LSST is actively-managed to provide current income with duration risk of 1-3 years. It primarily holds USD-denominated, investment-grade corporate bonds, variable and floating rate securities, US government, mortgage-backed, and other asset-backed securities. LSST may include USD securities from non-US issuers, including those in emerging markets. Up to 15% of the portfolio may be allocated to high yield securities. The funds managers use macroeconomic and sector analysis to identify opportunities for additional short-term yield. LSST can be used to complement existing fixed income exposure.