Fund Description

The fund invests approximately 60% of its net assets in equity securities and approximately 40% of its net assets in fixed-income securities, including at least 25% of its net assets in fixed-income senior securities. The fund has two sub-advisers: J.P. Morgan Investment Management Inc. manages the equity component and Aegon USA Investment Management, LLC manages the fixed-income component, with the manager monitoring and periodically rebalancing allocations. The equity component invests at least 80% in large- and mid-cap U.S. stocks, may invest abroad, and holdings by industry sector will normally approximate those of the S&P 500 Index. The fixed-income component is primarily investment grade with duration typically 3-10 years; it may include corporate, government, mortgage-backed, municipal, asset-backed (including CLOs/CBOs/CDOs) and CMBS, and may invest in foreign and non-U.S. dollar debt. The fund may invest up to 10% each in emerging market and high-yield debt, with a 15% combined cap. In managing the fixed-income component, the fixed-income sub-adviser uses a combination of a global top-down analysis and proprietary bottom-up research; its research analysts also generally integrate ESG matters within their analytical process for certain investments, while typically not considering ESG factors for certain other investments, and consideration of ESG matters is subjective and not determinative.