The investment seeks to maximize total return through income and capital appreciation. The fund normally invests at least 80% of its net assets (plus borrowings for investment purposes) in below investment-grade (high-yield) debt securities and preferred stocks. It may invest in high-yield securities of any rating, including securities where the issuer is in default or bankruptcy at the time of purchase. The fund invests in securities with a broad range of maturities, and its high-yield securities investments may be convertible into equity securities of the issuer.