Fund Goal and Approach
The Fund seeks to achieve its investment objective - long-term capital appreciation - with lower volatility than, and moderate correlation to, major equity market indices. The Fund uses a 'manager of managers' approach by selecting one or more experienced equity managers to serve as sub-advisers to manage the Fund's assets. The Fund allocates its assets among sub-advisers that use long/short equity investment strategies that are not expected to have returns that are highly correlated to each other or major equity market indices.
Derivatives Risk: A small investment in derivatives could have a potentially large impact on the fund's performance. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value.
Equity Risk: Equity funds are subject generally to market, market sector, market liquidity, issuer and investment style risks, among other factors, to varying degrees, all of which are more fully described in the fund's prospectus.
Foreign Investment Risk: To the extent the fund invests in foreign securities, its performance will be influenced by political, social and economic factors affecting investments in foreign companies. These special risks include exposure to currency fluctuations, less liquidity, less developed or less efficient trading markets, lack of comprehensive company information, political instability, and differing auditing and legal standards.
Short Sales Risk: May involve substantial risk and 'leverage.' Short sales expose the fund to the risk that it will be required to buy the security sold short at a time when the security has appreciated in value, thus resulting in a loss.
Investors should consider the investment objectives, risks, charges, and expenses of the fund carefully before investing. Download a prospectus, or a summary prospectus, if available, that contains this and other information about the fund, and read it carefully before investing.