Fund Description

The fund invests at least 80% of its assets in bonds, including mortgage-related and asset-backed securities, U.S. and foreign government securities, and corporate debt, and may trade frequently. The sub-adviser, Fort Washington Investment Advisors, Inc., uses a disciplined sector allocation process to build a diversified portfolio aimed at maximizing total return while reducing volatility. It primarily holds investment-grade debt, but may invest up to 30% in non-investment-grade securities rated as low as B. The fund may invest up to 20% in foreign-issued debt, including emerging markets, and may use CLOs, mortgage dollar-rolls, reverse repos, and derivatives for exposure, hedging, duration and interest-rate management.