Fund Description

The fund invests at least 80% of net assets in U.S. government securities, including fixed- and adjustable-rate mortgage securities and other mortgage-backed securities such as CMOs issued or guaranteed by the U.S. government, its agencies or instrumentalities, including government-sponsored entities, and in direct U.S. government obligations such as Treasury bills, bonds or notes. The fund has targeted an estimated portfolio duration of 1 to 3.5 years. It may use interest rate-related derivatives, including interest rate futures and options, to hedge and manage duration. Up to 20% may be invested in other securities, including ABS and non-agency CMOs.