Strategy. The fund seeks to achieve its investment objective by investing under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. equity securities of any market capitalization, including futures on indexes of equity securities. The fund defines U.S. equity securities as: (i) securities of issuers that are organized under the laws of the United States or that maintain their principal place of business in the United States; (ii) securities of issuers that are traded principally in the United States; or (iii) securities of issuers that, during the most recent fiscal year, derived at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in the … Show more… The fund seeks to achieve its investment objective by investing under normal market conditions at least 80% of its net assets (plus any borrowings for investment purposes) in U.S. equity securities of any market capitalization, including futures on indexes of equity securities. The fund defines U.S. equity securities as: (i) securities of issuers that are organized under the laws of the United States or that maintain their principal place of business in the United States; (ii) securities of issuers that are traded principally in the United States; or (iii) securities of issuers that, during the most recent fiscal year, derived at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in the United States or that have at least 50% of their assets in the United States. The funds allocation to various markets and types of securities will be actively managed. The funds investment in equity securities will vary both with respect to types of securities and markets in response to changing market and economic trends. The funds allocation of securities will depend on the managers outlook for the markets and generally reflect the managers strategic asset allocation analysis and their assessment of the relative attractiveness of a particular asset class. When determining whether to invest in a particular market capitalization, sector or industry, the manager takes into consideration a variety of inputs including economic, fundamental (valuations and earnings), and technical indicators, among other factors. The fund may invest up to 20% of its net assets in equity securities of foreign issuers. Investments in exchange-traded funds (ETFs) and derivative instruments may be used to reduce risk and/or obtain efficient investment exposure, and may include options, futures contracts, and swaps (including interest-rate swaps). The fund also may invest in fixed-income securities, including, but not limited to: ? U.S. Treasury and agency securities as well as notes backed by the Federal Deposit Insurance Corporation; ? U.S. Treasury futures contracts; ? Mortgage-backed securities, including mortgage pass-through securities, commercial mortgage-backed securities (CMBS) and collateralized mortgage obligations (CMOs); ? U.S. and foreign corporate bonds; ? Foreign government and agency securities; and ? Lower-rated fixed-income securities and high-yield securities (also known as junk bonds) The foreign securities in which the fund invests may be denominated in U.S. dollars or foreign currency. The fund may actively manage its exposure to foreign currencies through the use of foreign currency forward contracts and other currency derivatives. The fund may own foreign cash equivalents and foreign bank deposits as part of its investment strategy. The fund may invest in foreign currencies for hedging and speculative purposes. The fund may focus its investments in a particular sector or sectors of the economy. Use of Hedging and Other Strategic Transactions. The fund is authorized to use all of the various investment strategies referred to under Principal risks of investing in the fund Hedging, derivatives and other strategic transactions risk, including, but not limited to, futures and options contracts, foreign currency forward contracts and swaps. The fund may engage in derivatives transactions for hedging and non-hedging purposes including, without limitation, the following purposes: ? to attempt to protect against possible changes in the market value of securities held or to be purchased by the fund resulting from securities markets or currency exchange rate fluctuations; ? to protect the funds unrealized gains in the value of its securities; ? to facilitate the sale of the funds securities for investment purposes; ? to manage the effective maturity or duration of the funds securities; ? to establish a position in the derivatives markets as a method of gaining exposure to a particular security or market; ? to facilitate the repatriation of foreign currency and the settlement of purchases of foreign securities; and ? to increase or decrease exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another. Show less