The investment seeks to provide high current income.
The fund invests at least 80% of its net assets in U.S. dollar-denominated high-yield bonds (commonly known as "junk bonds") of U.S. and foreign issuers, including those in emerging market countries. Securities selected for the fund normally are lower rated or are below investment grade, with no minimum acceptable rating. The fund may invest in zero-coupon bonds. It may use credit default swaps.