Strategy. Under normal market conditions, the Fund seeks to achieve its objective by investing in a combination of two strategies. Approximately 60% of the Funds assets will be allocated to a fixed-income strategy, and under normal market conditions, at least 80% of those assets will be invested in debt securities of all types and repurchase agreements for those securities (the Fixed-Income Strategy). Approximately 40% of the Funds assets will be allocated to an equity strategy and invested primarily in large cap common stocks (the Equity Strategy). The percentage allocations to each strategy will be monitored regularly by the Manager, but generally will not exceed plus or minus 3% of the 60%/40% allocation. The Fixed-Income Strategy Under normal market conditions, the strategy … Show more… Under normal market conditions, the Fund seeks to achieve its objective by investing in a combination of two strategies. Approximately 60% of the Funds assets will be allocated to a fixed-income strategy, and under normal market conditions, at least 80% of those assets will be invested in debt securities of all types and repurchase agreements for those securities (the Fixed-Income Strategy). Approximately 40% of the Funds assets will be allocated to an equity strategy and invested primarily in large cap common stocks (the Equity Strategy). The percentage allocations to each strategy will be monitored regularly by the Manager, but generally will not exceed plus or minus 3% of the 60%/40% allocation. The Fixed-Income Strategy Under normal market conditions, the strategy will invest at least 80% of its assets in debt securities of all types and repurchase agreements for those securities. Such investments include corporate bonds, U.S. Treasury obligations, U.S. government agency mortgage securities and real estate investment trusts. A portion of the investments may not be publicly traded. The Subadviser uses the Bloomberg U.S. Aggregate Bond Index as a guide in structuring the strategy and selecting its investments and manages the strategy to have similar overall interest rate risk to the index. The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes U.S. Treasury obligations, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities and commercial mortgage-backed securities (agency and non-agency). The Subadviser considers other factors when selecting strategy investments, including the credit quality of the issuer, security-specific features and the Subadvisers assessment of whether the investment is undervalued. In managing the strategys exposure to various risks, including interest rate risk, the Subadviser considers, among other things, the markets overall risk characteristics, the markets current pricing of those risks, and internal views of potential future market conditions. The strategys assets may be allocated among different market sectors (for example, corporate, asset-backed, or government securities) and different maturities based on the Subadvisers view of the relative value of each sector or maturity. The strategys assets may be invested in securities of foreign issuers, including those located in emerging markets, denominated in U.S. dollars or in local currency, in addition to securities of domestic issuers. The strategy may invest significantly in derivatives instruments, such as interest rate swaps, total return swaps, credit default swaps, and futures contracts (both long and short positions) on securities and indexes, and in forward-settling securities. Such investments may give rise to a form of leverage, particularly when the strategy does not own the assets, instruments or components underlying the derivative instruments. Depending on the Subadvisers outlook and market conditions, the strategy may invest in derivatives instruments in order to gain exposure to assets, instruments, or indexes, interest rates, or credit qualities. The strategy also may invest up to 20% of its assets in lower-quality debt securities, sometimes called junk bonds. To earn additional income for the strategy, the Subadviser may use a trading strategy that involves selling (or buying) mortgage securities and simultaneously agreeing to purchase (or sell) mortgage securities on a later date at a set price. This trading strategy may increase interest rate exposure and result in an increased portfolio turnover rate, which increases transaction costs. The Equity Strategy Under normal market conditions, the strategy will invest at least 80% of its assets in common stocks included in the S&P 500 Index. The S&P 500 Index is a market capitalization-weighted index of 500 common stocks chosen for market size, liquidity, and industry group representation to represent U.S. equity performance. A companys market capitalization is based on its current market capitalization or its market capitalization at the time of the funds investment. Companies whose capitalization falls below this level after purchase continue to be considered to have a large market capitalization. The size of the companies in an index changes with market conditions and the composition of the index. In buying and selling securities for the strategy, the Subadviser seeks to outperform the S&P 500 Index by, in general, utilizing a research-driven approach identifying long-term drivers of stock returns that may include, but are not limited to valuation, growth, quality, and other factors. The research is systemically applied alongside a proprietary portfolio construction and risk management framework to select a broadly diversified group of stocks. The process seeks to maximize the return opportunity while managing benchmark relative risks. The portfolio managers will generally attempt to overweight securities with positive characteristics identified in the evaluation process and underweight securities with negative characteristics. The Subadviser also considers the funds security, industry, and market capitalization weightings relative to the S&P 500 Index when selecting securities for the strategy. The Subadviser may also invest in securities of issuers that are not part of the S&P 500 Index. The Subadviser may also use various techniques, such as buying and selling futures contracts and swaps, to increase or decrease the strategys exposure to changing security prices or other factors that affect security values. If the Subadvisers strategies do not work as intended, the fund may not achieve its objective. Show less