The investment seeks a high level of current income and capital growth.
The fund invests at least 80% of its net assets (plus borrowings made for investment purposes) in high yield securities ("junk bonds"), which are fixed income securities rated below investment grade or unrated and determined to be of similar quality. It invests across the entire range of maturities of high yield securities. The fund may invest in the securities of issuers of any market capitalization, including smaller capitalization companies. It may utilize foreign currency exchange contracts, options, stock index futures contracts, warrants and other derivative instruments.