The fund is a high-conviction, low-turnover portfolio of large- and mid-cap companies with a track record of paying and growing dividends. The fund primarily invests in developed markets, although it may also hold emerging market stocks. The fund focuses on undervalued companies with above average projected growth rates in the selection process. The resulting narrow portfolio comprises 15 to 30 issuers, broadly diversified by sector and with a competitive dividend yield. It may invest up to 10% of its assets in securities of other mutual funds and may utilize derivatives for hedging and non-hedging purposes. To earn additional income, the fund may also enter into securities lending, repurchase and reverse repurchase transactions.