Fund Description

The fund seeks to achieve its investment objective by investing primarily in equity securities of U.S. large- and mid-cap companies. Companies are determined to be large- or mid-cap based on the inclusion of their equity securities in the Russell 1000 Value Index, whose constituents exhibit value qualities such as lower price-to-book ratios and lower expected growth values. It may invest in common and preferred stock, convertible securities, rights and warrants. The subadviser uses a proprietary dynamic multi-factor approach based on quantitative and qualitative research and analysis; among the kinds of factors used are mean reversion, trend following, and risk aversion. In exceptional circumstances, the subadviser may exclude, remove or include an issuer or security where it believes the data available does not accurately reflect current events, or to adjust the risk profile of the fund appropriately. It may trade frequently and may lend securities up to 30% of total assets for additional income.