Fund Description

The fund invests primarily in common stock of large-cap U.S. companies viewed as undervalued relative to the market, using a large-cap value approach that selects most holdings from companies in the Russell 1000 Value Index. Investments primarily include equity securities of domestic issuers and REITs, with sector exposure that approximates the Russell 1000 Value Index and may result in large allocations to sectors such as financials, healthcare and industrials. The strategy uses a quantitative model based on fundamental and technical variables, considers trading costs, and manages risk through diversification constraints. It normally invests at least 80% of net assets (plus borrowings) in large-cap investments and actively trades, which can raise turnover, costs, and short-term taxable gains or losses.