Strategy. In seeking its investment objective, the Fund has the flexibility to allocate its assets in markets around the world and among various asset classes, including equity, fixed-income, commodity, currency and cash investments. The Fund seeks to achieve diversified, superior risk adjusted returns by dynamically allocating to multiple strategies, regions, sectors and factors in a changing and diverse growth cycle. Value is added through combining efficient market exposure with active management alpha through tactical opportunities in navigating markets and efficient implementation. The advisers asset allocation methodology is differentiated using a top-down approach to find value and drive alpha. The adviser seeks to increase upside vs. downside capture throughout economic cycles to produce stable returns that compound. The adviser believes markets move … Show more… In seeking its investment objective, the Fund has the flexibility to allocate its assets in markets around the world and among various asset classes, including equity, fixed-income, commodity, currency and cash investments. The Fund seeks to achieve diversified, superior risk adjusted returns by dynamically allocating to multiple strategies, regions, sectors and factors in a changing and diverse growth cycle. Value is added through combining efficient market exposure with active management alpha through tactical opportunities in navigating markets and efficient implementation. The advisers asset allocation methodology is differentiated using a top-down approach to find value and drive alpha. The adviser seeks to increase upside vs. downside capture throughout economic cycles to produce stable returns that compound. The adviser believes markets move with economic tides, at the heart of which is global gross domestic product growth and that growth is unevenly distributed across asset classes, sectors, sub-sectors and regions, creating investment opportunities. In selecting securities and other instruments, the portfolio managers employ quantitative screening and optimization tools to achieve desired market exposures while seeking to manage security-specific and other observable market risks. The portfolio is monitored on an ongoing basis and rebalanced as necessary to seek to ensure that desired market exposures and risk parameters are maintained. Securities may be sold if they exhibit performance that might counteract the desired exposures or to implement a revised allocation. A security may also be sold if the adviser believes it exhibits unusual volatility or price movement. The Fund currently expects to invest, under normal circumstances, 0-80% of its net assets in equity securities, 20-90% in fixed-income securities and other fixed and floating-rate income instruments, 0-25% in commodities and/or currencies, and 0-25% in cash and cash equivalents. The Fund may primarily utilize pooled investment vehicles including exchange traded funds (ETFs) and open-ended registered investment companies to gain exposure to certain asset classes or segments of asset classes, including fixed income, commodities, and certain equity sectors. The Fund may also invest in derivatives (as described below) to obtain such exposures. To the extent the Fund holds cash as collateral for derivatives, or enters into forward foreign currency exchange contracts to hedge current portfolio holdings, the ranges described above may be exceeded. The expected long-term (over a true secular cycle of at least 10 years) target allocation of the Fund is 40% in fixed-income securities and 60% in equity securities. There is no requirement to manage the Fund within this target allocation. The Funds actual asset allocation may be materially different depending on market conditions, and the Funds asset allocation over shorter or longer market cycles may differ materially from the target. The Fund may invest without limit in both developed and emerging markets, including frontier markets. Such investments may include securities denominated in foreign currencies and securities trading in the form of depositary receipts, including American Depositary Receipts (ADRs), which are either sponsored or unsponsored, and Global Depositary Receipts. The Fund may invest in fixed-income securities of any credit quality including securities rated below investment grade and comparable unrated securities (junk), and expects to invest principally in fixed-income securities that are issued by corporations, issued or guaranteed by the U.S. government or its agencies or instrumentalities, obligations of other sovereign nations, municipal obligations, mortgage-backed and asset-backed securities, inflation-linked debt securities or zero coupon bonds. The Fund may also invest in senior loans and variable rate obligations. The Fund may invest in stocks of companies of any capitalization, publicly traded real estate investment trusts (REITs) and exchange-traded notes (ETNs). The Fund may invest in ETFs and open-ended registered investment companies, in order to manage cash positions or seek exposure to certain markets or market sectors. Investment in cash or cash equivalents may include U.S. and foreign bank certificates of deposit, fixed time deposits, repurchase agreements, bankers acceptances and other short-term instruments with a remaining maturity of 397 days or less. Show less