div style="margin-top: 4pt;"span style="color: #003c78; font-family: arial; font-size: 9.30pt;"Under normal circumstances, the Fund will invest at least 80% of its net assets (including the amount of any /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"borrowings for investment purposes) in mortgage-related assets. Mortgage-related assets include, but are not limited /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"to, long and short positions in mortgage-related securities that are either issued or guaranteed as to principal and /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"interest by the U.S. Government, its agencies, authorities or instrumentalities, mortgage-related securities issued by /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"non-U.S. governments, and residential and commercial mortgage-backed securities issued by non-governmental /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"entities, all of which may be represented by derivatives such as forward contracts, options, futures or swap /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"agreements. Mortgage-related securities that either are issued or guaranteed as to principal and interest by the U.S. /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"Government, its agencies, authorities or instrumentalities include Government National Mortgage Association (GNMA /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"or Ginnie Mae) mortgage-backed bonds, which are backed by the full faith and credit of the U.S. Government; and /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"Federal National Mortgage Association (FNMA or Fannie Mae) and Federal Home Loan Mortgage Corporation (FHLMC /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"or Freddie Mac) mortgage-backed bonds. FNMA and FHLMC are chartered or sponsored by Acts of Congress; /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"however, their securities are neither issued nor guaranteed by the U.S. Treasury or backed by the full faith and credit /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"of the U.S. Government. The Fund’s investments in mortgage-related securities include investments in stripped /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"mortgage-backed securities such as interest-only (IO), principal-only (PO) and inverse interest-only (IIO) securities. The /span/div div style="line-height: 11.16pt; text-align: left;"span style="color: #003c78; font-family: arial; font-size: 9.30pt;"Fund seeks to generate positive absolute total returns over complete market cycles by investing principally in /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"mortgage-related assets as well as other types of fixed-income securities and instruments such as asset-backed /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"securities. A complete market cycle can be measured from market peak to peak or from market trough to trough./span/div div style="margin-top: 4pt;"span style="color: #003c78; font-family: arial; font-size: 9.30pt;"The Fund may invest in debt instruments of any maturity and does not seek to maintain either a particular dollar-weighted/spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;" average maturity or a particular duration./span/div div style="margin-top: 4pt;"span style="color: #003c78; font-family: arial; font-size: 9.30pt;"The Fund may invest in derivatives, such as futures (including interest rate futures) to manage interest rate exposure, /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"swaps (including credit default swaps, interest rate swaps and total return swaps) to manage credit and interest rate /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"exposure, options on swaps (commonly known as swaptions) to manage interest rate exposure and options on /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"futures to hedge existing positions. The Fund’s use of derivatives may result in leverage (market exposure in excess /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"of the Fund’s assets). The Fund may hold a significant amount of cash, money market instruments (which may /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"include investments in one or more affiliated or unaffiliated money market funds or similar vehicles), other high-quality,/spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;" short-term investments, or other liquid assets to meet its segregation obligations as a result of its /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"investments in derivatives. The Fund may also engage in short sales./span/div div style="margin-top: 4pt;"span style="color: #003c78; font-family: arial; font-size: 9.30pt;"The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Such /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"securities may include mortgage-backed securities acquired or sold in the “to be announced” (TBA) market and those /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"in a dollar roll transaction./spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt; line-height: 11.16pt;" /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"The Fund may also engage in repurchase agreements./span/div div style="margin-top: 4pt;"span style="color: #003c78; font-family: arial; font-size: 9.30pt;"The Fund may invest in debt instruments that, at the time of purchase, are rated below investment grade or are /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"unrated but determined to be of comparable quality (commonly referred to as “high-yield” investments or “junk” /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"bonds)./span/div div style="margin-top: 4pt;"span style="color: #003c78; font-family: arial; font-size: 9.30pt;"The Fund may invest in privately placed and other securities or instruments that are purchased and sold pursuant to /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"Rule 144A or other exemptions under the Securities Act of 1933, as amended, subject to certain regulatory /spanspan style="color: #003c78; font-family: arial; font-size: 9.30pt;"restrictions./span/div div style="margin-top: 4pt;"span style="color: #003c78; font-family: arial; font-size: 9.30pt;"The Fund’s investment strategy may involve the frequent trading of portfolio securities./span/div