Strategy. The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in investment grade fixed income securities. Investment grade securities are securities that are rated at the time of purchase at least BBB by S&P Global Ratings (Standard & Poors), at least Baa3 by Moodys Investors Service, Inc. (Moodys), or have a comparable credit rating by another nationally recognized statistical rating organization (NRSRO) or, if unrated, are determined by the Investment Adviser to be of comparable credit quality. The Fund may invest in corporate securities, securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (U.S. Government Securities), securities representing … Show more… The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (Net Assets) in investment grade fixed income securities. Investment grade securities are securities that are rated at the time of purchase at least BBB by S&P Global Ratings (Standard & Poors), at least Baa3 by Moodys Investors Service, Inc. (Moodys), or have a comparable credit rating by another nationally recognized statistical rating organization (NRSRO) or, if unrated, are determined by the Investment Adviser to be of comparable credit quality. The Fund may invest in corporate securities, securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises (U.S. Government Securities), securities representing direct or indirect interests in or that are collateralized by adjustable rate and fixed rate mortgage-backed securities or other mortgage-related securities (Mortgage-Backed Securities), asset-backed securities, and fixed income securities issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and the political subdivisions, agencies and instrumentalities thereof (Municipal Securities). The Fund also intends to invest in derivatives, including (but not limited to) interest rate futures, interest rate swaps and credit default swaps, which are used primarily to hedge the Funds portfolio risks, manage the Funds duration and/or gain exposure to certain fixed income securities or indices. Although the Fund may invest without limit in foreign securities, the Funds investments in non-U.S. dollar denominated obligations (hedged or unhedged against currency risk) will not exceed 25% of its total assets at the time of investment, and 10% of the Funds total assets may be invested in obligations of emerging countries. Additionally, exposure to non-U.S. currencies (unhedged against currency risk) will not exceed 25% of the Funds total assets. The Fund may also seek to obtain exposure to fixed income investments through investments in affiliated or unaffiliated investment companies, including exchange-traded funds (ETFs). The Funds target duration range under normal interest rate conditions is expected to approximate that of the Bloomberg U.S. Credit Index, plus or minus one year, and over the last five years ended June 30, 2025, the duration of this Index has ranged between 6.35 and 8.54 years. Duration is a measure of a debt securitys price sensitivity to changes in interest rates. The longer the duration of the Fund (or an individual debt security), the more sensitive its market price to changes in interest rates. For example, if market interest rates increase by 1%, the market price of a debt security with a positive duration of 3 years will generally decrease by approximately 3%. Conversely, a 1% decline in market interest rates will generally result in an increase of approximately 3% of that securitys market price. The Funds portfolio management team seeks to build a portfolio that reflects their investment views across the investment grade credit market consistent with the Funds overall risk budget and the views of the Investment Advisers Global Fixed Income top-down teams. As part of the Investment Advisers fundamental investment process, the Investment Adviser may integrate environmental, social and governance (ESG) factors alongside traditional fundamental factors. No one factor or consideration is determinative in the fundamental investment process. The Investment Adviser measures the Funds performance against the Bloomberg U.S. Credit Index. Show less