The investment seeks to realize maximum total return, consistent with the preservation of capital and prudent investment management. The fund normally invests at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in a diversified portfolio of fixed-income investments of U.S. and foreign issuers such as government, corporate, mortgage-backed securities and other asset-backed securities and cash equivalents. The fund may invest up to 20% of its total assets in securities rated below investment grade, including floating rate loans and securities of distressed companies.