Fund Description

The fund invests in a portfolio of equity, debt and money market securities, and may emphasize either equities or debt at different times. Equity holdings may include common and preferred stock, rights and warrants, and instruments linked to common stock, with selections focused on securities management believes are undervalued. Debt investments may include fixed- or floating-rate securities of varying maturities from U.S. and foreign governments, supranationals, and private issuers, including convertibles, inflation-indexed bonds, structured and credit-linked notes, and loan assignments/participations; up to 35% may be in junk bonds, corporate loans and distressed securities. It may invest in REITs, real asset-related securities, convertibles, derivatives (options, futures, swaps, forwards), indexed and inverse securities, and commodity-linked instruments, including up to 25% via a Cayman subsidiary. The fund seeks diversification across markets, industries and issuers, has no geographic limits, actively manages currency exposure, and under normal circumstances allocates approximately 40% or more (at least 30% if conditions are unfavorable) of assets to foreign-related securities across no fewer than three countries.