Fund Description

The fund seeks returns consistent with investing in short-to-intermediate term obligations of the U.S. government and its agencies and instrumentalities. It generally holds U.S. Treasury and government agency securities with an average effective maturity of not less than two years and not more than five years, and maintains an 80% policy for U.S. government investments (net assets plus any borrowings), with advance notice of changes. It may use derivatives or hybrid instruments to manage duration and hedge, trade based on market outlook, use delayed delivery (including when-issued) transactions, lend securities, and hold overnight repurchase agreements or money market funds for liquidity. Holdings may include TIPS and government mortgage-backed securities.