Fund Description

The fund is a fund of funds that invests in other mutual funds and exchange-traded funds, including mutual funds and ETFs managed by the manager and its affiliates, and it may also invest in mutual funds and ETFs managed by unaffiliated investment advisers; when selecting underlying funds to fulfill a desired asset class exposure, the portfolio managers expect to allocate to affiliated underlying funds, provided that appropriate products are available. Managed as an asset allocation program, the fund organizes its investments in underlying funds into two main asset classes: the equity class and the fixed income class. Under normal conditions it allocates 55%-85% to equity/equity-like and 15%-45% to fixed income/fixed income-like strategies, targeting risk similar to its composite benchmark. Underlying funds may invest globally, use derivatives, take long/short positions, and include below-investment-grade debt and alternatives such as commodities, real estate, and infrastructure.