The fund tracks the Bloomberg Global Aggregate ex-USD > $1B: Corporate Bond Index, seeking to achieve the same investment performance as the index before deducting various fees and expenses. Almost all (at least 80%) of the fund's total assets are invested in securities that constitute the index, and the advisor determines securities with economic characteristics essentially identical to those of the index. The index measures the performance of U.S. dollar-denominated non-investment-grade municipal bonds issued by states, the District of Columbia, U.S. territories, and local governments or institutions.

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