The Fund's stated investment objective is total return. The Prospectus states that the Fund invests primarily in insurance-linked securities (ILS), including event-linked (catastrophe) bonds, quota share instruments (reinsurance sidecars), collateralized reinsurance, industry loss warranties and event-linked swaps, and normally holds at least 80% of net assets in ILS. Most holdings are below investment grade or unrated, and quota shares and collateralized reinsurance are generally illiquid. The Adviser models exposure by peril, region and sponsor. The Fund may borrow up to one-third of total assets but does not currently plan to use leverage, and it uses currency forwards to hedge.