The investment seeks high current income with capital appreciation as a secondary goal. 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. It may invest up to 20% of assets in U.S. and foreign common stocks of companies of any size. The fund may also invest in derivatives and restricted or illiquid securities. There is no limit on the fund's average maturity.