Strategy. The Fund employs a multi-strategy approach across global equity and fixed income markets including (1) an actively managed, diversified, market neutral multi-strategy that includes equity securities, debt securities, and/or derivatives (the Core Market Neutral Strategy), (2) a long-only growth strategy generally consisting of equity securities (the Growth Strategy), and (3) a long-only defensive strategy generally consisting of debt securities (the Defensive Strategy). To implement its strategy, the Fund may also use derivatives, such as swaps and futures, in the Growth and Defensive Strategies. The Funds Growth and Defensive Strategies consist only of securities purchased to capitalize on the positive expected return of specific asset classes. The Funds Growth Strategy, under normal circumstances, seeks to purchase domestically traded large-, mid- or … Show more… The Fund employs a multi-strategy approach across global equity and fixed income markets including (1) an actively managed, diversified, market neutral multi-strategy that includes equity securities, debt securities, and/or derivatives (the Core Market Neutral Strategy), (2) a long-only growth strategy generally consisting of equity securities (the Growth Strategy), and (3) a long-only defensive strategy generally consisting of debt securities (the Defensive Strategy). To implement its strategy, the Fund may also use derivatives, such as swaps and futures, in the Growth and Defensive Strategies. The Funds Growth and Defensive Strategies consist only of securities purchased to capitalize on the positive expected return of specific asset classes. The Funds Growth Strategy, under normal circumstances, seeks to purchase domestically traded large-, mid- or small-capitalization equity securities that offer pro-cyclical directional exposure to the U.S. market. The Funds Defensive Strategy typically seeks to purchase income-generating securities with the goal of providing high liquidity and capital preservation. The securities that comprise the Defensive Strategy generally include U.S. Treasuries and corporate credit securities. The Funds Core Market Neutral Strategy consists of a combination of long securities purchased that seek to benefit from an increase in the underlying prices of such securities and short securities sold that seek to benefit from a decrease in the underlying prices of such securities. The aim is to generate performance through security price dispersion instead of market direction. The Funds Core Market Neutral Strategy may be deployed by the Advisers dedicated investment professionals and may be characterized by a sector focus, a geographic definition, an event orientation or some other dominant characteristic. The underlying strategies employed, and the allocation among them, will vary over time. The common attribute of these strategies is a long/short investment approach whereby various securities or instruments are held long and others are sold short. The Adviser, therefore, applies moderate leverage (i.e., borrowed capital to increase investment exposure) to the Core Market Neutral Strategy in an effort to enhance the Funds absolute returns. In addition, in order to take advantage of certain opportunities in the securities markets, the Fund may engage in active and frequent trading with respect to the Core Market Neutral Strategy. The securities that comprise the Funds Growth Strategy are generally equity securities that may at anytime include, but are not limited to, positions in U.S. common preferred or convertible securities of large-, mid- or small-capitalization issuers; securities of other investment companies, including exchange-traded funds (ETFs); depositary receipts, including American Depositary Receipts (ADRs), and derivatives, such as swaps and futures. The equity securities that comprise the Funds Core Market Neutral Strategy may at any time include positions in U.S. or non-U.S. common, preferred or convertible securities of any market capitalization throughout the world, including emerging markets countries; securities of other investment companies, including ETFs; and depositary receipts, including ADRs. The debt securities that comprise the Funds Defensive Strategy and Core Market Neutral Strategy may include, but are not limited to, corporate debt securities, bonds (including inflation-indexed bonds), notes or other debentures, U.S. Government and foreign government securities, ETFs, and derivatives, such as swaps and futures. The Fund may also invest in below investment grade debt securities (also referred to as high yield debt securities or junk bonds). In addition, the Core Market Neutral Strategy may invest in derivative instruments, including swaps, interest rate swaps, options or index options (e.g., calls and puts may be purchased or written), futures contracts, and forward contracts. The Funds derivative instruments are used for several purposes, including to create investment leverage; as a substitute for securities, interest rates, currencies and commodities; and/or to hedge against market movements. In an effort to achieve its goals, the Fund may engage in active and frequent trading. Show less