Fund Description

The fund seeks its investment objectives primarily through a diversified portfolio of common stocks, normally holding 60% or more of net assets in equity, while setting overall asset allocation based on the adviser's determination of the most attractive risk-adjusted return opportunities in equity and fixed income securities. It targets companies with potential for above-average long-term capital appreciation, focusing on accelerating revenues and earnings, dividend and free cash flow growth, expanding margins, and strong balance sheets, and may buy cyclically depressed or undervalued stocks and hold significant sector exposure. It may invest up to 15% in U.S. dollar-denominated foreign issuers and up to 20% in ADRs. For current income it may buy investment-grade corporate bonds, debentures, U.S. Treasuries, and preferred stocks, managing the weighted average life of the fund's fixed income portfolio based on where it believes value lies on the yield curve and its intermediate- to longer-term outlook for interest rates.