Fund Description

The fund invests primarily in shares of other registered investment companies (underlying funds) and is diversified among several asset classes using an asset allocation model developed by its investment adviser; under normal circumstances, total net assets will be allocated among various asset classes and underlying funds, including those whose shares trade on a stock exchange (ETFs). It targets about 50% equity and 50% fixed income over time, may use adviser-affiliated underlying funds (generally limited to 80% of net assets at purchase), and favors intermediate and short-term debt maturities. Allocation may use macroeconomic, fundamental, correlation, and scenario analysis, with flexibility to materially reduce equity risk and to invest up to 100% in money market instruments.