Strategy. The fund invests primarily in investment grade quality debt obligations from a diverse group of U.S. and non-U.S. issuers. The funds investment process uses an analytical framework, which includes an assessment of securities expected income and capital appreciation, to seek securities with high expected returns. The portfolio managers use factors such as industry sector, credit rating, duration, country, and currency to categorize fixed income securities into component groups. The portfolio managers then calculate the expected return of securities in each component group by using information embedded in current yields, as well as other valuation metrics. Finally, the portfolio managers weight securities with the goal of building a portfolio with enhanced expected return and the desired duration characteristics. Under normal market … Show more… The fund invests primarily in investment grade quality debt obligations from a diverse group of U.S. and non-U.S. issuers. The funds investment process uses an analytical framework, which includes an assessment of securities expected income and capital appreciation, to seek securities with high expected returns. The portfolio managers use factors such as industry sector, credit rating, duration, country, and currency to categorize fixed income securities into component groups. The portfolio managers then calculate the expected return of securities in each component group by using information embedded in current yields, as well as other valuation metrics. Finally, the portfolio managers weight securities with the goal of building a portfolio with enhanced expected return and the desired duration characteristics. Under normal market conditions, the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in fixed income securities. Fixed income securities in which the fund may invest as part of its principal strategy are corporate bonds and notes issued by U.S. and foreign corporations, securities issued by governments and their agencies, instrumentalities, or sponsored corporationsincluding supranational organizations. The fund may also invest in the following derivative instruments as part of its principal strategy: currency forwards, interest rate futures, and swap agreements, including credit default swaps, credit default swap indexes, and total return swaps. The funds assets will be invested primarily in debt securities of issuers located in developed countries world-wide (including the United States). In determining where a company is located, the portfolio managers will consider various factors, including where the company is headquartered, where the companys principal operations are located, where a majority of the companys revenues are derived, where the principal trading market is located and the country in which the company was legally organized. The weight given to each of these factors will vary depending on the circumstances in a given case. The fund will invest primarily in investment grade securities as rated by an independent rating agency or determined by the advisor to be of comparable credit quality if a rating is unavailable. However, the fund may also may invest a portion of its assets in high-yield securities. A high-yield security is one that has been rated below the four highest categories used by a nationally recognized statistical rating organization, or determined by the investment advisor to be of similar quality. Generally, the fund expects to maintain a weighted average duration between 3 and 5 years. The fund may engage in foreign currency transactions on a spot basis and may also use currency forward contracts to hedge exposure to foreign currencies. The fund may purchase or sell when-issued, forward-settling, delayed delivery or forward commitment obligations. The fund may also invest in U.S. Treasury, federal agencies and instrumentalities obligations. The fund may also engage in securities lending. Collateral received by the fund in connection with loaning its securities may consist of cash and U.S. government securities. Cash collateral may be invested in eligible securities, such as a government money market fund. The fund is an actively managed exchange-traded fund (ETF) that does not seek to replicate the performance of a specified index. The portfolio managers continually analyze market and financial data to make buy, sell, and hold decisions. When deciding whether to buy or sell a security, and how and when to implement a trade, the portfolio managers may consider the expected implementation costs and tax consequences of the trade in an attempt to gain trading efficiencies, avoid unnecessary risk, minimize tax impact, and/or enhance fund performance. Show less