Fund Description

The fund invests primarily in a diversified portfolio of equity securities and, under normal circumstances, invests at least 80% of net assets in equity securities such as common stocks, depositary receipts, certain preferred stocks, convertibles, and rights and warrants. It may invest up to 20% of total assets in securities of non-U.S. issuers not in the S&P 500 Index, with no more than 5% in non-U.S. dollar-denominated securities. The fund may use equity options, total return swaps, and stock index futures to create, equitize, hedge, or adjust equity exposure; qualifying derivatives count toward the 80% policy. It typically targets medium-to-large well-established companies viewed as temporarily undervalued with favorable long-term profit growth prospects, emphasizing financial condition, earnings, cash flow, dividends, ESG issues, and country stability and shareholder protections.