The investment seeks a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities.
The fund will normally invest at least 80% of its net assets plus the amount of borrowings for investment purposes in bonds. Under normal conditions, at least 65% of the fund's total assets must be invested in securities that, at the time of purchase, are rated investment grade. It may invest up to 35% of its net assets in foreign securities, including securities denominated in foreign currencies. The fund's average weighted maturity will ordinarily range between five and twenty years.