The investment seeks to achieve overall total return consisting of a high level of current income together with long-term capital appreciation. The fund invests in fixed- and floating-rate high yield fixed income securities with a focus on "middle market" issuers in the United States and, to a much lesser extent, Canada. The adviser intends to invest its assets in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody's Investors Service, Standard and Poor's Rating Services and Fitch Ratings.