Fund Description

The fund normally invests primarily in issuers listed on U.S. exchanges with a focus on value stocks, investing at least 80% of net assets (plus borrowings, if any) in securities of large-cap value companies and other investments with similar economic characteristics. Large-cap value companies are those with market capitalizations at initial purchase exceeding the smallest company in the MSCI USA Value Index. The sub-adviser uses a quantitative life-cycle framework to rank stocks and an optimization process with benchmark-related constraints, with final selections subject to portfolio management discretion. It may invest in common stocks, depository receipts, preferred stocks, and convertibles, up to 5% in index ETFs, and also in cash, short-term instruments, money market funds, and U.S. government securities.