The investment seeks to maximize total return, consistent with the preservation of capital.
The fund invests primarily in high yield fixed income securities issued by U.S. and foreign companies and foreign governments and their agencies and instrumentalities. It normally invests at least 80% of its assets in high yield bonds. The fund may invest without limit in foreign securities and may invest up to 35% of its assets in sovereign debt issued by emerging market governmental issuers. Its investments may be of any maturity or duration.