The investment seeks to maximize income to the extent consistent with prudent investment management and preservation of capital. The fund typically invests at least 65% of total assets in investment-grade U.S. dollar denominated debt securities. It may invest up to 35% of total assets in below-investment grade debt securities. The fund may also invest up to 25% of total assets in foreign debt securities. Its average portfolio duration normally ranges from one to three years. The fund is nondiversified.