0001133228-14-001299.txt : 20140401 0001133228-14-001299.hdr.sgml : 20140401 20140401112753 ACCESSION NUMBER: 0001133228-14-001299 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20140401 DATE AS OF CHANGE: 20140401 EFFECTIVENESS DATE: 20140401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JOHN HANCOCK VARIABLE INSURANCE TRUST CENTRAL INDEX KEY: 0000756913 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-94157 FILM NUMBER: 14732838 BUSINESS ADDRESS: STREET 1: 601 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-663-3000 MAIL ADDRESS: STREET 1: 601 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: JOHN HANCOCK TRUST DATE OF NAME CHANGE: 20050124 FORMER COMPANY: FORMER CONFORMED NAME: MANUFACTURERS INVESTMENT TRUST DATE OF NAME CHANGE: 19971022 FORMER COMPANY: FORMER CONFORMED NAME: NASL SERIES FUND INC DATE OF NAME CHANGE: 19881030 0000756913 S000008229 Financial Services Trust C000022402 NAV C000022403 Series I C000022404 Series II 0000756913 S000008230 Fundamental Value Trust C000022406 NAV C000022407 Series I C000022408 Series II 497 1 e497-jhvit.htm JOHN HANCOCK VARIABLE INSURANCE TRUST - 497 XBRL e497-jhvit.htm - Generated by SEC Publisher for SEC Filing

 

JOHN HANCOCK VARIABLE INSURANCE TRUST

601 Congress Street

Boston, Massachusetts 02210

 

 

April 1, 2014

 

VIA EDGAR

U.S. Securities and Exchange Commission

100 F Street, NE

Washington, D.C. 20549

 

Re:       John Hancock Variable Insurance Trust (the “Trust”) on behalf of:

Financial Services Trust

Fundamental Value Trust (the “funds”)

File Nos.  2-94157; 811-04146

 

Ladies and Gentlemen:

 

On behalf of the Trust, transmitted for filing, pursuant to Rule 497 under the Securities Act of 1933, are exhibits containing interactive data format risk/return summary information for the funds.

 

The interactive data files included as exhibits to this filing relate to the prospectus supplement filed with the Securities and Exchange Commission on  March 20, 2014 on behalf of the funds pursuant to Rule 497(e) (Accession No. 0001133228-14-001214), which is incorporated by reference into this Rule 497 Document.

 

If you have any questions, please call the undersigned at 617-663-2166.

 

Sincerely,

 

/s/Betsy Anne Seel

Betsy Anne Seel

Senior Counsel and Assistant Secretary

 

 

 


 

 

Exhibit Index

 

EX-101.INS

XBRL Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema Document

EX-101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase Document

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

 

 

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In addition, the Fundamental Value Trust's benchmark is changing from the S&amp;P 500 Index to the Russell 1000 Value Index as of the Effective Date. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Under normal market conditions, the fund invests at least 80% of its net assets in equity securities of large-capitalization companies. The fund considers large-capitalization companies to be those that at the time of purchase have a market capitalization equal to or greater than that of the top 80% of the companies that comprise the Russell 1000 Index. As of December 31, 2013, the lowest market capitalization in this group was $1.1 billion. Equity securities include common, convertible, and preferred securities and their equivalents.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">In managing the fund, the subadvisor looks for companies that are highly differentiated with key growth drivers, sustainable cash flow production, and high returns on capital. The subadvisor seeks to identify companies with sustainable competitive advantages and high barriers to entry, strong management and a focus on creating value for fund shareholders. Value opportunities are evaluated with an approach that uses the present value of estimated future cash flows as the core methodology for measuring intrinsic value. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The subadvisor employs a disciplined fundamental research process which produces bottom-up company assessments using key assumptions that drive sales, margins, and asset intensity. Scenario analysis is designed to provide a meaningful range of outcomes and the ability to assess investors' embedded expectations. The subadvisor seeks to purchase companies that meet the criteria above when the shares are selling at a significant discount to intrinsic value. Sell decisions are similarly driven by long-term fundamental analysis. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The subadvisor constantly reviews portfolio investments and may sell a holding when it has achieved its valuation target, if it believes there is structural or permanent deterioration in the underlying fundamentals of the business, or if it identifies what it believes is a more attractive investment opportunity. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The fund may invest up to 20% of its net assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs) and similar investments. For purposes of reducing risk and/or obtaining efficient investment exposure, the fund may invest in exchange-traded funds (ETFs) and derivative instruments that include options, futures contracts, and swaps. The fund may also invest in U.S. government securities and other short-term securities such as money market instruments and repurchase agreements. </p> <hr/> <p></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b>Financial Services Trust </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><i>Principal Investment Strategy Changes </i></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The principal investment strategies of Financial Services Trust as of the Effective Date are as follows: </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in companies that are principally engaged in financial services. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) These companies include U.S. and foreign financial services companies of any size including banks, thrifts, finance companies, brokerage and advisory firms, real estate-related firms, insurance companies and financial holding companies. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">In managing the fund, the subadvisor focuses primarily on stock selection rather than industry allocation. In choosing individual stocks, the subadvisor uses fundamental financial analysis to identify securities that appear comparatively undervalued. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Given the industry-wide trend toward consolidation, the subadvisor also invests in companies that appear to be positioned for a merger. The subadvisor generally gathers firsthand information about companies from interviews and company visits. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The fund may invest in U.S. and foreign bonds, including up to 5% of net assets in below investment-grade bonds (i.e., "junk bonds") rated at the time of purchase as low as CCC by Standard &amp; Poor's Rating Services (S&amp;P) or Caa by Moody's Investors Service, Inc. (Moody's) and their unrated equivalent. It may also invest up to 15% of net assets in investment-grade short-term securities. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">In abnormal circumstances, the fund may temporarily invest up to 80% of its assets in investment-grade short-term securities. In these and other cases, the fund might not achieve its investment objective. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The fund may, to a limited extent, engage in derivative transactions that include futures contracts, options and foreign currency forward contracts, in each case for the purpose of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The fund may invest in companies located in emerging market countries. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Under normal market conditions, the fund invests at least 80% of its net assets in equity securities of large-capitalization companies. The fund considers large-capitalization companies to be those that at the time of purchase have a market capitalization equal to or greater than that of the top 80% of the companies that comprise the Russell 1000 Index. As of December 31, 2013, the lowest market capitalization in this group was $1.1 billion. Equity securities include common, convertible, and preferred securities and their equivalents.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">In managing the fund, the subadvisor looks for companies that are highly differentiated with key growth drivers, sustainable cash flow production, and high returns on capital. The subadvisor seeks to identify companies with sustainable competitive advantages and high barriers to entry, strong management and a focus on creating value for fund shareholders. Value opportunities are evaluated with an approach that uses the present value of estimated future cash flows as the core methodology for measuring intrinsic value. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The subadvisor employs a disciplined fundamental research process which produces bottom-up company assessments using key assumptions that drive sales, margins, and asset intensity. Scenario analysis is designed to provide a meaningful range of outcomes and the ability to assess investors' embedded expectations. The subadvisor seeks to purchase companies that meet the criteria above when the shares are selling at a significant discount to intrinsic value. Sell decisions are similarly driven by long-term fundamental analysis. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The subadvisor constantly reviews portfolio investments and may sell a holding when it has achieved its valuation target, if it believes there is structural or permanent deterioration in the underlying fundamentals of the business, or if it identifies what it believes is a more attractive investment opportunity. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The fund may invest up to 20% of its net assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs) and similar investments. For purposes of reducing risk and/or obtaining efficient investment exposure, the fund may invest in exchange-traded funds (ETFs) and derivative instruments that include options, futures contracts, and swaps. The fund may also invest in U.S. government securities and other short-term securities such as money market instruments and repurchase agreements. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in companies that are principally engaged in financial services. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) These companies include U.S. and foreign financial services companies of any size including banks, thrifts, finance companies, brokerage and advisory firms, real estate-related firms, insurance companies and financial holding companies. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">In managing the fund, the subadvisor focuses primarily on stock selection rather than industry allocation. In choosing individual stocks, the subadvisor uses fundamental financial analysis to identify securities that appear comparatively undervalued. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Given the industry-wide trend toward consolidation, the subadvisor also invests in companies that appear to be positioned for a merger. The subadvisor generally gathers firsthand information about companies from interviews and company visits. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The fund may invest in U.S. and foreign bonds, including up to 5% of net assets in below investment-grade bonds (i.e., "junk bonds") rated at the time of purchase as low as CCC by Standard &amp; Poor's Rating Services (S&amp;P) or Caa by Moody's Investors Service, Inc. (Moody's) and their unrated equivalent. It may also invest up to 15% of net assets in investment-grade short-term securities. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">In abnormal circumstances, the fund may temporarily invest up to 80% of its assets in investment-grade short-term securities. In these and other cases, the fund might not achieve its investment objective. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The fund may, to a limited extent, engage in derivative transactions that include futures contracts, options and foreign currency forward contracts, in each case for the purpose of reducing risk, obtaining efficient market exposure and/or enhancing investment returns. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The fund may invest in companies located in emerging market countries. </p> the Fundamental Value Trust's benchmark is changing from the S&amp;P 500 Index to the Russell 1000 Value Index as of the Effective Date. 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Mar. 20, 2014
Registrant Name dei_EntityRegistrantName JOHN HANCOCK VARIABLE INSURANCE TRUST
Central Index Key dei_EntityCentralIndexKey 0000756913
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Mar. 20, 2014
Document Effective Date dei_DocumentEffectiveDate Mar. 20, 2014
Prospectus Date rr_ProspectusDate Apr. 29, 2013
Supplement -- [Text Block] jhvit_SupplementTextBlock_04

John Hancock Variable Insurance Trust

(the "Trust")

Supplement dated March 20, 2014

to the Prospectus dated April 29, 2013

Fundamental Value Trust

Principal Investment Strategy/Benchmark Changes

The principal investment strategies of Fundamental Value Trust as of the Effective Date are set forth below. In addition, the Fundamental Value Trust's benchmark is changing from the S&P 500 Index to the Russell 1000 Value Index as of the Effective Date.

Under normal market conditions, the fund invests at least 80% of its net assets in equity securities of large-capitalization companies. The fund considers large-capitalization companies to be those that at the time of purchase have a market capitalization equal to or greater than that of the top 80% of the companies that comprise the Russell 1000 Index. As of December 31, 2013, the lowest market capitalization in this group was $1.1 billion. Equity securities include common, convertible, and preferred securities and their equivalents.

In managing the fund, the subadvisor looks for companies that are highly differentiated with key growth drivers, sustainable cash flow production, and high returns on capital. The subadvisor seeks to identify companies with sustainable competitive advantages and high barriers to entry, strong management and a focus on creating value for fund shareholders. Value opportunities are evaluated with an approach that uses the present value of estimated future cash flows as the core methodology for measuring intrinsic value.

The subadvisor employs a disciplined fundamental research process which produces bottom-up company assessments using key assumptions that drive sales, margins, and asset intensity. Scenario analysis is designed to provide a meaningful range of outcomes and the ability to assess investors' embedded expectations. The subadvisor seeks to purchase companies that meet the criteria above when the shares are selling at a significant discount to intrinsic value. Sell decisions are similarly driven by long-term fundamental analysis.

The subadvisor constantly reviews portfolio investments and may sell a holding when it has achieved its valuation target, if it believes there is structural or permanent deterioration in the underlying fundamentals of the business, or if it identifies what it believes is a more attractive investment opportunity.

The fund may invest up to 20% of its net assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs) and similar investments. For purposes of reducing risk and/or obtaining efficient investment exposure, the fund may invest in exchange-traded funds (ETFs) and derivative instruments that include options, futures contracts, and swaps. The fund may also invest in U.S. government securities and other short-term securities such as money market instruments and repurchase agreements.


Financial Services Trust

Principal Investment Strategy Changes

The principal investment strategies of Financial Services Trust as of the Effective Date are as follows:

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in companies that are principally engaged in financial services. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) These companies include U.S. and foreign financial services companies of any size including banks, thrifts, finance companies, brokerage and advisory firms, real estate-related firms, insurance companies and financial holding companies.

In managing the fund, the subadvisor focuses primarily on stock selection rather than industry allocation. In choosing individual stocks, the subadvisor uses fundamental financial analysis to identify securities that appear comparatively undervalued.

Given the industry-wide trend toward consolidation, the subadvisor also invests in companies that appear to be positioned for a merger. The subadvisor generally gathers firsthand information about companies from interviews and company visits.

The fund may invest in U.S. and foreign bonds, including up to 5% of net assets in below investment-grade bonds (i.e., "junk bonds") rated at the time of purchase as low as CCC by Standard & Poor's Rating Services (S&P) or Caa by Moody's Investors Service, Inc. (Moody's) and their unrated equivalent. It may also invest up to 15% of net assets in investment-grade short-term securities.

In abnormal circumstances, the fund may temporarily invest up to 80% of its assets in investment-grade short-term securities. In these and other cases, the fund might not achieve its investment objective.

The fund may, to a limited extent, engage in derivative transactions that include futures contracts, options and foreign currency forward contracts, in each case for the purpose of reducing risk, obtaining efficient market exposure and/or enhancing investment returns.

The fund may invest in companies located in emerging market countries.

(John Hancock Variable Insurance Trust) | (Fundamental Value Trust)
 
Risk/Return: rr_RiskReturnAbstract  
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the fund invests at least 80% of its net assets in equity securities of large-capitalization companies. The fund considers large-capitalization companies to be those that at the time of purchase have a market capitalization equal to or greater than that of the top 80% of the companies that comprise the Russell 1000 Index. As of December 31, 2013, the lowest market capitalization in this group was $1.1 billion. Equity securities include common, convertible, and preferred securities and their equivalents.

In managing the fund, the subadvisor looks for companies that are highly differentiated with key growth drivers, sustainable cash flow production, and high returns on capital. The subadvisor seeks to identify companies with sustainable competitive advantages and high barriers to entry, strong management and a focus on creating value for fund shareholders. Value opportunities are evaluated with an approach that uses the present value of estimated future cash flows as the core methodology for measuring intrinsic value.

The subadvisor employs a disciplined fundamental research process which produces bottom-up company assessments using key assumptions that drive sales, margins, and asset intensity. Scenario analysis is designed to provide a meaningful range of outcomes and the ability to assess investors' embedded expectations. The subadvisor seeks to purchase companies that meet the criteria above when the shares are selling at a significant discount to intrinsic value. Sell decisions are similarly driven by long-term fundamental analysis.

The subadvisor constantly reviews portfolio investments and may sell a holding when it has achieved its valuation target, if it believes there is structural or permanent deterioration in the underlying fundamentals of the business, or if it identifies what it believes is a more attractive investment opportunity.

The fund may invest up to 20% of its net assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs) and similar investments. For purposes of reducing risk and/or obtaining efficient investment exposure, the fund may invest in exchange-traded funds (ETFs) and derivative instruments that include options, futures contracts, and swaps. The fund may also invest in U.S. government securities and other short-term securities such as money market instruments and repurchase agreements.

Performance Table Market Index Changed rr_PerformanceTableMarketIndexChanged the Fundamental Value Trust's benchmark is changing from the S&P 500 Index to the Russell 1000 Value Index as of the Effective Date.
(John Hancock Variable Insurance Trust) | (Financial Services Trust)
 
Risk/Return: rr_RiskReturnAbstract  
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in companies that are principally engaged in financial services. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) These companies include U.S. and foreign financial services companies of any size including banks, thrifts, finance companies, brokerage and advisory firms, real estate-related firms, insurance companies and financial holding companies.

In managing the fund, the subadvisor focuses primarily on stock selection rather than industry allocation. In choosing individual stocks, the subadvisor uses fundamental financial analysis to identify securities that appear comparatively undervalued.

Given the industry-wide trend toward consolidation, the subadvisor also invests in companies that appear to be positioned for a merger. The subadvisor generally gathers firsthand information about companies from interviews and company visits.

The fund may invest in U.S. and foreign bonds, including up to 5% of net assets in below investment-grade bonds (i.e., "junk bonds") rated at the time of purchase as low as CCC by Standard & Poor's Rating Services (S&P) or Caa by Moody's Investors Service, Inc. (Moody's) and their unrated equivalent. It may also invest up to 15% of net assets in investment-grade short-term securities.

In abnormal circumstances, the fund may temporarily invest up to 80% of its assets in investment-grade short-term securities. In these and other cases, the fund might not achieve its investment objective.

The fund may, to a limited extent, engage in derivative transactions that include futures contracts, options and foreign currency forward contracts, in each case for the purpose of reducing risk, obtaining efficient market exposure and/or enhancing investment returns.

The fund may invest in companies located in emerging market countries.

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John Hancock Variable Insurance Trust

(the "Trust")

Supplement dated March 20, 2014

to the Prospectus dated April 29, 2013

Fundamental Value Trust

Principal Investment Strategy/Benchmark Changes

The principal investment strategies of Fundamental Value Trust as of the Effective Date are set forth below. In addition, the Fundamental Value Trust's benchmark is changing from the S&P 500 Index to the Russell 1000 Value Index as of the Effective Date.

Under normal market conditions, the fund invests at least 80% of its net assets in equity securities of large-capitalization companies. The fund considers large-capitalization companies to be those that at the time of purchase have a market capitalization equal to or greater than that of the top 80% of the companies that comprise the Russell 1000 Index. As of December 31, 2013, the lowest market capitalization in this group was $1.1 billion. Equity securities include common, convertible, and preferred securities and their equivalents.

In managing the fund, the subadvisor looks for companies that are highly differentiated with key growth drivers, sustainable cash flow production, and high returns on capital. The subadvisor seeks to identify companies with sustainable competitive advantages and high barriers to entry, strong management and a focus on creating value for fund shareholders. Value opportunities are evaluated with an approach that uses the present value of estimated future cash flows as the core methodology for measuring intrinsic value.

The subadvisor employs a disciplined fundamental research process which produces bottom-up company assessments using key assumptions that drive sales, margins, and asset intensity. Scenario analysis is designed to provide a meaningful range of outcomes and the ability to assess investors' embedded expectations. The subadvisor seeks to purchase companies that meet the criteria above when the shares are selling at a significant discount to intrinsic value. Sell decisions are similarly driven by long-term fundamental analysis.

The subadvisor constantly reviews portfolio investments and may sell a holding when it has achieved its valuation target, if it believes there is structural or permanent deterioration in the underlying fundamentals of the business, or if it identifies what it believes is a more attractive investment opportunity.

The fund may invest up to 20% of its net assets in equity securities of foreign issuers, including American Depositary Receipts (ADRs) and similar investments. For purposes of reducing risk and/or obtaining efficient investment exposure, the fund may invest in exchange-traded funds (ETFs) and derivative instruments that include options, futures contracts, and swaps. The fund may also invest in U.S. government securities and other short-term securities such as money market instruments and repurchase agreements.


Financial Services Trust

Principal Investment Strategy Changes

The principal investment strategies of Financial Services Trust as of the Effective Date are as follows:

Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowing for investment purposes) in companies that are principally engaged in financial services. (The fund will provide written notice to shareholders at least 60 days prior to a change in its 80% investment policy.) These companies include U.S. and foreign financial services companies of any size including banks, thrifts, finance companies, brokerage and advisory firms, real estate-related firms, insurance companies and financial holding companies.

In managing the fund, the subadvisor focuses primarily on stock selection rather than industry allocation. In choosing individual stocks, the subadvisor uses fundamental financial analysis to identify securities that appear comparatively undervalued.

Given the industry-wide trend toward consolidation, the subadvisor also invests in companies that appear to be positioned for a merger. The subadvisor generally gathers firsthand information about companies from interviews and company visits.

The fund may invest in U.S. and foreign bonds, including up to 5% of net assets in below investment-grade bonds (i.e., "junk bonds") rated at the time of purchase as low as CCC by Standard & Poor's Rating Services (S&P) or Caa by Moody's Investors Service, Inc. (Moody's) and their unrated equivalent. It may also invest up to 15% of net assets in investment-grade short-term securities.

In abnormal circumstances, the fund may temporarily invest up to 80% of its assets in investment-grade short-term securities. In these and other cases, the fund might not achieve its investment objective.

The fund may, to a limited extent, engage in derivative transactions that include futures contracts, options and foreign currency forward contracts, in each case for the purpose of reducing risk, obtaining efficient market exposure and/or enhancing investment returns.

The fund may invest in companies located in emerging market countries.

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