Strategy. Under normal circumstances, the Fund invests at least 80% of its assets in the securities of small-to-medium capitalization companies. The Fund considers small-to-medium capitalization companies to be companies, at the time of purchase, whose market capitalizations are within the range of the market capitalizations in the Russell 2500 TM Index. The Fund may invest in derivatives such as futures, forwards and other similar instruments in order to equitize cash balances by gaining exposure to relevant equity markets. To the extent that derivatives have economic characteristics similar to the securities of small-to-medium capitalization companies, they will be counted as such for purposes of the Funds 80% investment policy. The sub-advisor uses a rules-based methodology that emphasizes quantitatively-based stock selection, portfolio construction … Show more… Under normal circumstances, the Fund invests at least 80% of its assets in the securities of small-to-medium capitalization companies. The Fund considers small-to-medium capitalization companies to be companies, at the time of purchase, whose market capitalizations are within the range of the market capitalizations in the Russell 2500 TM Index. The Fund may invest in derivatives such as futures, forwards and other similar instruments in order to equitize cash balances by gaining exposure to relevant equity markets. To the extent that derivatives have economic characteristics similar to the securities of small-to-medium capitalization companies, they will be counted as such for purposes of the Funds 80% investment policy. The sub-advisor uses a rules-based methodology that emphasizes quantitatively-based stock selection, portfolio construction and efficient implementation. The Fund seeks to capture common sources of active equity returns, including the following factors: value (i.e., how attractively a stock is priced relative to its fundamentals, such as book value and free cash flow), momentum (i.e., whether a companys share price is trending up or down) and quality (i.e., profitability). The sub-advisor seeks to capitalize on the low correlations in returns across these factors by diversifying exposure to securities selected based on such factors. The sub-advisor may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the sub-advisors proprietary research. The sub-advisor constructs the Funds portfolio by investing in the securities comprising the Russell 2500 TM Index and adjusting the relative weight of each security based on the securitys attractiveness when evaluated based on the factors as described above, subject to the Fund being constrained to long-only positions. Based on the sub-advisors judgment, the Fund expects that its portfolio will be overweight with respect to certain securities (i.e., the Fund will hold a greater percentage of those securities than the index) and underweight with respect to others (i.e., the Fund will hold a lesser percentage of those securities than the index), and that such weightings may change over time. The percentage of the Funds portfolio exposed to any single security will vary from time to time as the weightings of the securities within the Fund change. The degree to which components of the Fund represent certain sectors or industries may change over time. The Fund lends its portfolio securities to seek to generate additional income. Show less