Fund Description

The fund seeks to achieve its objective by investing primarily in a mix of U.S. and non-U.S. equity and debt securities and cash. It invests in common and preferred stocks principally for capital appreciation, and investment-grade debt securities principally for their income potential; when selecting debt securities, the adviser seeks characteristics such as attractive yields and prices, the potential for capital appreciation, and reasonable credit quality (typically investment-grade debt securities, such as mortgage-backed securities, corporate bonds, U.S. Government securities and money market instruments). Cash is held for preservation of capital, income potential, or liquidity. U.S. equities are managed mainly via a passive approach tracking the S&P 500 using replication or sampling, while non-U.S. equities are managed primarily through an index portfolio tracking the MSCI ACWI ex USA Investable Market Index, with possible replication or sampling. Allocations among equities, debt, and cash are actively managed, and debt selection is primarily active; the debt sleeve normally has a weighted average effective maturity of about five to ten years with no maturity limits.