Fund Description

The fund is actively managed and, under normal circumstances, invests at least 80% of its net assets plus any investment borrowings in Government National Mortgage Association (Ginnie Mae or GNMA) pass-through certificates-fixed income securities representing part ownership in pools of mortgage loans supported by the full faith and credit of the U.S. government. The remainder may be invested in U.S. Treasury or other U.S. government agency securities, including pass-through certificates, and in repurchase agreements collateralized by such securities. The fund's dollar-weighted average maturity, influenced by homeowner prepayments, typically falls in an intermediate-term range (3 to 10 years). It may use derivatives, including options, futures, and swaps, enter into TBA transactions, and take short positions in certain derivatives or TBA mortgage-backed securities.