Fund Description

The fund will normally invest at least 65% of net assets in securities of issuers from a minimum of three countries outside the United States and will normally invest at least 80% of the value of the fund's net assets in equity securities. The portfolio managers generally look for securities from issuers that have characteristics similar to those of the companies that comprise the MSCI EAFE Value Index, considering factors such as industry sector and geographic location. They use quantitative models to rank stocks via a proprietary expected returns model, apply optimization to balance active return and risk versus the index, then review results for risk, transaction costs, and liquidity; sectors may be over- or underweighted, holdings may span all market caps, and the fund may invest a significant portion of assets in one country or region when consistent with the fund's investment process.