Fund Description

The fund normally invests at least 80% of net assets in securities of large-cap companies, primarily equity securities such as common stocks and depositary receipts, generally defined as companies with market capitalizations at purchase equal to or greater than the smallest company in the S&P 500 Index over the most recent 12-month period. It may invest up to 25% of total assets in U.S. dollar-denominated foreign securities, directly or via depositary receipts, and may use derivatives, primarily futures, to gain targeted equity exposure from cash positions. Two subadvisers manage separate portions: one subadviser takes an in-depth look at company prospects, ranks companies in each sector group according to their relative value, buys and sells equity securities using the research and valuation rankings as a basis, and as part of its investment process seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers; the other seeks sector and industry-neutral exposure to the Index, with value added through stock selection. The fund may lend securities up to 30% of total assets, and does not concentrate in any single industry, though it may at times emphasize industries within a sector such as technology.