Fund Description

The fund uses a macro asset allocation strategy, shifting exposure among global stocks, bonds, money market instruments, foreign currencies and cash with wide flexibility in relative weightings, and taking long and short positions within and across categories. It invests through individual securities and derivatives, using a combination of a systematic (rule-based) investment process that ranks expected return opportunities and a discretionary process that derives investment themes based on research and analysis of macro-economic data. Equity and fixed-income investments may be unlimited across U.S. and non-U.S. issuers, any market cap, and hedged or unhedged currencies, including non-investment-grade and emerging markets. Cash may include high-quality money market securities and money market funds. It may invest in REITs, structured products, indexed and inverse floaters, and use reverse repos and dollar rolls.