The investment seeks to provide as high a level of current income as is consistent with the preservation of capital. Normally the fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. The fund may invest in U.S. and non-U.S. corporate debt securities and mortgage-backed securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government, such as securities issued by Fannie Mae or Freddie Mac.