Strategy. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, with at least 65% in common stocks of well-established companies paying above-average dividends. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) The fund typically employs a value approach and invests in stocks and other securities that appear to be undervalued by various measures and may be temporarily out of favor but have good prospects for capital appreciation and dividend growth. The subadvisor generally seeks investments in large-capitalization companies and the funds yield, which reflects the level of dividends paid by the fund, is expected … Show more… Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities, with at least 65% in common stocks of well-established companies paying above-average dividends. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) The fund typically employs a value approach and invests in stocks and other securities that appear to be undervalued by various measures and may be temporarily out of favor but have good prospects for capital appreciation and dividend growth. The subadvisor generally seeks investments in large-capitalization companies and the funds yield, which reflects the level of dividends paid by the fund, is expected to normally exceed the yield of the Russell 1000 Value Index. Under normal market conditions, substantial dividend income means that the yield on the funds portfolio securities generally is expected to ?exceed the yield on the funds benchmark. The subadvisor believes that income can contribute significantly to total return over time and expects the funds yield to exceed that of the S&P 500 Index. While the price of a companys stock can go up or down in response to earnings or to fluctuations in the general market, stocks paying a high level of dividend income tend to be less volatile than those with below-average dividends and may help offset losses in falling markets. The fund will generally consider companies in the aggregate with one or more of the following characteristics: ? established operating histories; ? above-average dividend yield relative to the broader equity market; ? low price/earnings ratio relative to the broader equity market; ? sound balance sheets and other positive financial characteristics; and ? low stock price relative to a companys underlying value, as measured by assets, cash flow or business franchises. The fund may also purchase other types of securities in keeping with its investment objective, including: ? U.S. dollar- and foreign currency-denominated foreign securities including American Depositary Receipts (ADRs) (up to 25% of total assets); ? preferred stocks; ? convertible stocks, bonds, and warrants; ? futures and options; and ? bank debt, loan participations and assignments. The fund may at times invest significantly in certain sectors, including the financials and healthcare sectors. The fund may invest in fixed-income securities without restrictions on quality or rating, including up to 10% in below-investment-grade fixed-income securities (junk bonds). The funds fixed-income investments may include privately negotiated notes or loans, including loan participations and assignments (bank loans). These investments will only be made in companies, municipalities or entities that meet the funds investment criteria. Direct investments in loans may be illiquid and holding a loan could expose the fund to the risks of being a direct lender. Since the fund invests primarily in equity securities, the risks associated with fixed income securities will not affect the fund as much as they would a fund that invests more of its assets in fixed-income securities. The fund may sell securities for a variety of reasons including to realize gains, limit losses or redeploy assets into more promising opportunities. The fund may invest up to 10% of its total assets in hybrid instruments. Hybrid instruments are a type of high-risk derivative which can combine the characteristics of securities, futures and options. Such securities may bear interest or pay dividends at below market (or even relatively nominal) rates. In pursuing the funds investment objective, the subadvisor has the discretion to deviate from its normal investment criteria, as described above, and purchase securities the subadvisor believes will provide an opportunity for substantial appreciation. These special situations might arise when the subadvisor believes a security could increase in value for a variety of reasons including a change in management, an extraordinary corporate event, a new product introduction or a favorable competitive development. Show less