Fund Description

The fund invests at least 80% of net assets (plus any borrowings for investment purposes) in equity and income securities and in derivatives and other instruments with similar economic characteristics. It may invest across market capitalizations and, under normal market conditions, is expected to invest a substantial percentage of its assets in large-capitalization issuers. Under normal circumstances, it holds a majority in income-producing equities, and may also hold investment-grade debt, U.S. government obligations, REITs (up to 15%), and foreign issuers (up to 25%, including depositary receipts). It may use forward foreign currency contracts to hedge against adverse currency movements, futures contracts to seek exposure to certain asset classes, hedge against adverse currency movements and manage duration, and options to seek investment return or to mitigate risk and hedge against adverse currency movements. The portfolio managers focus on a security's potential for income with safety of principal and long-term growth of capital, emphasize a value style of investing, and the fund may engage in active and frequent trading of portfolio securities.