Fund Description

The fund invests in a mix of equity securities, fixed-income securities and derivatives, with allocations based on management's view of relative attractiveness. It intends to invest at least 25% of assets in equities and at least 25% in senior fixed income such as U.S. government, corporate, mortgage-backed and asset-backed securities. With respect to equity investments, it primarily intends to invest in securities or instruments that are components of, or have characteristics similar to, those in the MSCI ACWI, using proprietary quantitative return-forecast models. Equity may include common and preferred stock, IPOs and convertibles across U.S. and non-U.S. issuers of any market cap, hedged or unhedged. Fixed income is selected using model-based allocation and security selection and may include U.S. government and agency obligations, TBA and other mortgage-related securities, municipals, asset-backed securities, and U.S.-registered dollar-denominated debt of foreign issuers; it may also invest in bonds issued by companies outside the U.S., including in emerging markets; up to 10% may be below investment grade. Derivatives and indexed or inverse securities may be used to seek return and hedge risks.