The investment seeks to earn a high level of current income; capital appreciation is a secondary objective.
The fund invests at least 80% of its assets in below investment grade bonds of corporate issuers. It will purchase securities of companies in any capitalization range - small, medium or large. The fund may invest up to 25% of its assets in foreign securities issues (including emerging markets), including those denominated in U.S. dollars. It may purchase bonds of any maturity, but the fund will normally have a dollar-weighted average maturity between two and fifteen years.