Fund Description

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities, mainly common stocks, and may change this policy upon 60 days' prior written notice to shareholders. It may invest in companies of any size but generally targets market capitalizations of $1 billion or more at purchase. The adviser seeks out-of-favor securities viewed as undervalued based on earnings, book value, revenues, or cash flow, but showing signs of improvement. A quantitative model ranks stocks on value measures and near-term appreciation indicators, selecting buys and sells subject to risk controls and added limits on sector/industry allocations and security weightings versus the Russell 1000 Value Index.