Fund Description

The fund normally invests at least 80% of its net assets in equity securities of large-capitalization companies, defined as those within the market-cap range of the Russell 1000 Value Index at purchase. Managers seek well-managed companies they believe are undervalued and look for catalysts to lift depressed earnings, such as management changes, restructurings, or new products, services, or markets. It may also consider strong competitive positions, high management ownership, or sharp price declines tied to short-term overreactions. It invests primarily in domestic stocks but may buy foreign stocks and REITs, diversify broadly, and at times emphasize undervalued sectors. The fund may use options, including covered calls, and may have elevated turnover; 60 days' notice is provided before changing the 80% policy.