Fund Description

The fund seeks capital appreciation by investing primarily in a diversified portfolio of equity securities, including common and preferred stock. Under normal circumstances, it invests at least 80% of net assets (plus borrowings for investment purposes) in equity securities of companies the adviser considers undervalued with good prospects for long-term capital appreciation. It is primarily large-cap, typically investing more than half of net assets in large, well-established companies, with lesser exposure to small- and mid-cap stocks. It invests mainly in domestic stocks and may also buy foreign securities directly. The adviser evaluates financial statements, strategic advantage, management, relative value, and sustainable business practices, and may sell if fundamentals deteriorate, upside is limited, or sustainability expectations are no longer met.