Description

Seeks to achieve its investment objective by primarily investing in equity and fixed-income securities. The Vanguard ETF may do so either directly or indirectly through investment in one or more exchange-traded funds managed by the manager or an affiliate or certain other investment funds (Underlying Funds). In seeking to achieve the Vanguard ETF’s investment objective (under normal market conditions), the sub-advisor will strive to maintain a long-term strategic asset allocation of equity (approximately 20%) and fixed income (approximately 80%) securities. The portfolio asset mix may be reconstituted and rebalanced from time to time at the discretion of the sub-advisor. The portfolios of the Underlying Funds are expected to consist of index funds that provide exposure to broad based equity and fixed income markets.