Strategy. The Fund seeks to track the total return of the securities composing the Bloomberg U.S. Aggregate Bond Index (the Index), taking into consideration redemptions, sales of additional shares, and other adjustments described below. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments with economic characteristics similar to the fixed-income securities represented in the Index. The Index is an unmanaged index of 13,630 U.S. Treasury, government-related and investment grade corporate and securitized fixed-income securities with a total market value of $28.2 trillion as of December 31, 2024. The Index is primarily composed of: Obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities; and Corporate … Show more… The Fund seeks to track the total return of the securities composing the Bloomberg U.S. Aggregate Bond Index (the Index), taking into consideration redemptions, sales of additional shares, and other adjustments described below. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in investments with economic characteristics similar to the fixed-income securities represented in the Index. The Index is an unmanaged index of 13,630 U.S. Treasury, government-related and investment grade corporate and securitized fixed-income securities with a total market value of $28.2 trillion as of December 31, 2024. The Index is primarily composed of: Obligations issued or guaranteed by the U.S. Government or its agencies or instrumentalities; and Corporate securities, mortgage-backed pass-through securities (MBS), asset-backed securities (ABS) and commercial mortgage-backed securities (agency and non-agency) (CMBS) publicly offered for sale in the United States. Securities eligible for inclusion in the Index may be registered with the U.S. Securities and Exchange Commission or exempt from registration at the time of issuance and Rule 144A securities with registration rights. Securities included in the Index must be rated investment grade (BBB- or higher from S&P Global Ratings (S&P) or by Fitch Ratings, or Baa3 or higher from Moodys Investors Service, Inc. (Moodys)). Unrated securities may be included in the Index if an issuer rating is available or if there is an expected rating at issuance. As of December 31, 2024, the weighted average maturity of the securities in the Index was 8.35 years, the weighted average coupon was 3.42% and the weighted average modified duration was 6.08 years. The Index includes all index-eligible securities that meet minimum par amounts outstanding. The Index is rebalanced monthly. Although the Fund is not rebalanced monthly like the Index, adjustments are made to accommodate high-level changes with respect to the composition and characteristics of the Index. The Fund is not sponsored, endorsed, sold or promoted by Bloomberg LP. The Fund will invest primarily in fixed-income securities that compose the Index. While not required, the Fund will generally sell securities that the Index provider removes from the Index. The Fund may also invest in exchange-traded funds (ETFs) that provide exposure to the Index. Derivatives such as options and futures, and options on such futures that provide exposure to securities in the Index may be held by the Fund incidental to its main investment strategy in order to manage cash balances, to maintain liquidity to meet shareholder redemptions, or minimize trading costs. The Fund may also lend its securities. The Fund uses a representative sampling method in seeking to track the total return of the securities in the Index. The Fund generally purchases securities that are components of the Index, except that the Fund will not purchase bonds that are rated below investment grade at the time of purchase. If a bond held in the Fund is downgraded to a rating below investment grade (so-called junk bonds), the Fund may continue to hold the security until such time as the Sub-Adviser deems it most advantageous to dispose of the security. The Fund intends to concentrate its investments only to the extent that the Index does. Show less