Fund Description

The fund normally invests 35%-70% of assets in equity securities and the remainder in fixed-income securities and cash equivalents, with at least 25% in fixed-income senior securities. Equity holdings include common stocks and other equity-like securities. Fixed-income holdings may include government and corporate bonds, commercial and residential mortgage-backed securities, and asset-backed securities, plus money market instruments, and may use fixed or floating rate obligations with varying durations. High-yield bonds are limited to 35% of the fixed-income portion. The fund may use TBA commitments, restricted securities (including Rule 144A), derivatives (including swaps, futures and index credit default swaps), and may take short derivative positions. Equity selection uses bottom-up fundamental analysis; fixed-income uses research-driven top-down and bottom-up analysis, including quantitative models. ESG factors may be considered. The fund may lend securities up to one-third of total assets.