Fund Description

The fund, under normal circumstances, invests at least 80% of its net assets plus any borrowings for investment purposes in corporate bonds. The manager focuses on investment-grade bonds typically rated BBB- or higher by S&P, Baa3 or higher by Moody's, or similarly rated by another NRSRO, and may buy unrated bonds considered comparable in credit quality. Up to 20% of net assets may be invested in high-yield corporate bonds. It may invest 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.