investment funds that invest in units of other mutual funds or segregated funds. The investor purchases units of the fund of funds, but has no say over which funds and in what combination make up its portfolio. This product may be structured as a mutual fund or as a segregated fund that offers the usual benefits of an insurance contract, with a minimum investment of less than $25,000. Examples include Primerica Concert Allocation Series (mutual fund of funds) and Great-West Life Portfolio Funds (segregated fund of funds). Funds of funds with minimums of $25,000 or greater, such as Franklin Templeton’s Quotential, are classified as high-end fund wraps.