The Fund’s investment objective
is to seek current income and current gains from trading securities, with a
secondary objective of long-term capital appreciation.
Under normal market conditions, the Fund will invest:
-
at least 70% of its managed
assets in a diversified portfolio of equity and convertible securities of U.S.
and non-U.S.issuers; and
-
up to 30% of its managed
assets in non-convertible high-yield securities; and
-
intends to engage in a strategy of
writing (selling) covered call options on at least 50% of the securities held
in the Fund's portfolio, and will only write (sell) call options on securities
held by the Fund.
Advent Capital Management, LLC,
the Fund's Investment Manager, will vary the balance between convertible, equity
and high-yield securities and the degree to which the Fund engages in a covered
call strategy from time to time based on security valuations, interest rates and
other economic market and market factors.
As it pertains to the Fund's
convertible and high-yield securities portfolio (which can comprise 100% of the
Fund's overall portfolio), the Fund can at any time, invest 100% of those assets
in securities that are rated below investment-grade quality (rated Ba or lower
by Moody's Investors Service or BB or lower by Standard & Poor's). Please refer
to the Fund's prospectus for a detailed discussion of the risks associated with
an investment in lower-grade securities, commonly referred to as "junk bonds."
While it is anticipated that
the Fund will invest approximately 20% of its managed assets in
securities of non-U.S. issuers, the Fund can invest, without limit, in
securities of non-U.S. issuers. Please refer to the Fund's prospectus for a
detailed discussion of risks associated with an investment in securities of non-U.S.
issuers.
There can be no assurance that
the Fund will achieve its investment objectives.
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