Strategy. Under normal circumstances, this Fund invests at least 80% of its assets in debt securities (including derivatives on such securities). Normally the Fund will focus on high quality, investment grade securities. Generally, the sub-adviser expects to track the duration of the Bloomberg US 1-3 Year Government/Credit Bond Index (plus or minus a half-year), although the securities held may have short, intermediate, and long terms to maturity (the period of time until final payment is due). As of December 31, 2024, the duration of the Bloomberg US 1-3 Year Government/?Credit Bond Index was 1.77 years, and the duration of the Fund was 1.89 years. Duration is often used to measure a bonds sensitivity to interest rates. The longer a funds duration, … Show more… Under normal circumstances, this Fund invests at least 80% of its assets in debt securities (including derivatives on such securities). Normally the Fund will focus on high quality, investment grade securities. Generally, the sub-adviser expects to track the duration of the Bloomberg US 1-3 Year Government/Credit Bond Index (plus or minus a half-year), although the securities held may have short, intermediate, and long terms to maturity (the period of time until final payment is due). As of December 31, 2024, the duration of the Bloomberg US 1-3 Year Government/?Credit Bond Index was 1.77 years, and the duration of the Fund was 1.89 years. Duration is often used to measure a bonds sensitivity to interest rates. The longer a funds duration, the more sensitive it is to interest rate risk . The shorter a funds duration, the less sensitive it is to interest rate risk . In addition to making active sector allocation and security selection decisions, the sub-adviser also monitors Fund duration as part of its management of this Fund. The Funds average effective maturity will normally not exceed 3 years. The sub-adviser intends to invest principally in U.S. government and agency securities, mortgage-related securities, asset-backed securities, corporate debt securities and derivatives thereof, money market instruments, and repurchase agreements collateralized by U.S. government securities. The Fund may invest up to 25% of its assets in foreign debt denominated in U.S. dollars. Within this broad structure, investment decisions reflect the sub-advisers outlook for interest rates and the economy as well as the prices, yields, and credit quality of the various securities. The sub-adviser uses futures contracts and swaps ( i.e., derivatives). Futures contracts are purchased and sold to adjust interest rate exposure (duration) and/or as a substitute for the physical security. Foreign currency futures contracts are sold to hedge against currency fluctuations. Credit default swaps are used to protect the value of certain portfolio holdings or to manage the Funds overall exposure to changes in credit quality. The sub-adviser may sell holdings for a variety of reasons, such as to adjust the Funds average maturity, duration, or credit quality or to shift assets into and out of higher yielding or lower yielding securities or different sectors. The Fund may lend its portfolio holdings to certain financial institutions. Show less