QS Legg Mason Dynamic Multi-Strategy
Historical Performance
Objective And Strategy
ObjectiveThe Portfolio seeks the highest total return (a combination of income and long-term capital appreciation) over time, consistent with its asset mix; seeking to reduce volatility is a secondary objective.
Strategy
The Portfolio seeks to achieve its objectives by investing in a broad range of asset classes and investment styles, combined with multiple layers of risk management strategies. The portfolio managers will implement a combination of risk management strategies that will attempt to limit downside volatility within the Portfolio. These strategies include Dynamic Rebalancing, which systematically shifts allocation to and from cash in response to market conditions, and Event Risk Management, which seeks to reduce the impact of sudden and dramatic market drops on the Portfolio. Both strategies attempt to limit losses in exchange for a smaller and disproportionate reduction in the Portfolio’s total return. The Portfolio’s net asset value (NAV) will fluctuate and is not guaranteed.
Principle Risks
* Fund of Funds Risks. The Portfolio is a “Fund of Funds” that invests in Underlying ETFs, which are typically open-end investment companies or unit investment trusts. By investing in securities of an Underlying ETF, the Portfolio shareholders will indirectly bear its proportionate share of any fees and expenses of the Underlying ETF in addition to the Portfolio’s own fees and expenses. As a result, your cost of investing will be higher than the cost of investing directly in the Underlying ETFs and may be higher than mutual funds that invest directly in stocks and bonds. Also, the Fund may be prevented from fully allocating assets to a particular Underlying ETF due to fund-of funds investment limitations.
* This portfolio invests (or may invest) in securities of companies with micro-, small-, or mid-capitalization. Any investment in micro-, small-, or mid-capitalization companies involves greater risk than that customarily associated with investments in larger, more established companies because of the greater business risks of smaller size, limited markets and financial resources, narrower product lines, and frequent lack of management depth. As such, micro- or small-cap companies may be more subject to erratic and abrupt market movements than securities of larger, more established companies.
* Fixed income securities are subject to interest rate risk because the prices of fixed income securities tend to move in the opposite direction of interest rates. When interest rates rise, fixed income security prices fall. When interest rates fall, fixed income security prices rise.
* Credit risk is the risk that the issuer of a security may be unable to make interest payments and/or repay principal when due. A downgrade to an issuer’s credit rating or a perceived change in an issuer’s financial strength may affect a security’s value, and thus, impact the VA Short-Term Fixed Portfolio’s performance.
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Moderate Allocation11/2011
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Documents
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Fund Family Summary Prospectus
Updated 05-01-2021
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Fund Semi-Annual Report
Updated 06-30-2021
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Fund Annual Report
Updated 12-31-2020
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Fund Prospectus
Updated 05-01-2021
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Fund SAI
Updated 05-01-2021
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Fund Family Summary Prospectus