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 0.25 to 1.25 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 issuers in the U.S. and in developed foreign markets; obligations issued or guaranteed by the U.S. government, its … 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 0.25 to 1.25 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 issuers in the U.S. and in developed foreign markets; obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities; commercial paper; asset-backed securities and mortgage-backed securities, including commercial mortgage-backed securities; repurchase agreements; certificates of deposit and other bank obligations; and U.S. dollar-denominated debt securities of emerging market issuers, including corporate and sovereign issuers. The fund may invest up to 5% 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 5% of its net assets in emerging markets. 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, government and agency 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 movements 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-adviser's research analysts also generally integrate environmental, social and governance (ESG) matters, within their analytical process for corporate debt securities of issuers in the U.S. and in developed foreign markets, U.S. dollar-denominated debt securities of emerging market issuers (including corporates and sovereigns), private residential mortgage-backed securities, certain asset-backed securities, CMBS, certain cash equivalents (including corporate commercial paper) and privately issued debt securities issued pursuant to Rule 144A or Regulation S 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 certain investments. The sub-adviser's 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, derivatives, repurchase agreements, asset-backed commercial paper, certificates of deposit and other bank obligations, cash, certain cash equivalent securities and money market instruments. Consideration of ESG matters is subjective and not determinative in the sub-adviser's investment process. The sub-adviser may conclude that other attributes of an investment outweigh ESG considerations when making investment decisions. The sub-adviser's 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 and swaps, including, but not limited to, interest rate, total return and credit default 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