The investment seeks to earn a high level of current income; capital appreciation is a secondary objective.
In pursuing its goal, the fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in below investment grade bonds of corporate issuers. These "high yield" securities, also called "junk bonds," will generally be rated BB or lower by Standard & Poor's Rating Group ("S&P") or will be of equivalent quality rating from another Nationally Recognized Statistical Ratings Organization.
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