Fund Description

The fund normally invests at least 80% of assets in stocks of value companies with large market capitalizations, generally defined as companies with market caps similar to those in the Russell 1000 Index or the S&P 500 Index. Value companies are companies the adviser believes are undervalued in the marketplace, and the adviser considers traditional and other measures of value such as inclusion in a third-party value benchmark or classification by a third-party vendor, free cash flow yield above the equity market median, enterprise value relative to earnings below the equity market median, or a price-to-book ratio or projected price-to-earnings ratio below the equity market median; an issuer may be determined to be a value company under any of these factors. The fund may use derivative instruments that provide investment exposure consistent with its investment policies and limitations, may invest in domestic and foreign issuers, and the adviser may allocate assets across different market sectors using different managers and use fundamental analysis to select investments.