Fund Description

The fund invests at least 80% of assets in fixed-income securities, defined as fixed or floating rate cash equivalents, debt instruments, preferred stock, and ETFs that primarily invest in these instruments, with preferred stocks capped at 30%. Holdings may be selected without limits on maturity, credit quality (including high yield), currency, issuer country, or capitalization. Execution is delegated to a sub-adviser that primarily uses a fund-of-funds approach through ETFs, seeking total return with capital preservation as a secondary objective via an opportunistic, unconstrained strategy based on prevailing market conditions, supported by macro analysis, fundamental research, and proprietary value and credit screens. The portfolio may shift defensively, including up to 100% in cash equivalents or similar positions and up to 20% in inverse ETFs for hedging, and may trade frequently, potentially exceeding 100% turnover.