| Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in corporate bonds. Thesecorporate bonds are investment-grade securities rated from AAA to BBB- by Standard & Poor s Ratings Services (S&P) or by Fitch Ratings (Fitch) or from Aaa toBaa3 by Moody s Investors Service, Inc. (Moody s), or comparable rating by any nationally recognized statistical rating organization (NRSRO), or their unrated equivalents. For these purposes, corporate bonds include corporate debentures and other debt securities issued by corporations. The fund s investment policiesare based on credit ratings at the time of purchase. There is no limit on average maturity.The manager focuses on bottom-up industry allocation and security selection in making investment decisions. When making industry allocations, the managerconsiders each industry s place in the business cycle, forward looking trends and historical and technical factors before relative value decisions are made. Themanager uses bottom-up fundamental research to find individual securities that appear comparatively undervalued. The fund may engage in derivativestransactions, including credit default swaps, foreign currency forward contracts, futures contracts, and options, to reduce risk, obtain efficient market exposure,and/or enhance investment returns. The fund may trade securities actively.The fund may invest up to 20% of its net assets in investment-grade bank loans (including loan participations) and cash and cash equivalents. Directinvestments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender.The fund may invest in securities of foreign governments and corporations. The fund may invest up to 10% of its total assets in securities denominated inforeign currencies. Under normal market conditions, the fund will limit its investments in U.S. dollar-denominated foreign securities (excluding Canadiansecurities) to 30% of its total assets. The fund may invest in bonds issued by master limited partnerships. |