Fund Description

The fund invests primarily in U.S. and/or foreign (including emerging markets) equity securities, fixed-income securities, and real estate securities, including REITs. It may also invest in derivatives such as futures and options contracts, as well as ADRs. Derivatives are typically used as a liquid and economical means of managing tactical allocations to asset classes and may also be used for hedging and risk-management purposes. Consistent with this approach, the fund may change the allocation of its portfolio holdings on a frequent basis and may invest up to 10% of total assets in ETFs to obtain desired exposures.