Fund Description

The fund primarily invests in equity securities or other instruments that are components of, or have characteristics similar to, those in the MSCI All Country World Index, a capitalization-weighted index spanning a broad range of industries. Holdings primarily include common stock and may include preferred stock, IPOs, securities of issuers of any capitalization, and convertible securities. It invests across multiple countries, including emerging markets and emerging growth companies, and normally allocates a substantial amount of assets to foreign securities, with assets spread across at least three countries. It may use derivatives-options, futures, swaps and forwards-for return enhancement, hedging and cash-flow management, applying proprietary quantitative return forecasts and model-based portfolio optimization and rebalancing.