Fund Description

The fund invests at least 80% of the sum of its net assets and any borrowings for investment purposes in preferred securities and other income-producing securities. It may invest in perpetual preferreds, hybrid securities, certain exchange-listed debt regarded as part of the preferred market, and other income-producing securities, including contingent capital securities (CoCos), and may invest in preferred securities or CoCos that are convertible into common stock. It normally invests at least 50% of net assets in investment-grade securities, with up to 50% in below-investment-grade or comparable unrated issues, and may buy U.S. dollar-denominated non-U.S. issuers and restricted or Rule 144A securities. It intends to invest at least 25% of assets in financial services companies.