In conjunction with this change, Richard O. Applebach, CFA, will no longer serve as a portfolio manager for the fund. He will remain a portfolio manager for certain strategies of Wells Capital Management (WellsCap), the fund’s subadvisor.
The investment approach for this fund will not change; the portfolio managers will continue to manage the funds using current strategies and processes.
About the portfolio managers
Christopher Y. Kauffman is a portfolio manager on the Customized Fixed-Income team at WellsCap. He has been with WellsCap or one of its affiliate firms since 2003. Previously, he served as investment officer for NISA Investment Advisors, where he was responsible for mortgage-backed securities analysis, risk assessment, and trading. He earned a bachelor’s degree in finance and economics and a master’s degree in business administration with an emphasis in finance from Washington University in St. Louis. He has been awarded the use of the Chartered Financial Analyst® (CFA®) designation by CFA Institute. Mr. Kauffman has been working in the investment industry since 1997.
Michael J. Bray is a portfolio manager on the Customized Fixed-Income team at WellsCap. Prior to joining WellsCap in 2005, he was managing director at State Street Research and Management, focusing on mutual fund and institutional account management. He also gained experience while with Merrill Lynch & Company as vice president of mortgage securities research and sales. Before this, he was an analyst with Manufacturers Hanover Company, specializing in mortgage and derivative securities. Mr. Bray earned a bachelor’s degree in math and actuarial science from the University of Connecticut, Storrs. He earned a master’s degree in business administration with an emphasis in finance from The Pennsylvania State University. He has been awarded the use of the Chartered Financial Analyst® (CFA®) designation by CFA Institute. Mr. Bray entered the investment industry in 1988.
Bond fund values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. In general, when interest rates rise, bond fund values fall and investors may lose principal value. The use of derivatives may reduce returns and/or increase volatility. Securities issued by U.S. government agencies or government-sponsored entities may not be guaranteed by the U.S. Treasury. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to mortgage- and asset-backed securities risk. Consult the fund’s prospectus for additional information on these and other risks. The U.S. government guarantee applies to certain underlying securities and not to shares of the funds.