Fund Description

The fund intends to invest over 50% of its net assets in residential and commercial mortgage-backed securities and U.S. Treasury obligations rated Aa3 or higher by Moody???s or AA- or higher by S&P, as well as unrated securities determined to be of comparable quality. Investments may include various types of mortgage-backed securities and derivatives that provide comparable exposures. The fund aims to maintain at least 80% of its assets in bonds of any credit quality, including up to 33 1/3% in below-investment-grade securities. The portfolio managers use a controlled risk approach, managing duration and interest rate risk, and may engage in derivatives transactions for investment leverage or hedging.