The investment seeks a high level of income and, secondarily, growth of capital. The fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in high-yield, high-risk bonds, notes, debentures and other debt obligations (including leveraged loans, mortgage-backed securities, convertible bonds, and convertible stock), or preferred stocks. It invests in securities regardless of the securities' maturity average and may also invest in foreign securities.