Fund Description

The fund invests in a diversified portfolio typically allocating about 40% to stocks, 48% to bonds, money market securities, and cash, and 12% to alternative investments, with normal ranges of 30-50%, 35-65%, and 0-20%, respectively. It may invest up to 40% in foreign securities, including non-U.S. dollar bonds. Stocks span U.S. and international markets and may include developed and emerging markets; selection considers growth/value, size, and real-asset-related companies. Bonds may be U.S. or foreign, fixed or floating rate, primarily investment grade, across government, corporate, and mortgage-backed sectors, with duration and credit exposure adjusted. Alternatives may include hedge funds and other investment companies. The fund may use futures, options, forwards, swaps, and CDS/CDX for exposure, hedging, cash management, and risk adjustment.