Fund Description

The fund normally invests at least 80% of net assets (plus any borrowings for investment purposes) in U.S. equity securities, with country classification determined by MSCI Inc. or another unaffiliated data provider; qualifying derivatives may count toward the 80% policy. It seeks a portfolio with characteristics similar to the S&P 500 Stock Index, with potential for excess returns, using a disciplined process that weights sectors and industries approximately in line with the Index while allowing significant differences in individual holdings. It generally stays fully invested (less than 5% cash), targets sector neutrality, and may include occasional small- and mid-cap exposure; at times it may be heavily invested in a single sector.