Fund Description

The fund is one of three dynamic asset allocation funds, each with a distinct strategic allocation between equity and fixed-income investments. Using qualitative analysis and quantitative techniques, it adjusts portfolio allocations within an allowable range to try to optimize performance consistent with its goal. It invests mainly in fixed-income securities, including U.S. and foreign government obligations, corporate obligations, and securitized debt such as mortgage-backed investments, considering risks such as credit, interest rate, and prepayment. It also invests to a lesser extent in U.S. and foreign equities of any size, and may use other investments. Derivatives are typically used to a significant extent for hedging and non-hedging purposes.