OVERVIEW (as of 12/31/2011 )
 
Investment Objective:The fund seeks maximum total return consistent with preservation of capital.

Investment Strategy:The fund is actively managed and invests in a diversified portfolio of investment grade fixed-income securities with an average dollar-weighted duration normally greater than or equal to seven years.

Investment Suitability:This fund may be suitable for investors who are seeking higher returns without investing in stocks, can accept short-term fluctuations in account value and want to diversify their portfolio with a fixed income investment option. This fund is subject to interest rate risk. Meaning, when interest rates rise, the value of the existing bonds decrease and vice versa. Changes in interest rates have a bigger impact on long duration holdings that on short duration holdings. 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.