Fund Description

The fund invests in a mix of equity securities and debt instruments, generally targeting about 60% in equities and 40% in debt, excluding cash, with allocations that may vary. Equity holdings may include common stocks and depositary receipts, focusing on value companies and income-producing equities, primarily among large-cap issuers across U.S., foreign, and emerging markets. Debt investments may include corporate, U.S. and foreign government, and securitized instruments, with substantially all generally investment grade. It invests across industries, sectors, countries, and regions, but may concentrate; it typically invests in at least three countries and invests a percentage of net assets in securities of foreign issuers equal to at least the lesser of 40% or the percentage of foreign issuers in the MSCI World Index less 15%. Derivatives may be used, primarily to adjust market, interest rate, or currency exposure. Security selection is active and bottom-up, relying mainly on fundamental analysis, with some equity positions blending fundamental and quantitative research.