Fund Description

The fund invests at least 80% of its net assets, including borrowings for investment purposes, in convertible securities, and may also invest directly in equity securities. It may invest up to 15% of total assets in Eurodollar convertible securities and up to an additional 20% in foreign securities. Most convertible securities are not investment grade-rated, and those rated below investment grade may be considered junk bonds. The fund seeks opportunities to participate in potential common stock growth while aiming for income generally higher than the underlying stocks. It may short common stocks against convertible positions, limited to 10% of assets, and may emphasize specific economic sectors, including information technology. It may invest in privately placed and other securities purchased and sold under Rule 144A or other exemptions, subject to regulatory restrictions.