Fund Description

The fund invests at least 80% of net assets, plus borrowings for investment purposes, in equity securities of large market capitalization U.S. companies it considers to have value characteristics. Large-cap is defined by the Russell 1000 Index market-cap range, and U.S. companies are identified by incorporation, primary U.S. listing, U.S. headquarters, or substantial U.S. assets or revenues. Value traits may include below-average price-to-earnings, price-to-book, price-to-cash-flow, or price-to-sales ratios versus the S&P 500 Index. It invests mainly in large- and mid-cap stocks and, to a lesser extent, small-cap, including common stocks, depositary receipts, and U.S. dollar-denominated foreign stocks traded on U.S. exchanges, including dividend-paying stocks. The manager allocates the fund's assets among different sub-advisors, and each sub-advisor uses fundamental analysis, based on internal and external research and changing economic trends, to assess companies' earnings growth prospects. The decision to sell a stock is typically based on the belief that the company is no longer considered undervalued, shows deteriorating fundamentals, or that better investment opportunities exist in other stocks. The fund may have significant exposure to Financials, invest cash in a government money market fund advised by the Manager, use equity index futures for market exposure or liquidity needs, and lend securities to qualified parties.