Fund Description

The fund seeks its objective primarily by investing in preferred and debt securities it believes are undervalued relative to credit quality and other characteristics, based on issuer fundamentals, capital structure positioning, market factors, security features (such as call and conversion provisions), and relative value versus other income classes. Under normal conditions, it invests at least 80% of net assets (plus borrowings) in preferred and debt securities of U.S. and non-U.S. companies, including hybrids, floaters, corporate debt, convertibles, CoCos, and funds/ETFs focused on such securities, and may buy Rule 144A and Regulation S issues. It invests at least 25% of net assets in the financials sector, may have 25% or more in a single related industry, may invest without limit in non-U.S. securities (including up to 15% in emerging markets), may hold any credit quality, and may use derivatives without limitation primarily for interest-rate and currency hedging. The fund does not seek specific ESG outcomes, though ESG factors may be considered.