Fund Description

The fund seeks its objective primarily by investing in preferred and other income securities believed to be undervalued relative to credit quality and other characteristics, based on issuer fundamentals, corporate and capital structure, market factors, structural features, and relative value versus other income classes. Under normal conditions it invests at least 80% of net assets (plus borrowings) in preferred and income securities from U.S. and non-U.S. companies, including hybrids, floaters, corporate debt, convertibles, CoCos, and funds/ETFs focused on preferred and/or debt, and may buy Rule 144A and Regulation S issues. It may hold significant OTC "capital securities," invests at least 25% in financials, may allocate to other sectors, can invest without limit in non-U.S. securities (up to 15% emerging markets), may hold any maturity or credit quality, and may use derivatives, primarily for interest rate and currency hedging.