Strategy. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investment-grade bonds and other fixed-income securities that meet the managers sustainability criteria. The manager seeks to invest in companies meeting its sustainability criteria, including companies with strong (including above-average and/or improving) environmental, social, and governance (ESG) risk profiles. The manager seeks to maintain an effective duration within approximately six months of the portfolio duration of the securities comprising the funds benchmark index, the Bloomberg U.S. Intermediate Government/Credit Index. As of June 30, 2024, the duration of the funds benchmark index was 3.78 years. A debt security is investment grade when assigned a credit rating of BBB or higher by S&P … Show more… Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in investment-grade bonds and other fixed-income securities that meet the managers sustainability criteria. The manager seeks to invest in companies meeting its sustainability criteria, including companies with strong (including above-average and/or improving) environmental, social, and governance (ESG) risk profiles. The manager seeks to maintain an effective duration within approximately six months of the portfolio duration of the securities comprising the funds benchmark index, the Bloomberg U.S. Intermediate Government/Credit Index. As of June 30, 2024, the duration of the funds benchmark index was 3.78 years. A debt security is investment grade when assigned a credit rating of BBB or higher by S&P Global Ratings, or an equivalent rating by another nationally recognized statistical rating organization, including Moodys Investors Service or Fitch Ratings, Inc. (Fitch Ratings), or if unrated, considered to be of comparable credit quality by the funds subadvisor. The funds investment policies are based on credit ratings at the time of purchase. Based on the managers discretion, the fund may at times continue to own securities that have been downgraded to a below-investment-grade credit rating, such as when the security in question is nearing maturity. Under normal circumstances, the funds portfolio will maintain an average credit rating of investment grade. The fund invests primarily in a broad range of investment grade bonds and fixed-income securities, including, but not limited to, corporate bonds and debentures, municipal securities (both taxable and tax-exempt) issued by local government authorities, mortgage-backed and asset-backed securities, securities issued by the U.S. government or its related agencies, securities issued by foreign governments and corporations, and securities issued by supranational entities. The fund may invest in U.S. dollar-denominated securities of foreign governments and corporations. Under normal conditions, the fund does not anticipate investing more than 20% of its total assets in U.S. dollar-denominated foreign securities. The funds manager utilizes an investment process that combines fundamental credit research with analysis of ESG metrics. Environmental assessment involves issues such as carbon emissions, pollution, and renewable energy. Social assessment involves issues such as supply chain, discrimination, and human rights. Governance assessment involves issues such as executive compensation, ownership and control, and diverse and independent directors. The funds manager has an investment committee that sets duration parameters, yield curve positioning/maturity distribution, and asset allocation parameters for the fund. The manager primarily allocates fund assets among corporate bonds, municipal bonds, asset-backed securities, mortgage-backed securities, and government-related securities according to these parameters. Asset allocation decisions are paired with the managers fundamental credit research and ESG analysis to determine which securities the fund will invest in. Under normal circumstances, the manager expects to allocate a portion of the funds portfolio to each of corporate bonds, municipal bonds, asset-backed securities, mortgage-backed securities, and government-related securities. Potential corporate bond investments are evaluated using a proprietary framework that aggregates ESG metrics and data from external research providers and other third-party sources. The manager selects corporate bond investments that it considers to be best in class relative to their peers based on a set of factors specific to each sector, such as technology, energy, or financials. Corporate bond investments the manager views as best in class are those that have an above-average or improving ESG profile relative to their peers. Factors resulting in a best in class ESG profile may include low or improving pollution or emissions, exemplary health and safety records, minimal risk related to controversies, strong disclosure and transparency policies, and independent board member representation among others. The manager may also elect to purchase corporate bonds where the proceeds of those bonds are specifically earmarked to fund projects or initiatives with an environmental and/or social focus. Potential municipal bond investments are evaluated according to the managers assessment of material ESG issues relevant to a specific sector, such as school districts, public utilities, or hospitals. The manager selects municipal bond investments that it considers to be best in class relative to their peers, based on a set of factors specific to each sector and an evaluation of the issuers use of proceeds. Factors resulting in a best in class ESG profile may include environmental initiatives, income distribution and median income trends, employment sector diversity, and access to high-quality and affordable school systems, housing, and healthcare. Potential mortgage-backed securities eligibility is based on the proceeds of the bonds which are used to provide stability, affordability, and liquidity to the U.S. housing market and foster sustainable homeownership. The manager incorporates key climate risk data points that allow for a more complete assessment of the risks faced from the acceleration of mortgage prepayments, as the result of natural disasters. Examples of material metrics include, but are not limited to, GSE buyout policies related to natural disasters, examining the regional breakdown of the MBS pool and the assessment of climate risks including flooding, water stress, heat stress and hurricanes. Potential commercial mortgage-backed securities eligibility is based on the proceeds of the bonds which are used to provide stability, affordability, and liquidity to the U.S. commercial real estate market including agency programs that support multifamily housing. Potential asset-backed securities (ABS) are evaluated according to the managers assessment of material ESG issues for the ABS sectors. The assessment utilizes sector specific metrics across ESG categories, insights from third-party data providers, our analysts qualitative assessment and a sector-level risk evaluation. Examples of material metrics incorporated in the framework include energy use and waste management policies, health and safety policies and the level of Board independence for a given ABS issuer. ABS investments that the manager views as best in class are those where the issuer has an above-average ESG risk profile relative to their peers. The manager may also elect to purchase ABS bonds where the proceeds of those bonds are specifically earmarked to fund projects or initiatives with an environmental and/or social focus. The manager may elect to upgrade or downgrade its opinion of an issuers ESG risk profile, which could impact whether the manager buys or sells a bond issued by that particular entity. Show less