Global Equities. Global equities includes U.S. and non-U.S. equity investments, including securities issued by companies in developed and emerging markets (i.e., those that are in the initial stages of their industrial cycles), exchange-traded funds (“ETFs”) and other investment companies or pooled investment vehicles that seek exposure to equities (“Global Equities”). Exposure to Global Equities also may be achieved through derivative instruments such as equity-related futures and swaps. The Global Equities Asset Class is expected to generally include allocations to long-only investments (i.e., investments for which the Fund’s portfolio manager anticipates an increase in value) and is expected to cover a wide range of geographic regions, investment styles (i.e., growth and value investing), industries and sectors and market capitalizations.

  Global Fixed Income . Global fixed income includes U.S. and non-U.S. fixed income investments, including sovereign, corporate, agency and high yield debt securities (commonly referred to as “junk bonds”), and ETFs and other investment companies or pooled investment vehicles that seek exposure to fixed income instruments (“Global Fixed Income”). This Asset Class is expected to include exposure to fixed-income investments across a wide range of U.S. and non-U.S. (including emerging markets) government securities (including agencies and instrumentalities), corporate and mortgage or other asset-backed debt securities. There are no credit quality restrictions on the Fund’s fixed income investments, and all of the assets allocated to the Global Fixed Income Asset Class may be invested in securities rated below investment grade, or in unrated securities determined by the Adviser to be of comparable quality. However, the Fund will not invest more than 10% of its net assets in fixed income securities of issuers that are in default or exhibit a high probability of default.

      Alternative and Hedge Fund Investments. Alternative and hedge fund investments include investments in private investment funds, ETFs or other registered investment companies, including funds of hedge funds, that employ a variety of investment strategies, such as event-driven, equity and/or credit long/short, relative value, and arbitrage strategies. Event-driven strategies involve investments in companies undergoing significant corporate transactions or structural transformations. Relative value strategies involve identifying and exploiting disparities in pricing relationships between instruments with similar pricing characteristics. Arbitrage strategies involve identifying and exploiting pricing inefficiencies in certain securities, markets or countries. In addition to varied investment strategies, this Asset Class may have exposure to a wide variety of investment types, including U.S. and non-U.S. equity, fixed income, commodity and real estate investments.

  Exposure to alternative and hedge fund investments also may be achieved through derivative instruments, including swaps, futures or options. The Fund’s derivative positions in this Asset Class may be both long and short. A short derivative position is one where the Fund’s portfolio managers anticipate a price decrease in the underlying asset.

  The Fund may also invest in factor based hedge fund replicator vehicles that attempt to replicate the behavior of the overall hedge fund industry, as measured by one or more hedge fund indices, or certain individual hedge fund strategies, such as event driven, managed futures or merger arbitrage, by using rolling regression analysis to determine the factors that explain hedge fund returns and identifying instruments with exposures to those factors. In addition, the Fund may invest in liquid alternative beta vehicles that attempt to isolate the market generated risk and returns associated with a particular hedge fund strategy (sometimes referred to as systematic risk or beta) and generate returns consistent with such systematic risk by using liquid, tradable instruments. The hedge fund replicator vehicles and liquid alternative beta vehicles in which the Fund will invest will primarily be swaps, including total return, volatility and variance swaps. Volatility and variance swaps are agreements between two parties to make payments based on the difference between the implied volatility or variance (i.e., the measured volatility mathematically squared) and the future realized volatility or variance of an underlying asset during a stated time period.

  Private Equity and Special Opportunity Investments. Private equity and special opportunity investments include interests in private equity or venture capital funds, or private equity “funds of funds,” the interests of which are expected to be publicly traded. These funds have exposure to strategies that may include, among other things, buyout, venture capital, growth capital or distressed companies (“Private Equity and Special Opportunity Investments”). Private equity and special opportunity investing seeks to generate capital appreciation through investments (directly or indirectly) in private companies in need of capital. The private equity strategy seeks to profit from, among other things, the inefficiencies inherent in these markets through valuation and due diligence analysis of available business opportunities. Currently, the Private Equity and Special Opportunity Investments Asset Class is primarily expected to consist of interests in publicly traded private equity “funds of funds,” as well as ETFs or other pooled vehicles that seek direct or indirect exposure to this Asset Class.

      Real Asset Strategies. It is currently expected that the real asset strategies Asset Class would be comprised of investments in: (a) real estate investment trusts (commonly known as “REITs”) that are publicly traded and/or private partnerships that make direct investments in: (i) existing or newly constructed income-producing properties, including office, industrial, retail, and multi-family residential properties; (ii) raw land, which may be held for development or for the purpose of appreciation; or (iii) conventional mortgage loans, participating mortgage loans, loans issued by REITs or other real estate companies or government sponsored entities, common or preferred stock of companies whose operations involve real estate (i.e., that primarily own or manage real estate), and collateralized mortgage obligations; and (b) commodity-related investments, including exchange-traded futures and OTC futures in foreign markets with respect to physical commodities, investment funds managed by commodity trading advisers (including long/short managers) and commodity-based ETFs. The Real Asset Strategies Asset Class investments may be in the U.S. or non-U.S. countries, including “emerging markets.” In addition to seeking returns, the Real Asset Strategies Asset Class is utilized to gain an “inflation hedge” that could enhance the Fund’s returns during periods of financial market underperformance.