Investment Policies
The Fund seeks to achieve its objective by investing primarily in a diversified portfolio of U.S. equity securities.

Under normal circumstances, the Fund will invest at least 80% of its Net Asset Value in common stocks, preferred stocks, securities convertible into common stocks and securities that carry the right to buy common stocks of (i) non-U.S. companies whose common stock is included in the S&P 500 Index and (ii) U.S. companies. The Fund may also invest up to 20% of its Net Asset Value in U.S. Dollar-denominated securities of non U.S. companies traded in the U.S. (such as ADRs) that are not included in the S&P 500 Index.

Securities selected for the Fund are predominantly those which, in the view of the Investment Manager, have positive prospects for long-term growth of principal and income not reflected in the current price. Prospective earnings, cash flow, and dividends are considered in making these stock selections. Various other factors, including financial strength, economic condition, competitive advantage, quality of the business franchise, and the reputation, experience, and competence of a company’s management are weighed against valuation in selecting individual securities.