Under normal market conditions, the Fund invests at least 80 percent of its net assets (including investment borrowings) in high yield debt securities that are rated below investment grade at the time of purchase or unrated securities deemed by the Funds advisor to be of comparable quality. Below investment grade securities are those that, at the time of purchase, are rated lower than BBB minus by S& P Global Ratings (S&P), or lower than Baa3 by Moodys Investors Service, Inc. (Moodys), or comparably rated by another nationally recognized statistical rating organization (NRSRO). High yield debt securities that are rated below investment grade are commonly referred to as junk debt. Such securities may include U.S. and non-U.S. corporate debt obligations, bank loans and convertible bonds. For purposes of determining whether a security is below investment grade, the lowest available rating will be considered.