Fund Description

The fund seeks to achieve its objective by investing in a diversified portfolio of fixed income securities. Under normal circumstances, it invests at least 80% of net assets, plus borrowings for investment purposes, in bonds, generally investment grade at purchase, and may hold downgraded issues. It may buy unrated bonds deemed comparable in quality and, where ratings differ, uses the higher rating. While the fund may purchase debt securities of any duration, it primarily invests so that the overall duration of the portfolio will remain within +/-20% of the duration of its benchmark, the Bloomberg U.S. Aggregate Bond Index. Holdings may include debt of U.S. companies, U.S. government and agencies, taxable municipals, and asset- and mortgage-backed securities. The subadviser combines fundamental credit research with ESG analysis using proprietary scoring informed by third-party research and SASB standards; ESG analysis applies to corporates and taxable municipals, not U.S. Treasuries or agency MBS.