Industry description
The investment seeks a high level of current income and total return.
Under normal circumstances, the portfolio invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in preferred securities or other income producing securities. The portfolio may invest in all types of preferred securities, including both perpetual preferred securities and hybrid securities. The portfolio may invest up to 50% of its assets in securities rated lower than investment grade or unrated securities of comparable quality as determined by the portfolio’s sub-adviser.