The investment seeks total return, made up of current income and capital appreciation.
The fund normally invests at least 65% of its total assets in income-producing debt securities of U.S. and foreign corporations and governments, supranational organizations, semi-governmental entities or government agencies, authorities or instrumentalities, investment-grade U.S. or foreign mortgages and mortgage-related securities and U.S. or foreign short-term and long-term bank debt securities or bank deposits. It invests up to 50% of its total assets in lower-rated securities, also known as "junk" bonds. The fund is non-diversified.
The investment seeks investment results that exceed the price and yield performance of its benchmark, the Barclays U.S. Aggregate Bond Index.
The Sub-Advisor selects a portfolio of fixed income (bond) exchange-traded funds ("Underlying ETFs") and other exchange-traded products, including, but not limited to, exchange-traded notes ("ETNs"), exchange-traded currency trusts, and exchange-traded commodity pools. It invests in ETPs that provide exposure to at least 12 distinct bond classes, that may include treasury bonds, municipal bonds, and high-yield U.S. corporate bonds (sometimes referred to as "junk bonds").