Fund Description

The fund invests at least 80% of the sum of its net assets and any borrowings for investment purposes in equity securities of large-capitalization value companies, primarily equity securities of large domestic companies as defined by the Russell 1000 Value Index. Its adviser selects companies believed to be undervalued based on potential worth, using comparative valuation criteria such as historical and peer valuations, financial ratios (price-to-book, price-to-earnings, dividend yield), and free cash flow. It generally focuses on normalized earnings and high operating leverage, which may increase volatility in down markets. The fund may invest up to 20% in foreign investments and may use futures, options, swaps, and other equity derivatives.