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 As a Balanced Manager, Austin, Calvert & Flavin (ACF) will vary the fund's asset mix between stocks that are traded on U. S. exchanges (including high quality foreign securities that are traded on the major exchanges such as the New York Stock Exchange as American Depositary Receipts (ADRs)), U.S. bonds (including treasuries, agencies, mortgage-backed securities and investment grade corporate bonds) and cash. ACF strives to provide competitive returns with less risk than the market over a full market cycle. 
As an equity manager, ACF employs a large cap core style. We primarily invest in large cap domestic stocks with less exposure to mid/small cap stocks (minimum market cap is $2 billion). Also, usually up to a maximum of 10% of the equity portion of our portfolios can be invested in ADRs, unless restricted by client guidelines.
As for fixed income, ACF is a high-quality fixed income director. We primarily invest in U.S. Treasury and other government agency bonds, as well as mortgage-backed securities and investment grade corporate bonds.
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