Fund Description

The fund seeks to achieve its objective by actively identifying potential investments using blended fundamental and quantitative analysis and constructing a portfolio while managing risk factors such as issuer, industry and sector weightings, market capitalization, and volatility relative to the Russell 1000 Value Index. It normally invests at least 80% of net assets, including borrowings for investment purposes, in equity securities such as common stocks, depositary receipts, REIT equity interests, and other ownership securities. It focuses on stocks believed undervalued, primarily in large-cap companies, may invest in foreign securities, and may concentrate in a single industry or sector. Portfolio construction uses optimization targeting about 2% predicted tracking error versus the index.