Fund Description

The fund seeks to achieve its investment objective by investing primarily in income-producing equity securities, including common stocks and convertible securities. It may invest in issuers of all capitalization sizes and, under normal market conditions, the fund invests a substantial percentage of its assets in large-capitalization issuers. It may invest up to 15% of net assets in REITs and up to 25% in foreign issuers, including depositary receipts. The fund can invest in derivative instruments including forward foreign currency contracts, futures contracts and options; it can use forward foreign currency contracts to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated, use futures contracts to seek exposure to certain asset classes and to hedge against adverse movements in those foreign currencies, and use options to seek investment return or to mitigate risk and to hedge against adverse movements in those foreign currencies. Managers emphasize a value style, seeking undervalued companies with catalysts for improved valuations, and may sell when estimated value is reached or a more attractive opportunity arises.