Strategy. The funds sub-adviser, Aegon USA Investment Management, LLC (the sub-adviser), seeks to achieve the funds objective by investing, under normal circumstances, at least 80% of the funds net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The funds portfolio weighted average duration will typically range from 1 to 2.5 years. Duration is a measure used to determine the sensitivity of a securitys price to changes in interest rates. The longer a securitys duration, the more sensitive it will be to changes in interest rates. Securities in which the fund may invest include: corporate debt securities of U.S. issuers; debt securities of foreign issuers that are denominated in U.S. dollars, including foreign corporate issuers and … Show more… The funds sub-adviser, Aegon USA Investment Management, LLC (the sub-adviser), seeks to achieve the funds objective by investing, under normal circumstances, at least 80% of the funds net assets (plus the amount of borrowings, if any, for investment purposes) in fixed-income securities. The funds portfolio weighted average duration will typically range from 1 to 2.5 years. Duration is a measure used to determine the sensitivity of a securitys price to changes in interest rates. The longer a securitys duration, the more sensitive it will be to changes in interest rates. Securities in which the fund may invest include: corporate debt securities of U.S. issuers; debt securities of foreign issuers that are denominated in U.S. dollars, including foreign corporate issuers and foreign governments; obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities; asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities; dollar rolls; and bank loans. The fund expects to typically invest no more than 10% of its net assets, but may invest up to 20% of its net assets, in high-yield debt securities (commonly known as junk bonds). Junk bonds are high-risk debt securities rated below investment grade (that is, securities rated below BBB by Standard & Poors or Fitch or below Baa by Moodys or, if unrated, determined to be of comparable quality by the funds sub-adviser). The fund may invest up to 10% of its net assets in emerging market securities. The sub-adviser considers emerging market countries to be those generally classified by major international financial institutions, such as the World Bank, as less economically mature than developed nations. The sub-adviser uses a combination of a global top-down analysis of the macroeconomic and interest rate environment and proprietary bottom-up research of corporate and government debt, and other debt instruments. In the sub-advisers top-down approach, the sub-adviser analyzes various fundamental, technical, sentiment and valuation factors that affect the movement of markets and securities prices worldwide. In its proprietary bottom-up research, the sub-adviser considers various fundamental and other factors, such as creditworthiness, capital structure, covenants, cash flows and, as applicable, collateral. The sub-adviser uses this combined top-down and bottom-up approach to determine asset class, sector, security, yield curve and duration positions for the fund. The sub-advisers research analysts also generally integrate environmental, social and governance (ESG) matters within their analytical process for corporate debt securities of U.S. issuers, debt securities of foreign issuers that are denominated in U.S. dollars (including foreign corporate issuers and foreign governments), emerging markets debt securities, certain asset-backed securities, private residential mortgage-backed securities, commercial mortgage-backed securities, privately issued debt securities issued pursuant to Rule 144A or Regulation S and certain cash equivalents (including corporate commercial paper) alongside traditional credit metrics as a risk management tool and as a method to identify financially material ESG factors and arrive at an independent, comprehensive view of the investment. The sub-advisers research analysts typically do not consider ESG factors when analyzing other investments, including, but not limited to, obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities, mortgage-backed securities guaranteed by U.S. government agencies and instrumentalities, dollar rolls, certain bank loans, bank obligations, savings association obligations, derivatives, repurchase agreements, asset-backed commercial paper, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-advisers investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-advisers research analysts do not take ESG factors into consideration with respect to every investment in the fund. The fund may, but is not required to, engage in certain investment strategies involving derivatives, such as options, futures (including regularly employing interest rate futures), forward currency contracts and swaps, including, but not limited to, interest rate and total return swaps. These investment strategies may be employed as a hedging technique, as a means of altering investment characteristics of the funds portfolio (such as shortening or lengthening duration), in an attempt to enhance returns or for other purposes. The fund may purchase securities on a when-issued, delayed delivery, to be announced or forward commitment basis. The fund may invest in privately issued securities, including those that are normally purchased pursuant to Rule 144A or Regulation S promulgated under the Securities Act of 1933, as amended. Show less