Fund Description

The fund, under normal circumstances, invests at least 80% of net assets plus any investment borrowings in corporate bonds, focusing on investment grade issues typically rated BBB- or higher by S&P, Baa3 or higher by Moody's, or similarly rated by another NRSRO; it may also buy 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 US Corporate Investment Grade Index. The 80% policy is nonfundamental and may be changed without shareholder approval; shareholders would be given at least 60 days' notice prior to any such change.