Fund Description

The fund invests in a broadly diversified global mix of U.S. and international stocks, bonds and short-term securities, and alternative investments, using active asset allocation and fundamental research to select holdings. Under normal conditions it targets about 60% stocks, 30% bonds, money market securities and other debt instruments, and 10% alternatives. It normally splits equity about half U.S./half international and holds about one-third of debt in international issuers, with flexibility to buy below investment-grade debt (up to 25% of total assets). It may gain exposure to specific asset classes by using certain derivatives or by investing in other affiliated mutual funds and exchange-traded funds that focus on a given asset class, and it may use derivatives to efficiently access or adjust exposure to certain market segments, for hedging risk, in an attempt to manage portfolio volatility, and to take long and/or short positions.