Fund Description

The fund invests in a diversified portfolio typically allocated about 60% to stocks, 33% to bonds, money market securities, and cash reserves, and 7% to alternative investments, with normal ranges of 50-70%, 20-45%, and 0-15%, respectively. It may invest up to 40% in foreign securities, including non-U.S. dollar bonds. When selecting stocks, the adviser examines relative values and prospects among growth- and value-oriented stocks, U.S. and international stocks, and small- to large-cap stocks. Bonds are mainly investment grade across government, corporate, and mortgage-backed sectors. Alternatives may include hedge funds and other investment companies. The fund may use derivatives such as futures, options, foreign exchange currency contracts (forwards), and swaps for purposes such as exposure or hedging; index futures may be used to gain exposure to a market segment and as a cash management tool; interest rate futures, interest rate future options, and interest rate swaptions may be used to manage cash flow, manage exposure to interest rate changes, or adjust duration; and CDS and CDXs may be used to manage credit risk.