The Fund will invest at least 80% of its managed assets in below investment grade (high yield) debt securities of U.S. and foreign issuers. No more than 20% of its managed assets will be invested in other securities and financial instruments, including investment grade debt securities, equity securities and derivatives. It may invest in emerging and developing markets. It expects to maintain an average portfolio quality of B/B to Ba/BB. The expected average portfolio maturity is in the intermediate range of 2 to 7 years.