Fund Description

The fund seeks to achieve its objective by investing in a focused portfolio of cash-distributing securities. Eligible holdings include U.S. and foreign corporate bonds and other corporate debt, bank debt (including loans and participations), U.S. and foreign government and agency debt (including U.S. Treasury bills), convertible securities, and equity securities such as preferred and common stock, interests in publicly traded partnerships and real estate investment trusts. Securities may be rated or unrated, and the manager may invest without regard to maturity or issuer rating, including without limit in lower-rated securities ("junk bonds"). The fund may hold significant cash or cash equivalents, including for extended periods, and may use additional strategies described in the prospectus and SAI.