Fund Description

The fund is a fund of funds that invests in other mutual funds and ETFs, managed as an asset allocation program and allocating its assets among mutual funds and ETFs managed by the manager and its affiliates and may also invest in mutual funds and ETFs managed by unaffiliated investment advisers; when selecting underlying funds for a desired asset class exposure, the portfolio managers expect to allocate to affiliated underlying funds provided appropriate products are available. It organizes holdings into equity and fixed income classes and, under normal market conditions, allocates 35%-65% to equity/equity-like strategies and 35%-65% to fixed income/fixed income-like strategies, with flexibility consistent with its objective. Portfolio managers seek risk similar to its composite benchmark and may use underlying funds with global, emerging, derivatives, long/short, alternative, and below-investment-grade exposures.