Fund Description

The fund invests primarily in marketable securities of established companies that its portfolio managers believe provide income and, where consistent with its objective, may offer potential for capital appreciation. Holdings may include bonds purchased at a discount or premium, preferred securities, common stocks, convertible securities, and securities with warrants attached. The portfolio emphasizes high-yield corporate bonds that are unrated or rated below investment grade by either of the two principal rating services. Equity investments, generally acquired through corporate debt restructurings, are considered for appreciation potential.