Fund Description

The fund, under normal circumstances, invests at least 80% of its net assets in debt instruments such as corporate bonds, mortgage-related and asset-backed securities, U.S. government and agency debt, and U.S. dollar-denominated debt of developed foreign governments and corporations; ETFs providing such exposure are treated as such investments. It primarily invests in investment grade debt, may invest up to 65% in corporate bonds and up to 30% in developed foreign U.S. dollar debt, and may lend securities. It expects a weighted average duration within two years of the Bloomberg US Aggregate Bond Index. The sub-adviser uses fundamental research combining bottom-up issuer analysis and top-down market assessment, and may invest a significant percentage of its assets in issuers in a single sector.