Fund Description

The fund invests mainly in convertible securities of U.S. companies and, under normal circumstances, invests at least 80% of its net assets in convertible securities, including bonds, preferred stocks, and other instruments convertible into or exchangeable for common stock or equivalent value, combining characteristics of bonds and common stocks. A significant portion of the convertible securities the fund buys are below-investment-grade. It invests significantly in intermediate- to long-term convertible bonds, often with put features that can shorten effective maturities. When deciding whether to buy or sell investments, the Investment Manager may consider structural features (including position in a company's capital structure and put and call features), credit and prepayment risks, and, with respect to the common stock underlying a convertible security, the stock's valuation and the company's financial strength, growth potential, competitive position, projected future earnings, cash flows and dividends.