Under normal circumstances, at least 80 percent of the Funds net assets (plus any borrowings for investment purposes) will be invested in high yield securities. This policy may be changed without shareholder approval; however, shareholders would be notified upon 60 days notice in writing of any changes. High-yield securities (commonly referred to as junk bonds) include U.S. dollar denominated high risk corporate bonds which are rated lower than investment grade (i.e., bonds rated lower than Baa3 by Moodys Investors Service, Inc. (Moodys) or lower than BBB- by S&P Global Ratings (S&P) or Fitch Ratings (Fitch)) or are unrated and of comparable quality as determined by the Adviser or Morgan Stanley Investment Management Limited (the Sub-Adviser). Bonds rated BBB and Baa have speculative characteristics, while lower-rated bonds are predominantly speculative. The Fund may not hold more than 10 percent of its net assets in securities rated below B3 by Moodys or lower than B- by S&P or Fitch.