Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities such as common stocks, depositary receipts, REIT equity interests, and other ownership interests or rights to acquire them. It invests in U.S. and foreign securities, including emerging markets, and may invest in companies of any size using growth, value, or blended approaches. It typically invests across industries, sectors, countries, and regions, but may focus significantly in a single area; it generally invests in at least three countries and invests a percentage of the fund's net assets in securities of foreign issuers equal to at least the lesser of 40% or the percentage of foreign issuers in the MSCI All Country World Index less 15%. Security selection uses an active bottom-up process blending fundamental and quantitative research, generally eliminates the most volatile stocks, and uses portfolio optimization to target lower volatility than the MSCI All Country World Index.