Fund Description

Under normal circumstances, it invests at least 80% of net assets plus any borrowings for investment purposes in corporate bonds, focusing on investment grade issues typically rated BBB- and above by S&P, Baa3 and above by Moody's, or similarly rated by another NRSRO, and may invest in unrated bonds deemed comparable in credit quality. It may invest up to 20% of net assets in high yield corporate bonds and up to 40% of total assets in foreign securities, with total non-U.S.-dollar currency exposure limited to 25% of net assets. The fund's average portfolio duration will generally vary within two years (plus or minus) of the current average duration of the Bloomberg Long US Corporate Index. The 80% policy is nonfundamental and may be changed without shareholder approval, and shareholders would be given at least 60 days' notice prior to any such change.