Fund Description

The fund invests in common stocks and bonds in varying proportions. The fund's investment adviser has selected a sub-adviser to manage the fund. Under normal market conditions, it invests about 65% of total assets in common stocks, ordinarily limiting equity exposure to 75%. Stock selection targets long-term capital gains and may consider income; although there is no restriction on company size, ordinarily most common stock investments include, but are not limited to, large- and mid-cap equity securities, while seeking to keep sector weights within 3% to 5% of the S&P 500. About 35% (at least 25%) is invested in a representative sample of fixed income securities in the Bloomberg Intermediate U.S. Government/Credit Bond Index. The fund's fixed income investments are passively managed and the fund will buy and sell fixed income securities with the goal of achieving an overall duration and total return similar to that of the Bond Index. It may use stock index futures up to 5% to equitize cash and enhance liquidity.