The investment seeks to provide current income consistent with total return.
Under normal circumstances, the fund invests at least 80% of assets, determined at the time of purchase, in debt securities. Debt securities include securities of U.S. and foreign government agencies and instrumentalities, corporate securities, mortgage-backed and asset backed securities, taxable municipal and tax-exempt municipal bonds, adjustable rate loans that have a senior right to payment ("senior loans"), and other floating-rate debt securities.
The investment seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the MVISä US Treasury-Hedged High Yield Bond Index (the "Treasury-Hedged High Yield Bond Index").
The fund normally invests at least 80% of its total assets in securities that comprise the fund's benchmark index. The index was designed to provide exposure to below investment grade corporate bonds, denominated in U.S. dollars, and, through the use of U.S. Treasury notes, to hedge against rising interest rates.