Strategy. The fund seeks current income with an emphasis on maintaining low volatility and overall short duration (within a range of 1-3 years) by investing primarily in higher quality, more liquid securities across 14 fixed income sectors. Duration represents the interest rate sensitivity of a fixed income fund. The fund seeks to achieve its objective by applying a time-tested approach of active sector rotation, extensive credit research and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets. Under normal circumstances, the fund invests at least 80% of its assets in fixed income debt obligations of various types of issuers, to include some or all of the following: ? Securities issued or guaranteed as to … Show more… The fund seeks current income with an emphasis on maintaining low volatility and overall short duration (within a range of 1-3 years) by investing primarily in higher quality, more liquid securities across 14 fixed income sectors. Duration represents the interest rate sensitivity of a fixed income fund. The fund seeks to achieve its objective by applying a time-tested approach of active sector rotation, extensive credit research and disciplined risk management designed to capitalize on opportunities across undervalued areas of the fixed income markets. Under normal circumstances, the fund invests at least 80% of its assets in fixed income debt obligations of various types of issuers, to include some or all of the following: ? Securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies, authorities or instrumentalities; ? Collateralized mortgage obligations (CMOs), real estate mortgage investment conduits (REMICs), and other pass-through securities, including those issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities; ? Debt securities issued by foreign issuers, including foreign governments and their political subdivisions, and issuers located in emerging markets; ? Investment-grade securities (primarily of U.S. issuers, secondarily of non-U.S. issuers), which are securities with credit ratings within the four highest rating categories of a nationally recognized statistical rating organization, including short-term securities; and ? High-yield/high-risk debt instruments (so-called junk bonds), including bank loans (which are generally floating-rate). For purposes of this policy, indirect exposure to fixed income debt obligations through investment in mutual funds and exchange-traded funds (ETFs) that invest in such assets will be considered to be investments by the fund in fixed income debt obligations. Mutual funds and ETFs in which the fund invests may include affiliated funds that are also managed by the funds subadviser. The fund may use derivative instruments to increase or hedge (decrease) investment exposure to various fixed income sectors and instruments, including, but not limited to, swaps, futures contracts and currency forwards. Show less