Strategy. The Low Duration Fund invests primarily in investment grade bonds and maintains an average portfolio duration that is between 0 and 3 years. With respect to the Low Duration Funds investment objective, the Low Duration Funds benchmark is the ICE BofA 1-3 Year US Corporate & Government Index. The Low Duration Fund normally invests at least 80% of its assets in debt securities. For the purposes of this strategy, such debt securities include the following: obligations issued or guaranteed by the U.S. Government or a foreign government or their agencies, instrumentalities or political subdivisions; mortgage-backed securities, including agency mortgage pass-through securities and commercial mortgage-backed securities; mortgage to-be-announced (TBA) securities; debt obligations of U.S. or foreign issuers; municipal securities; and asset-backed … Show more… The Low Duration Fund invests primarily in investment grade bonds and maintains an average portfolio duration that is between 0 and 3 years. With respect to the Low Duration Funds investment objective, the Low Duration Funds benchmark is the ICE BofA 1-3 Year US Corporate & Government Index. The Low Duration Fund normally invests at least 80% of its assets in debt securities. For the purposes of this strategy, such debt securities include the following: obligations issued or guaranteed by the U.S. Government or a foreign government or their agencies, instrumentalities or political subdivisions; mortgage-backed securities, including agency mortgage pass-through securities and commercial mortgage-backed securities; mortgage to-be-announced (TBA) securities; debt obligations of U.S. or foreign issuers; municipal securities; and asset-backed securities. The Funds investments in derivatives will be counted toward the Funds 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. The Low Duration Fund may invest up to 35% of its assets in non-investment grade bonds (commonly called high yield or junk bonds). The Low Duration Fund may also invest up to 35% of its assets in assets of foreign issuers, of which 10% (as a percentage of the Low Duration Funds assets) may be invested in emerging markets issuers. Up to 10% of the Low Duration Funds assets may be exposed to non-US currency risk. A bond of a foreign issuer, including an emerging market issuer, will not count toward the 10% limit on non-US currency exposure if the bond is either (i) US dollar-denominated or (ii) non-US dollar-denominated, but hedged back to US dollars. The management team evaluates sectors of the bond market and individual securities within these sectors. The management team selects bonds from several sectors including: U.S. Treasuries and agency securities, commercial and residential mortgage-backed securities, collateralized mortgage obligations (CMOs), asset-backed securities and corporate bonds. The Low Duration Fund may buy or sell options or futures on a security or an index of securities, or enter into credit default swaps and interest rate or foreign currency transactions, including swaps (collectively, commonly known as derivatives). The Low Duration Fund may use derivative instruments to hedge its investments or to seek to enhance returns. The Low Duration Fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements and mortgage dollar rolls). The Low Duration Fund may engage in active and frequent trading of portfolio securities to achieve its principal investment strategies. Show less