Fund Description

The fund invests across equities (common and preferred), bonds, structured notes, money market instruments, ETFs, and cash, with generally no limits on asset class exposures if risk parameters are met. It may invest in alternative assets including real estate, REITs, infrastructure, convertibles, commodities and currencies, using commodities-linked derivatives and up to 15% in equity-linked notes. It can invest in any size, style, maturity, duration, or credit quality, including junk bonds, and in any country including emerging markets. Under normal conditions, it will have investment exposure to at least three countries and combined direct and indirect exposure to foreign securities, foreign currencies and other foreign investments (measured on a gross basis) equal to at least 40% of the fund's net assets. It may have up to 10% gold exposure via a Cayman subsidiary investing mainly in gold ETFs and fixed income. Management combines top-down and bottom-up research, risk management and ESG factors, actively manages currencies, uses derivatives for hedging, duration and substitution, may write covered calls, and may lend securities up to one-third of total assets.