| Investment Objective: |
The Fund is newly organized, non-diversified and seeks to track the investment results (i.e., the total return) of the Bloomberg US Corporate BBB 10 Year Index (the "Index") before fees and expenses of the Fund. The Index is designed to reflect the performance of BBB (or its equivalent) fixed-rate, taxable U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. industrial, utility and financial issuers (as determined by Bloomberg Index Services 18 Limited (the "Index Provider")). As of the date of this prospectus (the "Prospectus"), the bonds eligible for inclusion in the Index are taxable, U.S. dollar-denominated corporate bonds that (i) pay fixed-rate coupons (ii) have at least 500 million in par amount outstanding (par amount outstanding provides a measure of relative liquidity and is often seen as a proxy of the float available for investors to purchase) (iii) have a maturity of greater than or equal to ten years and (iv) carry a rating of Baa1/BBB, Baa2/BBB, or Baa3/BBB- using Bloomberg's index rating methodology. BBB-rated bonds are considered investment grade. |
