Fund Description

The fund normally invests primarily in income-producing debt securities, preferred stocks, and convertible securities, and normally invests at least 80% of assets in below investment grade debt securities rated below BBB- (or equivalent) or, if unrated, deemed comparable by the Adviser. Its 80% policy includes derivative instruments that provide exposure to these investments or related market risk factors. It may also invest in non-income producing securities, including defaulted securities and common stocks, and in companies in troubled or uncertain financial condition. It invests in domestic and foreign issuers and uses fundamental analysis of issuers and market and economic conditions to select investments.