This fund typically commits a minimum of 80% of its net assets, including any capital acquired through borrowing for investment purposes, to the securities of large-capitalization companies identified by the portfolio manager as undervalued. A company qualifies as 'large-cap' if, at the time of acquisition, its market capitalization either surpasses the current median market capitalization of constituents in the Russell 1000® Value Index, or it exceeds the three-year average median market capitalization of that index's companies, calculated as of December 31 for each of the three preceding years.
