The investment seeks to generate income and price appreciation.
The fund invests at least 80% of its net assets in fixed-income securities. It invests in readily marketable fixed-income securities with a range of maturities from short- to long-term and relatively attractive yields that do not involve undue risk of loss of capital. The managers expect to invest in fixed-income securities with a dollar-weighted average maturity of between three to ten years and an average duration of three to six years. It may invest up to 25% of its net assets in below investment grade bonds. The fund may use leverage for investment purposes.