Fund Description

The fund normally invests at least 50% of its total assets in stocks, with the remainder generally in corporate and government debt (including mortgage- and asset-backed securities), convertible securities, and bank loans; it may invest up to 25% in foreign securities. Stock holdings include long-term core positions bought at prices viewed as low relative to assets, earnings, or other factors, and smaller opportunistic positions expected to rise in the short term. There are no market-cap limits. It uses a value approach supported by in-house research and may take relatively large positions. Debt maturity and quality are not major considerations; there are no limits on maturities or ratings, and up to 30% may be in below investment-grade debt. Sector concentration may be significant at times.