Fund Description

The fund normally invests about 65% of net assets in stocks and 35% in fixed income securities, though allocations may vary with market conditions. It invests at least 25% in fixed income senior securities and may invest up to 35% in foreign securities, and may gain exposure through other mutual funds and/or exchange-traded funds. Bond holdings, including foreign issues, are primarily investment grade and span government, corporate, and mortgage- and asset-backed markets, with maturities reflecting the adviser's interest-rate outlook. When deciding whether to adjust duration, credit risk exposure, or allocations among bond sectors (for example, high yield bonds, mortgage- and asset-backed securities, foreign bonds, and emerging markets bonds), the adviser weighs factors such as the outlook for inflation and the economy, corporate earnings, expected interest rate movements and currency valuations, and the yield advantage that lower-rated bonds may offer over investment-grade bonds. Stock selection weighs relative value and prospects across growth and value, U.S. and international, small- to large-cap, and commodity/real-asset-related companies; international stocks are primarily large developed-market companies, with emerging markets possible. At times, sector exposure may be significant.