Fund Description

The fund invests at least 80% of net assets (plus any investment borrowings) in investments issued or guaranteed by the U.S. government, its agencies or instrumentalities. Using a total return approach, the adviser targets an average credit quality equal to U.S. government long-term debt and an effective duration of two to four years, while allowing holdings above or below that level. Security selection blends macro analysis and quantitative tools with consideration of the financial strength of the issuer, valuation and rate expectations, and ongoing credit monitoring, and may use a systematic model based on supply and demand patterns in purchasing and selling certain treasury securities and related derivatives. The fund may also invest in investment grade corporates, CLOs, zero-coupon, Rule 144A and other privately placed investments, asset-backed and mortgage-related securities, mortgage dollar rolls, and when-issued, delayed delivery or forward commitments.