OVERVIEW (as of 3/31/2012 )
 
Investment Objective:The fund seeks to provide long-term capital appreciation with reduced volatility compared to equity markets.

Investment Strategy:The fund is actively managed and invests mainly in equity securities with defensive characteristics. The fund may also invest to a lesser extent in convertible bonds.

Investment Suitability:This fund may be suitable for investors who have a medium to long-term investment horizon, possess a moderate tolerance for risk and seek to participate in the return potential of stocks at a slightly lower risk level than an all stock portfolio. The value of a convertible securities generally increases and decreases with the value of the underlying common stock, but may also be sensitive to changes in interest rates. This fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Foreign securities may be subject to greater risk than domestic securities due to currency volatility, reduced market liquidity and political and economic instability. To the extent that the investment advisor misjudges current market conditions, the fund’s volatility may be amplified by its use of short sales and derivatives, and by its ability to select sub-advisers to allocate assets. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage may increase the risk of loss and cause fluctuations in the market value of the fund’s portfolio to have disproportionately large effects or cause the NAV of the fund generally to decline faster than it would otherwise.