Fund Description

The fund seeks a high level of current income and, under normal circumstances, invests at least 80% of net assets in securities issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises, and in related repurchase agreements. It may hold Treasuries; agency and government-guaranteed obligations; mortgage-related securities including agency MBS; stripped securities; supranational obligations; and inflation-indexed securities. MBS exposure may be obtained via affiliated or unaffiliated funds/ETFs and TBA transactions. It uses a relative value approach, targets a dollar-weighted average maturity of one to ten years, may trade actively, and may invest in U.S. Treasury futures for various purposes, including to manage duration, credit and interest rate risks, and for cash management.