Fund Description

The fund seeks to achieve its investment objective by investing across a broad range of asset classes. Under normal circumstances, the sub-adviser targets 30%-50% of net assets in equity securities and 50%-70% in fixed income securities and cash instruments. Allocation decisions within these bands are made at the discretion of Wellington Management and are based on its judgment of the market cycle, market risks, volatility, trends and valuations within each asset category and expected yield and total returns of each asset category. Equity typically includes common stocks and equity-linked notes across any market capitalization. Fixed income may include U.S. Treasuries; corporate debt and loans (including non-investment grade and default/bankrupt); non-U.S. and emerging markets debt; convertibles; securitized debt (including TBA); currencies; and hybrid high yield instruments, across any maturity or duration. The fund may invest in foreign and emerging markets and restricted securities (Rule 144A and Regulation S), trade actively, and buy and sell exchange-traded and over-the-counter derivative instruments for risk management purposes and otherwise in pursuit of the fund's investment objective.