Fund Description

The fund uses an integrated approach combining research, portfolio design, management, and trading, emphasizing long-term drivers of expected returns while balancing risk through broad diversification across companies and sectors. It invests in readily marketable U.S.-listed equities, generally limited to companies in the highest 96% of U.S. market capitalization or larger than the 1,500th largest U.S. company. Under normal circumstances, it invests at least 80% of net assets in U.S. securities. The portfolio is market-cap weighted and may emphasize higher-profitability stocks. The Sub-Adviser may increase or reduce the fund's exposure to an eligible company, or exclude a company, based on shorter-term considerations, and it seeks to reduce trading costs using a flexible trading approach. It may invest up to 5% in the U.S. Micro Cap Portfolio and may lend securities.