Fund Description

The fund invests in equity securities and debt instruments, generally targeting about 60% in equities and 40% in debt; these weightings do not reflect the fund's cash balance and can vary over time due to market movements and cash flows. Equity holdings may include common stocks and depositary receipts, with a focus on value companies, income-producing equities, and primarily large-cap issuers. Debt holdings include corporate bonds, U.S. Government securities, and securitized instruments such as mortgage- and asset-backed securities, invested substantially in investment-grade quality. The fund may invest in foreign securities, trade when-issued or forward settlement including TBA, may invest a significant percentage of assets in issuers in a single industry or sector, and use derivatives such as futures, forwards, options, and swaps. Management is active and bottom-up, emphasizing fundamental analysis and quantitative screening tools.