Fund Description

The fund seeks to achieve its objective by allocating assets among global equity securities, fixed-income securities and other investments, including ETFs, to take advantage of long- and short-term global market fluctuations through shifts across asset classes and markets, including developing and emerging markets. It may emphasize fixed-income securities, equity securities or other types of investments at times; invest in all types of equities and debt of any kind, including mortgage- and asset-backed securities, structured notes, and loan assignments/participations, with no limit on below-investment-grade or unrated debt. It may use short sales and derivatives (futures, options, forwards, swaps) and may invest in commodity futures, event-linked, currency-, real estate- and precious-metals-related investments, Rule 144A securities, a Cayman subsidiary (up to 25%) for commodity-linked derivatives and gold exchange-traded products, and up to 10% in bullion, other metals, related certificates and coins. Holdings may at times differ significantly from the weightings of the indices comprising its custom index.