This fund of funds primarily invests in the asset classes stocks, bonds, real estate and alternative investment strategies. The global stock portfolio is constructed by using regional and sector criteria. Bonds are widely diversified, ranging from government and corporate bonds to high yields, emerging markets and convertibles. Real estate investments are widely diversified among US, European and Asian real estate. Alternative strategies are supposed to increase overall diversification of the funds due to their historically low correlations to the main asset classes. Directly acquired derivative financial instruments are employed solely for hedging purposes.