The investment seeks a high level of current income consistent with growth of capital.
Under normal circumstances, the fund targets a neutral allocation of approximately 30% in equity securities and 70% in fixed income securities. The equity portion of the fund's portfolio may invest in various types of equity instruments including, but not limited to, common stock, depositary receipts, equity-linked notes ("ELNs"), real estate-related securities, preferred stock, rights, warrants, exchange-traded funds ("ETFs"), master limited partnerships ("MLPs") and derivative instruments. The fund may invest in equity securities of issuers with any market capitalization.
The investment seeks to maximize current income while moderating risk and volatility in the portfolio; as a secondary objective, it seeks capital appreciation.
The fund operates as a fund of funds, investing primarily in registered mutual funds (both actively and passively managed) and exchange-traded funds ("ETFs"). The funds in which the fund may invest are referred to herein as the "underlying funds." The Advisor believes that investing in underlying funds provides the fund with an efficient means of creating a portfolio that provides investors with indirect exposure to a broad range of asset classes.