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The Value in Rising Dividends
Investing in high-quality, dividend-growing companies with above-average yields and below-average valuations, seeking to provide current income with growth of capital.
Growing Dividends Can Result In Better Relative Returns With Less Relative Volatility
10-Year Risk/Return (4/1/16 - 3/31/26)
Standard deviation is a statistical measure of risk that indicates the historical volatility of an investment’s returns.
Past performance does not guarantee future results.The performance shown above is index performance. Indices are unmanaged and not available for direct investment.
Dividend Focused
Seeks quality companies with growing and sustainable dividends
Valuation Discipline
Emphasizes temporarily out-of-favor companies with below-average valuations
Sub-advised by Wellington
Wellington prioritizes independent thought and collaboration across all major asset classes
Objective: Seeks a high level of current income consistent with growth of capital.
Portfolio Management
6
YRS
MANAGING THIS FUND
22
YRS
AT WELLINGTON MANAGEMENT
29
YRS
EXPERIENCE IN THIS INDUSTRY
6
YRS
MANAGING THIS FUND
21
YRS
AT WELLINGTON MANAGEMENT
29
YRS
EXPERIENCE IN THIS INDUSTRY
The portfolio managers are supported by the full resources of Wellington.
Performance
PERFORMANCE %
Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.
SI = Since Inception.
Fund Inception: 08/28/2003
Share Class Inception: 8/31/06.
Class I-share performance prior to its inception date reflects Class A-share performance (excluding sales charges) and operating expenses. SI performance is calculated from 8/28/03.
Characteristics
FUND STATS (as of 5/31/2026)
| # of Holdings | 76 |
|---|---|
| % in Equities | 99 |
| % in Foreign Equities | 10 |
| Beta (3 year) | 0.84 |
| R Squared (3 year) | 0.93 |
| Standard Deviation | 11.36% |
| Turnover | 49% |
| Active Share | 85% |
| Dividend Frequency | Quarterly |
Holdings Characteristics (as of 5/31/2026)
| FUND | Russell 1000 Value Index | |
|---|---|---|
| Price/Earnings | 14.3x | 16.1x |
| Price/Book | 2.9x | 3.5x |
| EPS Growth Rate | 10.0% | 14.1% |
| Asset Weighted Market Cap (billions) | $217.5 | $498.6 |
| Return on Equity | 24.1% | 19.4% |
| Median Market Cap (billions) | $58.2 | $16.0 |
Top Ten Holdings (%)
(as of 5/31/2026)
| Merck & Co., Inc. | 2.80 |
| Elevance Health, Inc. | 2.10 |
| Crown Castle, Inc. | 2.04 |
| Diamondback Energy, Inc. | 1.94 |
| Keurig Dr. Pepper, Inc. | 1.90 |
| Unilever PLC | 1.89 |
| Gaming & Leisure Properties, Inc. | 1.86 |
| Johnson & Johnson | 1.84 |
| Broadcom, Inc. | 1.80 |
| NXP Semiconductors NV | 1.79 |
| Total Portfolio % | 19.96 |
Yields (%)
(as of 6/30/2026)
| 30-Day SEC Yield | 1.53 |
|
Unsubsidized 30-Day SEC Yield
|
1.53 |
Market Cap Distribution (%) (as of 5/31/2026)
| Less than $2 billion | 0 | |
| $2 billion - $5 billion | 0 | |
| $5 billion - $10 billion | 1 | |
| Greater than $10 billion | 99 | |
| Not Classified | 0 | |
RETURN CHARACTERISTICS (as of 6/30/2026)
|
Alpha (5 Year)
|
-0.71 |
|
Down Capture (5 Year)
|
86.96 |
|
Information Ratio (5 Year)
|
-0.45 |
|
Sharpe Ratio (5 Year)
|
0.47 |
|
Up Capture (5 Year)
|
86.05 |
Sector Exposure (%)
FUND |
BENCHMARK | UNDERWEIGHT / OVERWEIGHT | |||||
|---|---|---|---|---|---|---|---|
| 3/31/26 | 5/31/26 | 5/31/26 | -6 0 6 | ||||
| Health Care | 16 | 17 | 11 | ||||
| Utilities | 8 | 8 | 4 | ||||
| Real Estate | 7 | 7 | 4 | ||||
| Consumer Staples | 10 | 9 | 7 | ||||
| Financials | 20 | 20 | 19 | ||||
| Materials | 4 | 4 | 4 | ||||
| Industrials | 12 | 12 | 13 | ||||
| Energy | 5 | 5 | 6 | ||||
| Consumer Discretionary | 4 | 3 | 7 | ||||
| Communication Services | 3 | 3 | 8 | ||||
| Information Technology | 11 | 12 | 18 | ||||
Based on Global Industry Classification Standard (GICS), which was developed by and is the exclusive property and a service mark of MSCI Inc. (MSCI) and Standard & Poor's, a division of The McGraw-Hill Companies, Inc. (S&P). Excludes cash. May not total to 100% due to rounding and/or pooled vehicle allocations.
distributions and capital gains
| Distribution Date | Distribution NAV | ordinary income | short term capital gains | long term capital gains | total distribution |
|---|---|---|---|---|---|
| 6/26/2026 | 21.33 | $0.0726 | $0.0000 | $0.0000 | $0.0726 |
| 3/27/2026 | 19.70 | $0.1100 | $0.0000 | $0.0000 | $0.1100 |
| 12/29/2025 | 20.13 | $0.1160 | $0.0000 | $0.0000 | $0.1160 |
| 12/11/2025 | 20.24 | $0.0000 | $0.3299 | $1.9531 | $2.2830 |
| 9/26/2025 | 21.44 | $0.0933 | $0.0000 | $0.0000 | $0.0933 |
Past distributions are not indicative of future distributions.
Insights
Resources
Literature
Important Risks: Investing involves risk, including the possible loss of principal. Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • For dividend-paying stocks, dividends are not guaranteed and may decrease without notice. • The securities of large market capitalization companies may underperform other segments of the market. • Mid-cap securities can have greater risks and volatility than large-cap securities. • Value investing style may go in and out of favor, which may cause the Fund to underperform other equity funds using different investment styles. • To the extent the Fund focuses on one or more sectors, the Fund may be subject to increased volatility and risk of loss if adverse developments occur. • Foreign investments may be more volatile and less liquid than U.S. investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments.
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