VPFF

The fund will invest not less than 80% of its net assets (plus the amount of any borrowings for investment purposes) in U.S. preferred securities and hybrid securities. Hybrid securities are those that have characteristics of both equity and fixed income securities. Like equities, which have no final maturity, a hybrid security may be perpetual. On the other hand, like debt securities, a hybrid security may be callable at the option of the issuer on a date specified at issue. It is non-diversified.