Fund Description

The fund invests primarily in a diversified portfolio of investment-grade corporate debt securities. It may also invest in other fixed-income securities, government securities supported by the full faith and credit of the U.S. government, and derivative contracts and/or hybrid instruments (such as futures, options, and swaps) to implement its strategy; there can be no assurance these instruments will work as intended. It may invest up to 35% of assets in below-investment-grade fixed-income securities. Duration may be lengthened or shortened based on interest rate outlook, with no set parameters. It may invest directly or through other investment companies, including affiliated funds, which may be a substantial portion of the portfolio. At least 80% of net assets (plus borrowings for investment purposes) are invested in corporate fixed-income investments, with 60 days' notice for policy changes.