About: The primary investment objective is to seek current income, but it also seeks to provide stockholders with capital appreciation. Under normal market conditions, it will invest at least 80% of its total assets in high yield debt instruments, including high yield bonds and high yield corporate loans which are rated in the lower rating categories of the established rating services (Ba or lower by Moodys or BB or lower by S&P) or are unrated securities of comparable quality. It may invest in debt instruments of any maturity. It may invest without limitation in financial instruments of issuers domiciled outside the U.S. or that are denominated in various foreign currencies and multinational foreign currency units. Up to 15% of its total assets may be invested in corporate loans extended to borrowers by commercial banks or other financial institutions. These loans may be below investment grade. It may invest up to 15% of its total assets in convertible debt securities and up to 15% of its total assets in preferred securities, which are rated below investment grade. Up to 10% of its total assets may be invested in high-yield securities, including Corporate Loans purchased in the secondary market, which are subject of bankruptcy proceedings.
Tags: Asset Management Financial Services