Fund Description

The fund invests at least 80% of net assets (plus borrowings for investment purposes) in a portfolio of equity securities, primarily those included in the MSCI World Value Index, across multiple countries including the United States. The sub-adviser seeks to maximize total return while maintaining lower volatility than the Index, and may use derivatives such as index futures as a substitute for buying Index securities or to maintain equity market exposure on cash. It may invest in REITs and other investment companies, including ETFs. The process screens for stable dividend yields by sector, ranks securities using proprietary quantitative models, and uses optimization to target a dividend yield expected to be higher than the Index, manage beta, set active weights, and neutralize region and sector exposures; this low-volatility approach may reduce total return. Quantitative evaluation may consider ESG factors among many inputs. The fund may lend up to 30% of total assets.