Strategy. Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities. The Fund will primarily invest in fixed income securities that are rated investment grade or better (i.e., rated in one of the four highest rating categories by a Nationally Recognized Statistical Rating Organization (NRSRO) or determined to be of comparable quality by the Funds sub-advisor if the security is unrated). The fixed income securities in which the Fund invests may have maturities of any length. The Fund is designed to allow the sub-advisor to invest in the core sectors of the U.S. domestic fixed income market (as defined by the Funds benchmark index) while seeking to maintain the Funds duration within a relatively … Show more… Under normal circumstances, the Fund will invest at least 80% of its assets in fixed income securities. The Fund will primarily invest in fixed income securities that are rated investment grade or better (i.e., rated in one of the four highest rating categories by a Nationally Recognized Statistical Rating Organization (NRSRO) or determined to be of comparable quality by the Funds sub-advisor if the security is unrated). The fixed income securities in which the Fund invests may have maturities of any length. The Fund is designed to allow the sub-advisor to invest in the core sectors of the U.S. domestic fixed income market (as defined by the Funds benchmark index) while seeking to maintain the Funds duration within a relatively close range to the duration of the Funds benchmark index. Duration is a measure of the sensitivity of the price of a debt security (or a portfolio of debt securities) to changes in interest rates. The prices of debt securities with shorter durations generally will be less affected by changes in interest rates than the prices of debt securities with longer durations. The sub-advisor combines top-down views with bottom-up driven research to manage the Funds assets. Top-down views set by the portfolio management team determine risk targets, sector allocation, duration and yield curve positioning. Sector teams are responsible for credit research and building bottom-up driven sector portfolios that meet the targets set by the portfolio management team. While the Fund will primarily invest in fixed income securities that are rated investment grade, the Fund may, at times, hold debt securities that are rated below investment grade as a result of downgrades in the rating of the securities subsequent to their purchase by the Fund. The Fund may buy and sell certain types of exchange-traded and over-the-counter derivative instruments for duration and risk management purposes and otherwise in pursuit of the Funds investment objective. The types of derivatives in which the Fund may invest include, but are not limited to, futures contracts, swaps agreements and options. The Fund lends its portfolio securities to seek to generate additional income. Show less