Fund Description

The fund invests in income-oriented equity securities the portfolio managers believe can grow dividends over time, seeking a total return similar to the Russell 1000 Value Index with lower volatility and a current yield above the index average. It typically uses a bottom-up, research-driven value approach, focusing on companies viewed as sustaining or growing free cash flow and trading at a discount to estimated net present value, while assessing potential catalysts such as regulatory changes, competitive shifts, reaccelerating earnings, and restructuring. ESG factors deemed financially material may be considered where applicable. It may invest in REITs and other real estate companies, utilities, convertible securities (including below investment grade), and use derivatives such as futures and options, including covered calls and written puts. It may invest across market caps, primarily domestically but also abroad, including emerging markets, and follows a disciplined selling strategy. Normally at least 80% of net assets are invested in equity securities.