Fund Description

The fund seeks a high level of current income by investing primarily in income-producing equity securities, while also considering potential price appreciation when consistent with that objective. It invests primarily in U.S. equities that generate relatively high dividend income versus other equities in the same industry and offer potential for capital appreciation, generally in stocks of medium- and large-cap U.S. companies. Under normal market conditions, it invests at least 80% of total assets, including borrowings, in common stocks. When the market price of a stock equals or exceeds the strike price of a covered call option written against it, the fund may allow all or a portion of the stock to be sold or called away by the option buyer. Up to 20% may be held in cash, Treasury bills, or money market instruments for liquidity, and stock futures may be used to stay fully invested while holding cash equivalents.