Fund Description

The fund allocates assets between equity and debt securities based on its assessment of business, economic, and market conditions, normally investing at least 25% of net assets in each and up to 70% in equities. Equity holdings may include common stocks and securities with common stock characteristics, such as equity interests in REITs, preferred stocks, and securities of other investment companies (including mutual funds, exchange-traded funds, and closed-end funds) that invest primarily in equity securities. Debt holdings may include U.S. and non-U.S. governmental and corporate issues, mortgage- and asset-backed securities (including sub-prime), municipals, floating-rate loans, convertible and subordinated debt, insurance-linked securities, short-term debt, cash, and cash equivalents, and may be of any maturity. Up to 20% may be below investment grade; up to 20% may be in REITs; up to 25% may be in non-U.S. issuers, with emerging markets capped at 5%. It may, but is not required to, use derivatives. Equity selection uses a value approach; debt selection considers economic and issuer factors, yield, liquidity, rating, credit quality, and diversification, and may consider non-financial ratings or factors.