Fund Description

The fund invests substantially all of its assets in an underlying series that uses an integrated approach combining research, portfolio design, portfolio management, and trading. The series is designed to buy a broad, diverse group of readily marketable securities of large U.S. companies the adviser deems lower relative price stocks, primarily based on price relative to book value, and may also consider price-to-cash-flow or price-to-earnings ratios. It may overweight smaller, lower relative price, and/or higher profitability stocks within the large-cap value segment. Under normal circumstances, it invests at least 80% of net assets in securities of large-cap U.S. companies. The series may adjust or exclude holdings based on shorter-term factors such as momentum and short-run reversals, use flexible trading to manage costs, employ futures and options on futures for cash-flow management, and lend securities.