The investment seeks high current income, capital appreciation is secondary objective. The fund normally invests at least 80% of assets in U.S. and foreign fixed-income securities rated BB/Ba or lower and their unrated equivalents. These may include domestic and foreign corporate bonds, debentures and notes, convertible securities, preferred stocks, and domestic and foreign government obligations. It may invest no more than 10% of assets in securities that are rated in default by S&P or by Moody's.
