The investment seeks high current income, consistent with preservation of capital; capital appreciation over the long-term is a secondary objective.
Under normal market conditions, the fund invests at least 80% of its assets in investment grade debt securities and investments, including government and corporate debt securities, mortgage- and asset-backed securities, investment grade corporate loans, municipal securities and futures with reference securities that are investment grade.
The investment seeks a high level of current income, consistent with capital preservation.
Under normal circumstances, the fund invests 50-100% in debt securities and 0-50% in equity securities. The debt securities in which the fund invests may be of any maturity or credit quality, including high yield, high risk bonds, notes, debentures and other debt obligations commonly known as "junk bonds." At the time of purchase, these high-yield securities are rated within or below the "BB" major rating category by S&P or the "Ba" major rating category by Moody's or are unrated but considered to be of comparable quality by the Adviser.