Fund Description

The fund is a fund-of-funds investing in affiliated underlying funds to gain indirect exposure to fixed income securities of various types, select U.S. equities across market capitalizations and styles, and foreign (including emerging market) securities, using a blend approach across growth and value characteristics. Underlying funds may hold below-investment-grade bonds. Equity exposure may include common and preferred stocks, REITs and other trust interests, and similar structures. Foreign exposure may include ADRs and other depositary receipts and non-U.S.-currency securities. It may also invest directly in futures, forwards, options, and swaps, primarily for non-hedging purposes. Allocation is managed tactically. The fund may deviate from its investment strategy for defensive purposes.