The investment seeks to maximize total return, consisting of capital appreciation and current income. The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in fixed-income securities that, at the time of purchase, are rated below investment grade or are the unrated equivalent as determined by the fund's sub-adviser. In choosing securities, the fund's portfolio managers seek to capture the higher yields offered by junk bonds, while managing credit risk and the volatility caused by interest rate movements.