Principal Investment Strategy
The Fund pursues its investment objective by investing, under normal circumstances, in common stocks of companies that currently pay dividends or are expected to begin paying dividends in the near future, with an emphasis on high quality growing businesses of companies that have increased their dividends over time. The Fund may invest a portion of its assets in equity securities of foreign companies traded on U.S. exchanges, including American and Global Depositary Receipts (ADRs and GDRs). The Adviser looks primarily for companies whose stock is trading at prices below what the Adviser believes represent their true value.
The Fund will invest primarily in securities of large cap companies, but may also invest in securities of mid cap companies.
In making investment decisions for the Fund, the Adviser will invest the Fund's assets in stocks of companies that have exhibited characteristics of a high-quality growing business. The Adviser seeks to identify companies that have a track record of paying out, or the capability of paying out, higher dividends over time and which the Adviser believes can be purchased at a reasonable valuation. The Adviser may sell a security if it believes the price objective for the stock has been reached, if more attractive opportunities are identified, or if the fundamentals of the company deteriorate.
The Adviser may from time to time generate portfolio turnover rates in excess of 100%.
There is no guarantee that the Fund will achieve its objective.
Principal Risks
The Fund's investments are subject to the following principal risks:
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Large cap dividend paying stocks may fall out of favor relative to the overall market.
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Mid cap stocks may fall out of favor relative to stocks of larger or smaller companies.
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Value stocks may fall out of favor with investors and may underperform growth stocks in an up market. The intrinsic value of value stocks may never be fully recognized by the market or their price may decline.
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The portfolio manager may not execute the Fund's principal investment strategies effectively.
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A company's earnings or dividends may not increase as expected.
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To the extent the Fund buys and sells securities actively, it could have higher expenses (which reduces returns to shareholders) and higher taxable distributions.
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Foreign securities (including ADRs and GDRs) could be affected by factors not present in the U.S., including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts.
You may lose money by investing in the Fund. The likelihood of loss may be greater if you invest for a shorter period of time.
By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.