Under typical market circumstances, the fund's portfolio managers allocate a minimum of 80% of its net assets, including any funds obtained through borrowing for investment, to preferred securities. These securities are issued by companies based in both the United States and other countries. The types of preferred securities the fund may hold are diverse, encompassing standard preferred stock, hybrid preferred instruments that share characteristics of both preferred stock and debt, preferreds with floating interest rates, junior subordinated debt, senior unsecured debt obligations often issued in $25 par amounts, re-packaged preferreds, and convertible securities. This fund is structured as a non-diversified investment.