Fund Description

The fund is a diversified vehicle that invests all investable assets in a global portfolio. Under normal circumstances, that portfolio invests at least 65% of net assets plus borrowings in equity securities of U.S. and foreign companies listed on public exchanges, including common stocks, ETFs, convertibles, warrants and depositary receipts, with at least 40% invested outside the U.S. and exposure to at least three countries. It may use options and P-notes, invest up to 20% in below-investment-grade debt, up to 100% in emerging markets, lend securities up to 33-1/3%, and gain indirect exposure to bitcoin through the Grayscale Bitcoin Trust and through other pooled investment vehicles that provide exposure to crypto assets; it also has wholly owned subsidiaries that invest primarily in the Grayscale Bitcoin Trust.