Fund Description

The fund was incepted in October 1985 and is managed by Morgan Stanley Investment Advisors. The objective of the fund is to seek a high level of total return on assets through a combination of current income and capital appreciation. The fund invests in convertible securities such as bonds, preferred stocks and other securities that may be converted into a prescribed amount of common stock at a prestated price. Income dividends are distributed quarterly. Capital gains, if any, are distributed in December.