Fund Description

The fund invests primarily in equity securities, principally common and preferred stocks of large-cap companies, and under normal market conditions invests at least 80% of net assets, plus borrowings for investment purposes, in large-cap securities. Large cap is defined as market capitalizations within the range of the Russell 1000 Value Index. The subadvisor uses fundamental, bottom-up research to build a focused portfolio of about 35 to 45 companies it believes are higher-quality businesses undervalued relative to its fair value estimates, incorporating ESG factors and company engagement. It may invest up to 20% in foreign issuers, including emerging markets, and sells holdings when value is realized, fundamentals deteriorate, or valuation is less compelling.