Fund Description

The fund invests in a balanced portfolio of common stock, preferred stock and bonds, and may also hold cash. It may invest in large, medium or small companies without regard to market capitalization and may buy securities of domestic or foreign issuers. Common stocks are purchased primarily for growth potential. Fixed income holdings may include investment-grade and high-yield, high-risk debt, purchased for current income and diversification. The adviser applies the Davis Investment Discipline, conducts extensive research, estimates intrinsic value, and emphasizes individual stock selection.