Fund Description

The fund allocates between equities and fixed income, typically investing 50%-75% of net assets in equity securities and 25%-50% in fixed-income securities. Equity holdings are primarily large-cap U.S. common stocks, with potential exposure to foreign stocks (including ADRs and GDRs) and small- and mid-cap stocks. Fixed-income holdings are mainly investment grade debt, including corporate bonds, mortgage-backed securities (including CMBS and CMOs), and other asset-backed securities, with up to 15% in below-investment-grade or comparable unrated debt. It may invest in GSE-issued debt and MBS and in publicly traded REITs. The adviser monitors and rebalances allocations, may use rotation and absolute return strategies in fixed income, manages interest-rate risk with U.S. Treasuries and related futures, may use derivatives for rebalancing, tactical allocation, currency hedging, and cash management, and may lend securities. It applies responsible investing criteria using the Calvert Principles for Responsible Investment.