U.S. stocks gained in the second quarter but gave up some ground in June after climbing for seven straight months, the longest winning streak since 2009. Federal Reserve Chairman Ben Bernanke unnerved markets when he commented that the Fed might scale back its monthly asset purchases later this year and possibly end them in mid-2014. The program has helped keep interest rates low and sustain the momentum propelling stocks. In addition, first-quarter U.S. economic growth was revised downward from earlier estimates, which also weighed on share prices.
The Equity Income Fund returned 2.63% in the quarter compared with 2.91% for the S&P 500 Index and 2.53% for the Lipper Equity Income Funds Index. For the 12 months ended June 30, 2013, the fund returned 23.66% versus 20.60% for the S&P 500 Index and 20.52% for the Lipper Equity Income Funds Index. The fund's average annual total returns were 23.66
%, and 7.64
% for the 1-
periods, respectively, as of June 30, 2013
. The fund's expense ratio was 0.68
% as of its fiscal year ended December 31, 2012. Continue Reading »