Fund Description

The fund uses an asset allocation approach to build a global portfolio of uncorrelated assets, with exposure-through underlying vehicles-to stocks, bonds, commodities and other investments. It invests primarily in exchange-traded open-end investment companies (ETFs), generally passive index-based, and actively managed closed-end funds (together, Underlying Funds), including ETFs that correlate directly or inversely with an index and potentially actively managed ETFs. Through Underlying Funds it may invest in non-U.S. and emerging market companies, and it may also invest directly in equity and debt securities. Holdings are typically concentrated in 10 to 30 positions. It may use swaps, futures, options, forward currency contracts, write puts and covered calls, and may engage in short sales.