Fund Description

The fund invests in common stocks, preferred stocks and other hybrid securities, and fixed- and floating-rate securities and other debt 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 across at least five countries. It may invest 25% or more in each of utilities and financial services. Under normal market conditions, the fund expects to invest 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. Holdings may be any maturity or perpetual, including below investment grade, unrated, or in default. It may hold depositary receipts, REITs, ETFs, restricted securities, lend securities, and engage in derivatives; use of derivatives may be extensive, and it may use covered short sales.