Fund Description

The fund invests primarily in stocks that its subadviser, Brandywine Global Investment Management, LLC, believes are undervalued. It normally invests at least 80% of net assets (plus borrowings for investment purposes) in stocks, securities convertible into stocks, and other stock price-based securities such as warrants and stock rights, with a current focus on larger companies. It typically invests most of its assets in securities of U.S. companies, but may invest up to 25% of total assets in foreign securities and ADRs, including emerging markets. It may use futures for hedging or as a substitute for direct holdings, which can create leverage, may have significant industry/sector exposure, and may hold cash or cash equivalents. Brandywine Global employs a bottom-up, value-based investment approach that uses both quantitative and fundamental analysis, beginning with a valuation screen, followed by a quantitative de-selection process, and then a thorough fundamental analysis, and expects to hold about 175-250 stocks.