Salient to Investors:

Bruce Zimmerman at Utimco said that in the 3 months ending February 28, his fund reduced bullion holdings of $1.4 billion by $375 million, and bought $75 million in gold futures, $225 million in developed-market equities and $75 million in emerging-market equity futures.

Zimmerman said the fund’s total exposure to gold has not changed.

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