Fund Description

The fund seeks capital appreciation and current income 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) in equities, with at least 65% of total assets in dividend- or interest-paying equities; up to 35% may be in non-dividend-paying equities, short-term instruments and money-market instruments. It is primarily large-cap, may invest to a lesser extent in small- and mid-cap companies, and may buy foreign securities. Using a value-oriented process, it targets stocks trading below intrinsic value. The portfolio managers focus on seeking downside protection, and the fund invests mainly in domestic stocks of companies that are financially sound and have good prospects for the future, seeks to invest in equity securities that pay dividends and that the Adviser believes have the capacity to raise dividends in the future, and as part of its approach the Adviser seeks to invest in companies with sustainable business practices.