DBND

DBND has free range in the bond space in seeking to maximize current income and total return. The fund highlights the expertise of the fund managers to select securities issued/guaranteed by the government and its agencies, corporate debt, MBS, ABS, collateralized obligations, and foreign/emerging market fixed income securities, with no limitations to denomination and credit quality. Up to 50% of the fund may be invested in junk bonds. A controlled risk approach is used to regulate the principal risk components of the market, and while also considering sector fundamentals, relative valuations, liquidity conditions, projections of the yield curve, interest rates, and current fiscal policy. The portfolio managers continuously monitor individual securities and weightings across varying sectors. The fund managers aim to control the fund's interest rate risk exposure by constructing a portfolio with a dollar-weighted average effective duration of two to eight years. Derivatives may be used for hedging and non-hedging purposes.