Fund Description

The fund employs a value strategy, investing primarily in common and preferred stocks whose market prices, as determined by the Advisor, do not reflect true values. It uses a bottom-up approach focused on company fundamentals, typically targeting companies the Advisor believes have sound fundamentals, discounted valuations, and low price-to-earnings (P/E) ratios. The Advisor primarily selects stocks of companies with market capitalizations exceeding $10 billion, but may invest in companies of any size. The fund strives to be fully invested and, under normal circumstances, invests at least 80% of net assets (plus borrowings) in equity securities, including common stock and equivalents, equity ETFs, preferred stock, and equity REITs. It may invest up to 15% in foreign securities, including emerging markets, through ADRs. The Advisor may sell holdings that no longer meet criteria, due to issuer events, more attractive alternatives, or changed views on holdings or the general market.