Fund Description

The fund uses a value-oriented strategy, investing primarily to predominantly in equity securities (including those convertible into, or expected to be exchanged for, common or preferred stock) of U.S. and foreign companies believed to trade below fundamental value based on recognized or objective criteria. Holdings are primarily common stock, with lesser investments in merger arbitrage securities and the debt and equity of distressed companies. It has no preset company-size limits. It may invest substantially, potentially up to 100%, in foreign securities and participations in foreign government debt, and generally invests at least 30% of its assets in foreign securities or other investments that provide exposure to foreign securities; emerging markets are limited to 25%. It may use derivatives, including currency forwards and futures, to hedge currency and market risk.