The investment seeks to provide current income and competitive total return. The fund normally invests at least 80% of its net assets plus borrowings for investment purposes in investment grade fixed income securities (bonds). It will invest in municipal securities, convertible securities, including convertible bonds and preferred stocks, and cash equivalents. The fund may invest up to 15% of its total assets in bonds that are below investment grade, which are commonly referred to as "high yield" or "junk" bonds, and non-dollar denominated foreign and emerging market securities. It will maintain an average duration between 1 and 3 years.