Fund Description

The fund invests primarily in a diversified portfolio of convertible instruments (including synthetic convertibles) and U.S. equity and fixed-income securities without regard to market capitalization, seeking a balance of growth and income. Synthetic convertibles combine fixed-income securities with the right to acquire equity and may involve different issuers, with components that can change. It may invest up to 25% of net assets in foreign equities, including ADRs, and in foreign debt denominated in U.S. dollars or foreign currencies. As the market environment changes, portfolio securities may change in an attempt to achieve a relatively consistent risk level over time. The investment adviser seeks to lower the risks of investing in stocks by using a top-down approach of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes, and it views the strategies as low volatility equity strategies and attempts to achieve equity-like returns with lower than equity market risk by managing a portfolio it believes will exhibit less volatility over full market cycles.