As a matter of non fundamental policy, under normal circumstances, the Fund will invest at least 80 Percent of its Assets in bonds. For purposes of this policy, Assets means net assets, plus the amount of any borrowings for investment purposes. As part of its main investment strategy, the Fund will invest primarily in investment grade corporate bonds, U.S. Treasury obligations, including treasury coupon strips and treasury principal strips, other US government and agency securities, and asset-backed and mortgage-backed securities. Generally, the Fund's bond holdings will have intermediate to long maturities. The Fund's average weighted maturity will normally range between 4 and 12 years. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual bonds in the Fund calculated so as to count most heavily those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of the Fund's sensitivity to changes in interest rates. The Fund may have a longer or shorter average weighted maturity under certain market conditions and the Fund may shorten or lengthen its average weighted maturity if deemed appropriate for temporary defensive purposes. The dollar weighted average quality of the securities in the Fund generally will be or higher. In addition, all securities will be U.S. dollar-denominated. The weighted average effective duration of the Fund will typically remain within plus or minus 20 Percent of the Benchmark. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of five years means that a security's or portfolio's price would be expected to decrease by approximately 5 Percent with a 1 Percent increase in interest rates. The Fund may also invest in private placements, restricted securities and other unregistered securities. Securities issued under Rule 144A or other private placements are eligible investments. The Fund may invest in sub prime mortgage-related securities.