Fund Description

The fund seeks maximum current income while maintaining a low correlation to fluctuations of the overall U.S. equity market. It invests in equities and in convertible securities (including synthetic convertibles) of U.S. companies without regard to market capitalization, and may use short selling and total return swaps to enhance income and hedge market risk. Convertibles may be debt or preferred stock exchangeable for common stock, typically with maturities of two to ten years. It may write call and put options on portfolio securities, indexes or ETFs, and buy puts to offset declines in long positions. It may invest without limit in high yield bonds, up to 10% in SPAC-related securities and certain private rights, trade actively, invest in ETFs, and may invest in the securities of companies involved in significant corporate events or transactions.