The investment seeks to maximize total return through capital gains and current income while preserving principal value. The fund invests mainly (at least, and typically more than, 80% of its net assets, plus borrowings for investment purposes, if any) in a diversified portfolio of fixed income instruments of varying maturities and quality across different industries and sectors of the fixed income market. It may invest up to 30% of its assets in U.S. and non-U.S. (including emerging markets) below-investment grade securities (high yield securities or junk bonds). The average dollar-weighted duration of the fund normally varies between three and 10 years.