Fund Description

The fund uses a flexible strategy that uses multiple alternative investment strategies, seeking long-term total return by investing across asset classes in instruments believed to offer strong risk-adjusted return potential. It allocates among three sleeves-Long/Short Equity, Long/Short Credit, and Long/Short Macro-based on the managers' views of each strategy's attractiveness and risks, and may hold long and short positions simultaneously. The fund may implement its market exposure through derivatives rather than actual short sales of securities; total short sales are limited to 40% of net assets when entered. It may invest in U.S. and foreign equities; fixed income including investment-grade, below-investment-grade, distressed and unrated; loans and asset-backed securities; and derivatives, with no limit on foreign exposure.