The investment seeks high current income; capital appreciation is a secondary objective.
The fund normally invests at least 80% of its net assets plus any borrowings for investment purposes in income-producing securities. Its portfolio will typically include a high proportion, perhaps even 100%, of high-yield/high-risk securities rated below investment grade. The bonds the fund purchases can be of any maturity but the average effective weighted maturity of the fund's portfolio will normally be within one year of the average maturity of the Barclays Capital U.S. Corporate High-Yield Bond Index. The fund may invest without limit in foreign debt.