Fund Description

The fund normally invests primarily in a broad range of domestic and international, including emerging markets, fixed income and equity securities, including interest-paying and convertible bonds and dividend-paying common stocks. It may also invest in preferred stocks and write covered calls on equities. Under normal circumstances, it invests at least 25% of assets in fixed income securities and at least 25% in equity securities, with allocations that may vary substantially. It may invest in companies with market capitalizations of $300 million or more across any credit quality, including junk bonds, and the bonds in the fund's portfolio will generally have an average maturity of less than ten years. Under normal conditions, at least 40% of assets are in issuers domiciled in at least three non-U.S. countries, including ADRs. The sub-advisor uses a bottom-up process to find temporarily out-of-favor securities where a catalyst may unlock intrinsic value, and sells when fair value is exceeded or fundamentals deteriorate.