Strategy Objective

Seeks total return commensurate with a lower level of aggregate equity risk relative to other ITS dynamic allocation strategies.

FRAMEWORK

Active management is driven primarily by equity allocation shifts and style rotation, with fixed income serving to complete the portfolio’s overall allocation.

The strategy features a monthly trade capability, with equity and fixed income allocations determined by ITS’s evaluation of market conditions.  The diagram at right depicts the minimum and maximum levels of equity exposure the portfolio will maintain, with the most conservative allocation shown at the top, and the most growth-oriented allocation at the bottom. At times, the portfolio may hold any equity-to-fixed income allocation within these minimum/maximum levels.

For equity, all domestic and foreign style-oriented categories may be utilized.  For fixed income, all fund categories are investable.  Inverse and leveraged funds are excluded.