Fund Description

The fund invests primarily in domestic and foreign equity securities, including emerging market securities, and may also invest in debt securities. Equity holdings may include common and preferred stocks, convertible preferred stocks, warrants, options and ADRs, with some paying dividends. Debt holdings may include U.S. Treasury notes and bonds, investment grade corporate debt, convertible debt and below-investment-grade securities. For hedging and investment, it may engage in short sales, including of securities it does not own. It is non-diversified and may concentrate in a small number of issuers, sectors or industries. Under normal circumstances, it invests at least 35% (or at least 25% if conditions are not favorable) of net assets in non-U.S.-tied investments across at least three non-U.S. countries.