Typically, the fund allocates a minimum of 80% of its total assets to fixed-income instruments, including bonds, as well as financial derivatives and other holdings that mirror the economic profile of such debt. Its primary investment focus is on securities possessing a dollar-weighted average maturity ranging from three to ten years. While predominantly holding investment-grade debt, the portfolio has the flexibility to allocate up to 20% of its net assets to lower-rated, speculative instruments often known as high-yield or "junk" bonds.