To achieve investment objective The Fund employs an active management approach, investing mainly in large- and mid-capitalization companies whose stocks are considered by the Funds advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor believes are trading at prices that are below average in relation to measures such as earnings and book value. Under normal circumstances, the Fund will invest at least 80 percent of its net assets, plus the amount of any borrowings for investment purposes, in U.S. securities. For the purposes of the 80 percent policy, a U.S. security is any security that is issued by a U.S. company.