Fund Description

The fund invests primarily in equity securities of U.S. and foreign companies, typically with market capitalizations greater than $5 billion at purchase. Under normal conditions, it invests at least 80% of net assets (plus borrowings) in equity securities, including common and preferred stocks, warrants and rights. It may invest up to 30% of total assets in emerging (including frontier) markets and up to 5% in any one company, and may at times hold more than 20% in a single sector. It invests in at least three countries and generally at least 40% outside the U.S. (or 30% if conditions are not favorable), may have significant country exposure, and may hold cash or short-term equivalents. The adviser applies value investing, seeking securities trading below its estimate of intrinsic value.