Fund Description

The fund invests in common stocks, preferred stocks and other hybrid securities, and fixed- and floating-rate income instruments of U.S. and foreign issuers. Under normal market conditions, it invests at least 30% of net assets in issuers located outside the U.S., which may include emerging markets, and in issuers located in at least five countries; securities may trade as depositary receipts. It may invest 25% or more in utilities and financial services. Under normal market conditions, the fund generally invests 50-80% of its net assets in common stocks, 0-30% in preferred stocks and other hybrid securities, and 10-40% in income instruments, including cash or money market instruments. It may use derivatives extensively.