The investment seeks income and long-term capital appreciation. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in high yield debt securities. High yield debt securities, also referred to as "junk" bonds, are securities rated below the Baa3 category at the time of purchase or, if unrated, determined to be of comparable credit quality by the fund’s sub-adviser. It may invest up to 20% of its assets in U.S. dollar denominated securities of issuers based outside of the U.S.