Fund Description

The fund invests at least 80% of net assets in convertible securities and common stock received upon conversion. Convertibles, generally debt or preferred stock convertible into common stock, offer potential capital appreciation of underlying stocks while providing current income and potentially reduced price volatility in down equity markets; they may rise when interest rates fall and decline when rates rise. The manager balances equity and debt traits with emphasis on equity, considering long-term earnings, asset value, and cash flow. It may use enhanced convertibles for yield, equity exposure, or downside protection, invest across capitalizations, hold up to 100% below investment grade, and invest up to 20% in other securities. It does not concentrate by industry but may at times make significant investments in sectors such as technology and healthcare, and intends to limit its investments in foreign securities to 25% or less of its total assets.