The investment seeks to maximize income to an extent consistent with preservation of capital through investments in longer dated securities. The fund uses an active strategy seeking relative value to earn incremental income. It typically invests at least 65% of net assets in investment-grade U.S dollar denominated debt securities, as assessed at the time of purchase. The fund may invest up to 35% of net assets in below investment-grade debt securities, including bonds rated in default. It is nondiversified.