Fund Description

Under normal circumstances, the fund seeks to invest at least 80% of its net assets plus any borrowings for investment purposes in large cap value equity securities and derivatives providing exposure to such securities or related market risk factors. For the 80% policy, large cap value equity securities have market capitalizations within the range of companies in the Russell 1000 Value Index and are included in at least one value index determined by BlackRock. Investments may include common and preferred stock, instruments similar to index components, ADRs, and convertible securities. It emphasizes below average price/earnings ratios and may pay above average dividends, invests primarily in U.S. common stocks, may invest up to 25% in foreign securities and ADRs, and generally intends to invest in not less than 30 to not more than 50 companies.