Fund Description

The fund is a conservative allocation portfolio investing primarily in common and preferred stocks and fixed income securities, and may also invest in underlying funds, including domestic and foreign mutual funds, ETFs, closed-end funds, unit investment trusts, index funds and index-based investments, and futures and options. Under normal circumstances it limits equity exposure to 30% of net assets and invests at least 70% in fixed income. Fixed income investments may include securities of governments throughout the world and their agencies and instrumentalities, cash and cash equivalents, income-producing securities including domestic and foreign investment grade and non-investment grade bonds, structured instruments, asset-backed securities, inflation-linked securities, and derivatives, and may be of any maturity and any credit rating. Equity selection and allocation use quantitative models assessing value, quality, momentum, and sentiment; fixed income allocation uses quantitative models and due diligence. Defensive tactics may reduce equity exposure and use index futures, options, and option spreads.