Fund Description

The fund invests at least 80% of net assets plus any investment borrowings in dividend-paying equity securities of value companies. Dividend-paying companies are those that have paid a dividend in the previous 12 months from the time of measurement, and value companies are those that are constituents of at least one of the following indexes on the last business day of the month in which its most recent reconstitution was completed (as adjusted by changes to an index between reconstitutions): Russell 3000 Value Index, S&P Composite 1500 Value Index, and MSCI World IMI Value Index. Higher-yielding equities generally form the core, but it may also buy low- or no-yield equities with higher growth potential. Holdings may include common stock, convertible preferred stock, and corporate debt convertible into common stock. The fund may invest in convertible securities without regard to their ratings and therefore may hold convertible securities rated lower than investment grade. The fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers; it also may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank; and up to 15% of its total assets may be invested in equity securities of emerging market issuers. It may use derivatives to manage risk, enhance return, or hedge currency movements.