Strategy. The Sub-Adviser?s macro asset allocation strategy is based primarily on the active management of the fund?s exposure to market risk in different asset classes and seeks to take advantage of opportunities arising from the variability of risk premia over time. The Fund?s Sub-Adviser seeks to achieve the total return component of the Fund?s investment objective by using a dynamic macro asset allocation strategy. The Fund may invest in or seek exposure to a wide range of asset classes including, without limitation, (i) equity (of any market capitalization), (ii) fixed-income (including all grades and maturities of domestic and foreign credit (including emerging markets) (iii) commodities, (iv) real estate investment trusts (?REITs?) and (v) currencies. The Sub-Adviser?s strategy seeks long and short … Show more… The Sub-Adviser?s macro asset allocation strategy is based primarily on the active management of the fund?s exposure to market risk in different asset classes and seeks to take advantage of opportunities arising from the variability of risk premia over time. The Fund?s Sub-Adviser seeks to achieve the total return component of the Fund?s investment objective by using a dynamic macro asset allocation strategy. The Fund may invest in or seek exposure to a wide range of asset classes including, without limitation, (i) equity (of any market capitalization), (ii) fixed-income (including all grades and maturities of domestic and foreign credit (including emerging markets) (iii) commodities, (iv) real estate investment trusts (?REITs?) and (v) currencies. The Sub-Adviser?s strategy seeks long and short exposure in these various asset classes and currencies. The Fund may take long positions indirectly through exchange-traded funds (?ETFs?), exchange-traded notes (?ETNs?) and derivative instruments such as, but not limited to, commodity linked notes, futures, swaps, options and currency forward contracts. The Fund may take short positions indirectly through ETFs or ETNs, and derivative instruments (listed above) that are intended to provide inverse exposure to a particular asset class or currency. Long positions and short positions may be intended to enhance expected return, reduce expected risk or both. The Sub-Adviser expects the Fund?s net long exposure to typically be between 75% and 125%, but it may range from 0% to 200%. The Fund?s net exposure in equity is between -100% and 100%, in bonds between -100% and 200%, and in commodities between -50 and 75%. Futures are typically based on, though are not limited to, equity indexes, government bonds, commodities and currencies. Swaps are typically related to without limitations commodities and commodity indexes. Options would typically be on, though are not limited to, equity indexes, equity index futures, government bonds, government bond futures and currencies. The Fund has no geographic or other limits on the allocation of its assets among asset classes. The Sub-Adviser seeks to achieve the capital preservation component of the Fund?s investment objective during down markets through broad diversification across different asset classes in combination with dynamic management of risk premia and dynamic risk management including (1) shifting allocation between asset classes, (2) short positions on equities, (3) allocation to government bonds and (4) allocation to cash equivalents. Risk premia (i.e., excess returns above the risk-free rate) represent the long-term compensation of an investor for the assumption of market risk in different asset classes. The Sub-Adviser?s goal is to identify when risk premia are particularly attractive, actively shift between asset classes, between long or short positions, as well as allocations to cash. The Sub-Adviser generally purchases a security when its model identifies that its risk-reward profile is relatively more attractive than other opportunities. The Sub-Adviser generally sells a security when its model identifies that the relative attractiveness deteriorates or risk associated with the security increases significantly. In addition, the Sub-Adviser may sell a security if better investment opportunities emerge elsewhere. The Fund may also engage in securities lending. Show less