Fund Description

Incepted in March 1995, the fund is managed by Advantus Capital Management. Mortgage Securities Fund seeks a high level of current income consistent with prudent investment risk. The fund invests at least 80 percent of its net assets in mortgage-related securities, with a major portion in investment-grade securities representing interests in pools of mortgage loans. In addition, the fund may invest in a variety of other mortgage-related securities including collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities. In selecting securities, the fund's investment adviser considers factors such as prepayment risk, liquidity, credit quality and the type of loan and collateral underlying the security, as well as trends in economic conditions and interest rates. Dividends are declared daily, except the dividends for Saturdays, Sundays and holidays are declared on the next business day, and paid monthly. Capital gains distributions are generally paid once a year.