Fund Description

The fund invests in both equity and debt securities, with an allocation designed to primarily achieve high current income, with a secondary objective of long-term capital appreciation. Allocation may shift based on the adviser's view of economic conditions and security values, and it may invest up to 100% of net assets in equities or debt. Equity holdings may include common and preferred stocks, convertibles, rights, and warrants. Debt may include government, mortgage- and asset-backed, bank debt, rated or unrated corporate fixed and floating rate issues, and below-investment-grade bonds. Up to 20% may be in ADRs and foreign companies traded on U.S. exchanges. Investments are selected through in-house research; it may invest in any sector and may have significant energy and information technology exposure.