Fund Description

The fund seeks to achieve its objective by investing at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, including common and preferred stocks. A company is considered U.S. based on revenue/profit, asset location, or principal trading market criteria. It aims for a broadly diversified portfolio with characteristics similar to the S&P 500 Index, though it may at times focus in certain sectors such as information technology. Using fundamental research, the adviser targets large- and mid-sized companies with market capitalizations of $2 billion or more, emphasizing low valuations, appropriate capital structures, and/or high-quality management. It may sell when these traits change, valuation becomes excessive, or better alternatives are found. The fund may invest up to 15% in foreign securities and up to 20% in debt securities, and may use derivatives to gain or hedge exposure.