Fund Description

The fund normally invests at least 80% of its net assets in value companies that its adviser believes are undervalued compared to their perceived worth in the marketplace. In assessing undervaluation, the adviser may consider whether an issuer is included in a value-representative index, is classified as a value company by an independent third party, and/or exhibits value characteristics using metrics such as price-to-book ratio, price-to-earnings ratio, and dividend yield relative to the broad equity market. The fund's assets are normally invested primarily in equity securities, including common stocks, depositary receipts, and other ownership-interest securities.