Fund Description

The fund primarily invests in preferred and debt securities and other income-producing securities, including convertible securities, and may use derivatives and invest in other investment companies such as ETFs. Under normal market conditions, it invests at least 80% of net assets (plus borrowings for investment purposes) in preferred and debt securities issued by U.S. and non-U.S. companies, including hybrid, floating rate and Additional Tier 1 securities. It may invest without limit in non-U.S. securities, which may be non-U.S. dollar-denominated, and up to 20% in emerging market local currency. Holdings may be any maturity or credit quality, including investment grade, high yield and unrated. The fund may invest over 25% of its net assets in the financials sector and may also allocate 25% or more to other sectors. It may use derivatives and short sales.