The Fund is a diversified closed-end investment management company that seeks a high level of current income and capital growth as a secondary investment objective. The Fund will invest at least 50% of its total assets in below investment grade debt securities. Up to 20% of its total assets may be invested in distressed debt securities, which includes securities issued by companies in bankruptcy reorganisation proceedings or in significant risk of being in default. The Fund focuses on below investment grade securities, however, it maintains the flexibility to invest up to 50% of its total assets in investment grade securities. Up to 30% of its total assets may be invested in US and foreign equity securities. Up to 15% may also be invested in a combination of foreign debt and foreign equity securities, and the Fund can also invest without a limit in equity and debt securities in emerging markets.