Industry description
The investment seeks to generate a high level of current income.
The fund normally invests at least 80% of its total assets in a diversified portfolio of high yield fixed income securities. These include corporate bonds, convertible securities and preferred securities. The Investment Manager will generally purchase securities for the fund that are not investment grade, meaning securities with a rating of "BB" or lower as rated by Standard & Poor's or a comparable rating by another nationally recognized rating agency. The fund will not invest in Excluded Securities.