Fund Description

The fund primarily invests in domestic equity securities, mainly common stocks, using a value approach, and under normal conditions invests at least 80% of net assets plus any investment borrowings in equity investments tied economically to the United States. It may also hold foreign equities, partnership interests, and foreign and domestic debt obligations. The strategy invests opportunistically when managers believe intrinsic value is not recognized, emphasizing basic values, consistent earners, and emerging franchises, with allocations varying over time. It may invest across market capitalizations but expects a focus on large-cap issuers. Debt may be used when viewed as more attractive than equity or to manage risk, with no limits on maturity or credit quality, including high yield. The ETF Class is actively managed.