The fund tracks the Bloomberg US Convertible Liquid Bond Index and seeks to achieve investment performance similar to the index, net of various fees and expenses. Typically, the fund invests almost all (at least 80%) of its total assets in securities that constitute the index, and securities identified by the advisor as having economic characteristics fundamentally identical to those of securities that constitute the index. The index aims to represent the market for U.S. convertible securities, such as convertible bonds and convertible preferred stocks.