Strategy. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of short- to medium-term investment grade U.S. Treasury, corporate debt, mortgage-backed and asset-backed securities. These securities may be rated investment grade by at least one nationally recognized statistical rating organization or may be unrated securities that the subadviser believes are of comparable quality. The funds investment in non-U.S. issuers may at times be significant. There are no limits on the funds average-weighted maturity or on the remaining maturities of individual securities in which the fund may invest. The subadviser anticipates that the funds modified-adjusted duration will mirror that of the Bloomberg 1-3 Year Government/Credit Index, plus or … Show more… Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of short- to medium-term investment grade U.S. Treasury, corporate debt, mortgage-backed and asset-backed securities. These securities may be rated investment grade by at least one nationally recognized statistical rating organization or may be unrated securities that the subadviser believes are of comparable quality. The funds investment in non-U.S. issuers may at times be significant. There are no limits on the funds average-weighted maturity or on the remaining maturities of individual securities in which the fund may invest. The subadviser anticipates that the funds modified-adjusted duration will mirror that of the Bloomberg 1-3 Year Government/Credit Index, plus or minus 20%. For example, if the duration of the Bloomberg 1-3 Year Government/Credit Index is 1.5 years, the funds duration may be 1.2 to 1.8 years. As of December 31, 2021, the duration of the Bloomberg 1-3 Year U.S. Government/Credit Index was 1.92 years. Duration measures a bond or funds sensitivity to interest rate or other changes (such as changes in a bonds yield) and is expressed as a number of years. The higher the number, the greater the risk. Under normal circumstances, for example, if a portfolio has a duration of 5 years, its value will change by 5% if yields change by 1%. Shorter duration bonds generally result in lower expected volatility. The subadviser may retain securities if the rating of the security falls below investment grade and the subadviser deems retention of the security to be in the best interests of the fund. The fund may invest a portion of its assets in securities that are restricted as to resale. As a result of its investment strategies, the funds portfolio turnover rate may be 100% or more. In selecting securities for purchase and sale, the subadviser attempts to identify securities that are expected to offer a comparably better investment return for a given level of risk. For example, short-term bonds generally have better returns than money market instruments with a fairly modest increase in risk and/or volatility. The subadviser manages the fund from a total return perspective. That is, the subadviser makes day-to-day investment decisions for the fund with a view towards maximizing returns. The subadviser analyzes, among other things, yields, market sectors and credit risk in an effort to identify attractive investments with attractive risk/reward trade-offs. In addition, to implement its investment strategy, the fund may buy or sell derivative instruments (such as swaps, including credit default swaps, futures and options) to use as a substitute for a purchase or sale of a position in the underlying assets and/or as part of a strategy designed to reduce exposure to other risks, such as interest rate risk. Show less