Fund Description

The fund, under normal circumstances, invests at least 80% of its assets in dividend-paying common stocks, principally in mid- to large-capitalization companies. The advisor builds a portfolio primarily of U.S. companies trading on U.S. stock exchanges that it believes can provide competitive returns consistent with the broad equity market while also offering a level of capital protection during sustained market downturns. Security selection uses a systematic process to identify stocks believed to be undervalued based on free cash flow and earnings power, with criteria for minimum dividend yield, dividend sustainability, and financial health. The strategy may concentrate in sectors meeting these criteria, with changes expected mainly through quarterly review and rebalancing.