Fund Description

The fund invests in a diversified portfolio of common stocks and fixed income securities, seeking the highest total return consistent with preservation of principal, and varying its mix of stocks and bonds over time. More than 50% of assets are normally in common stocks across large- and small-company, growth, and value styles. It also normally invests at least 25% in fixed income senior securities, including corporate and government-related debt, mortgage- and asset-backed securities, municipal bonds, convertibles, and preferred stock, with a dollar-weighted average maturity normally not exceeding 10 years. Foreign securities, including ADRs, are limited to 15% of total assets; emerging-market exposure is limited to securities listed on a U.S. exchange. Securities are typically sold when valuations rise significantly above estimated intrinsic values, fundamentals deteriorate, or better opportunities arise.