Statement on Current Market Conditions (02/28/2020)

To our shareholders:

You may be concerned about your investments in light of the recent market volatility driven by the continuing coronavirus (COVID-19) outbreak. With 24/7 headlines and conflicting analysis of the impact, we understand how this event can leave investors feeling uncertain.

Our guidance, based on our in-depth understanding of the investments in our portfolios, is to stay the course. Though the markets are bumpy at present, we don’t think the issues change our core long-term investment approach.

Here are three reasons why we are staying the course in our portfolios:

  • We take a long-term investment approach, which is designed to weather short-term issues and pullbacks.
  • We seek to invest in higher-quality companies, which we believe are implicitly better at navigating challenging environments.
  • We’re actively talking with our companies, and believe their business operations remain stable and their responses to the situation are on-target.

We believe our portfolios are well situated to meet the short-term volatility the markets are experiencing, but as an active investment manager, we stand ready to make changes if appropriate.

Our client service team is available during normal business hours to speak with you about your investments and address any concerns you may have about the current volatility in the markets.

We thank you for your support and confidence.


Mark D. Santero

Investing in mutual funds involves risk, including the possible loss of principal.

Past performance does not guarantee future results.

Investors should carefully consider fund objectives, risks, charges and expenses before investing. The prospectus contains this and other information about the funds and should be read carefully before investing. To obtain a prospectus, call 1.800.258.3030 or visit