The investment seeks high current income with a secondary objective of long-term capital appreciation. The fund invests primarily in a diversified mix of fixed rate and floating rate debt securities. Its investments may include securities issued by domestic and foreign governments, corporate entities, and trust structures. The fund may invest in a broad array of securities, including: securities issued or guaranteed as to principal or interest by the U.S. government or any of its agencies or instrumentalities; corporate bonds; commercial paper; currencies and non-U.S. securities; mortgage-backed securities and other asset-backed securities; and loans.