The investment seeks high income, with a secondary objective of capital preservation. The fund invests at least 80% of its net assets in a globally diversified portfolio of income-producing debt and equity securities, including preferred stocks, depositary receipts, and high-yield bonds ("junk bonds"). The fund normally invests its assets no more than 50% in common stocks, no more than 50% in securities of U.S. issuers, no more than 50% in bonds rated A3 or higher, no more than 33% in securities of emerging market issuers.