The investment seeks the highest total return, consistent with the preservation of capital and liquidity needs. Total return is comprised of current income and capital appreciation. In pursuing its investment objective, the portfolio normally invests at least 80% of its assets (net assets plus any borrowings made for investment purposes) in investment grade bonds. The portfolio may also invest up to 10% of its net assets in high-yield/high-risk debt securities (commonly known as junk bonds). The portfolio may invest in derivatives. The portfolio may use derivative instruments to hedge its investments or to seek to enhance returns.