Fund Description

The fund seeks to provide income by investing in fixed income securities and high dividend-paying equities, preferred equities and similar securities, and by writing call options. It also seeks capital appreciation primarily through equity securities. It has a 60% fixed income/40% equity baseline allocation, with flexibility to tilt up to 15% above or below at the time of investment. Equity holdings may include common and preferred stocks, ADRs, MLPs, REITs and investment companies/ETFs, using a value approach and typically favoring large-cap dividend payers. Fixed income may include U.S. and foreign government and corporate issues, including non-investment grade, with no fixed target duration. The fund may invest without limit in non-U.S. securities and use derivatives, including swaps, futures and currency hedges. It expects to sell out-of-the-money put and call options, including strangles, up to 12% of portfolio value, and may use total return swaps for this strategy.