Fund Description

The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of large-capitalization companies within the capitalization range of the Russell 1000 Index at the time of acquisition. It may invest in common and preferred stock; rights, warrants or options; convertible and exchangeable securities; equity securities of foreign companies listed on established exchanges, including NASDAQ; ADRs; and other securities with equity characteristics. Portfolio managers analyze economic and market conditions, emphasize value companies, and consider valuation factors such as price-to-book, price-to-earnings, price-to-sales, price-to-cash flow and/or dividend yield, and sometimes consider the extent to which businesses have leaders who prudently manage financially material risks and demonstrate appropriate corporate governance. The ETF Class is actively managed.