of a nationally recognized statistical rating organization; and ? High-yield/high-risk debt instruments (so-called junk bonds), including bank loans (which are generally floating-rate). At least 80% of the funds assets will be invested in investment-grade securities, which are securities rated, at the time of investment, within the four highest rating categories of a nationally recognized statistical rating organization, or if unrated, those that the subadviser determines are of comparable quality. For purposes of the funds policies to invest at least 80% of its assets in fixed income debt obligations and in investment-grade securities, indirect exposure to fixed income debt obligations and/or investment-grade securities through investment in mutual funds and exchange-traded funds (ETFs) that invest in such assets will be considered to be investments by the fund in fixed income debt obligations and/or investment-grade securities as applicable. Mutual funds and ETFs in which the fund invests may include affiliated funds that are also managed by the funds subadviser. The fund may invest up to 20% of its total assets in securities rated below investment grade at time of purchase. The fund may continue to hold securities whose credit quality falls below investment grade. The fund may use derivative instruments to increase or hedge (decrease) investment exposure to various fixed income sectors and instruments, including, but not limited to, swaps, futures contracts and currency forwards. Show less