Fund Description

The fund seeks to achieve its objective by investing, under normal circumstances, in a focused portfolio of equity and fixed-income securities, with allocations varying based on the Manager's assessment of market and economic conditions. It may shift frequently among asset classes and sectors and may invest in special situations driven by company-specific developments. Equity holdings may include common and preferred stock, PTPs, business trusts, depository receipts, rights and warrants, and REITs. Fixed income may include U.S. and non-U.S. corporate debt, bank debt, U.S. government and agency debt, and foreign short-term instruments. It may hold significant cash or cash equivalents for extended periods.