The investment seeks a high level of current income while preserving capital. The fund normally invests at least 80% of net assets in diversified portfolio of bonds. Although the fund invests primarily in investment-grade debt securities, it may invest up to 10% of net assets in bonds rated below investment-grade. These below investment grade bonds along with the other bonds in the fund's portfolio comprise at least 80% of the fund's total assets. The fund may invest up to 20% of net assets in other non-debt securities. It does not purchase securities with a view to rapid turnover.