The investment seeks to maximize current income and achieve above average total return consistent with prudent investment management over a full market cycle.
The fund invests (except when maintaining a temporary defensive position) at least 80% of the value of its net assets in debt securities. It may invest up to 5% of its net assets in high yield/below investment grade bonds, commonly known as "junk" bonds. The fund may also invest a portion of its assets in bank loans of companies in the high yield universe. It may invest, without limitation, in derivative instruments such as options, futures and swap agreements.