Strategy. Each Acquiring Fund has substantially the same principal investment strategies as its corresponding Target Fund as set forth below. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in large capitalization publicly traded equity securities, consisting primarily of common stock. Commonly referred to as large cap stocks, such securities will be issued by domestic and non -U .S. issuers both directly and in the form of certificates issued by U.S. bank that represent shares of non -U .S. stock, called depositary receipts. The Fund may invest in sponsored and unsponsored depositary receipts, consisting of American Depositary Receipts (ADRs). The Fund primarily seeks to buy common stock and … Show more… Each Acquiring Fund has substantially the same principal investment strategies as its corresponding Target Fund as set forth below. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in large capitalization publicly traded equity securities, consisting primarily of common stock. Commonly referred to as large cap stocks, such securities will be issued by domestic and non -U .S. issuers both directly and in the form of certificates issued by U.S. bank that represent shares of non -U .S. stock, called depositary receipts. The Fund may invest in sponsored and unsponsored depositary receipts, consisting of American Depositary Receipts (ADRs). The Fund primarily seeks to buy common stock and may also invest in preferred stock. The Investment Adviser considers large cap securities to be securities that at the time of purchase have a market capitalization within the range of companies included in the S&P 500 Index. The Funds strategy is based on fundamental business analysis and a long -term orientation. The Investment Adviser selects companies based on their qualitative merits, competitive profile and prospective value creation potential. Investments may be sold if they appreciate to levels at or near the higher end of the Investment Advisers estimated ranges of intrinsic value. The Fund is non -diversified and may invest a greater percentage of its assets in a particular issuer than would a diversified fund. The Fund seeks to invest in approximately 25 -50 different companies that meet the Investment Advisers prescriptive fundamental criteria. Show less