p style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"To pursue its goal, the fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in common stocks and employs a tax-managed strategy, which is an approach to managing a fund that seeks to minimize capital gains tax liabilities. For example, when selling securities, the fund generally will select those shares bought at the highest price to minimize capital gains. When this would produce short-term capital gains, however, the fund may sell those highest-cost shares with a long-term holding period. /pp style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"The fund focuses on "blue chip" companies with market capitalizations exceeding $5 billion at the time of purchase, including multinational companies. Blue chip, multinational companies are large, established, globally managed companies that may be subject to certain of the risks involved in investing in foreign securities. In choosing stocks, the fund's sub-adviser, Fayez Sarofim amp; Co., LLC, first identifies economic sectors that it believes will expand over the next three to five years or longer. Using fundamental analysis, the fund's sub-adviser then seeks companies within these sectors that have dominant positions in their industries and that have demonstrated sustained patterns of profitability, strong balance sheets, an expanding global presence and the potential to achieve predictable, above-average earnings growth. The fund's sub-adviser also is alert to companies which it considers undervalued in terms of current earnings, assets or growth prospects. As a supplement to its primarily qualitative approach to risk, the fund's sub-adviser utilizes attribution software and equity risk factor models to conduct scenario analysis to enhance its understanding and management of the risk profile of the fund's portfolio./pp style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"The fund also may invest in U.S. dollar-denominated American Depositary Receipts (ADRs)./pp style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"The fund's sub-adviser attempts to enhance the fund's after-tax returns by minimizing its annual taxable distributions to shareholders. To do so, the sub-adviser employs a "buy-and hold" investment strategy for the fund, which generally has resulted in an annual portfolio turnover rate of below 15%./pp style="font-size:10.0pt; font-family:Serif; font-style:normal; text-align:left; color:#000000; font-weight:normal; text-decoration:none;"The fund typically sells a stock when the fund's sub-adviser believes there is a significant adverse change in the company's business fundamentals that may lead to a sustained impairment in earnings power. /p