Fund Description

The fund invests at least 80% of net assets in companies that have paid consistently rising dividends, predominantly through equity securities such as common stock. Under normal market conditions, at least 65% is invested in companies that have consistently increased dividends in at least 8 out of 10 years and have not decreased dividends during that time, increased dividends substantially (at least 100%) over a 10-year period, reinvested earnings, paying out less than 65% of current earnings in dividends (except for utility companies), and either long-term debt that is no more than 50% of total capitalization (except for utility companies) or senior debt rated investment grade by at least one major bond rating organization. The manager uses bottom-up fundamental research and valuation tools seeking stocks below its view of intrinsic value, may hold dividend payers that don't meet all criteria, invest across market caps, take significant sector positions at times, and invest up to 15% in foreign securities.