The investment seeks to provide safety of principal and a moderate to high rate of current income.
The fund seeks to maintain an average portfolio quality minimum of A, based on ratings given to the Portfolio's securities by national rating agencies. It may invest up to 25% of its total assets in fixed-income, non-U.S. Dollar denominated foreign securities, and may invest without limit in fixed-income, U.S. Dollar denominated foreign securities, in each case in developed or emerging-market countries. The fund may invest up to 25% of its total assets in junk bonds. It seeks to maintain an effective duration of three to six years under normal market conditions.