Looking both
within and outside of the benchmark, the Fund seeks
relative value opportunities across traditional investment - grade and high - yield bond sectors, also including nontraditional asset classes like non-U.S. sovereign and corporate debt, convertibles, and floating - rate loans.
The proportion of the Allocation Fund's portfolio invested in each asset class will vary from time to time based on the Manager's assessment of
relative fundamental
values of securities and other investments in the class, the attractiveness of the investment
opportunities within each asset class, general market and economic conditions, and expected future returns of investments.