Fund Description

The fund invests at least 80% of net assets, plus any borrowings for investment purposes, in equity securities. It uses an active strategy that invests primarily in stocks in the S&P 500 Index (its benchmark), typically through common stocks and sometimes derivatives, and may also invest on a limited basis in sector and/or industry mutual funds and ETFs. Management tilts sector and industry weights versus the benchmark based on fundamental earnings and intrinsic valuation analysis, incorporating macro views and industry/sector ESG risks and opportunities. It may use derivatives as a substitute for direct investment in a particular asset class or sector, to keep cash on hand to meet shareholder redemptions or for other needs while maintaining exposure to the stock market, and may also use derivatives for hedging purposes, for risk management, or for non-hedging purposes to seek to enhance potential gains. The fund may lend securities up to one-third of total assets.