Fund Description

The fund invests in a combination of equity and debt securities and is primarily equity-oriented, using a top-down approach that seeks equity-like returns with lower volatility than a fully invested equity portfolio. It typically allocates 30% to 70% to equities and 70% to 30% to debt, with the remainder in cash or cash equivalents, varying with market and economic analysis. Equity holdings focus on seasoned companies, generally with $1 billion+ market caps and at least three years of operations. Debt holdings are mainly investment grade corporate and government issues, commercial paper, and mortgage- and asset-backed securities; up to 20% may be below investment grade, and maturities may be any length. Up to 25% may be invested in foreign equities, including ADRs/EDRs and emerging markets, and it may also hold foreign debt securities.