The fund invests in equity and securities of U.S. and non-U.S. companies in all capitalization ranges, including common stocks, preferred stocks with equity characteristics, convertibles, warrants, rights, depositary receipts, and REITs. The fund also invests in U.S. and non-U.S. corporate loans and governmental bonds and other debt instruments. A substantial portion of the fund's debt securities may be unrated or rated below investment grade. Under normal circumstances, the fund will invest 80% of managed assets in equities and the remainder in debt; this mix will be actively managed. The fund may opportunistically sell call options. The fund may use leverage.