Strategy. Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The equity securities in which the Fund primarily invests are common and preferred stocks. The Fund employs a multi-style (growth and value) and multi-manager approach whereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Funds adviser allocates portions of the Funds assets among subadvisers. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric Portfolio Associates LLC (Parametric) and AQR Capital Management, LLC (AQR). Fiduciary Counselling, Inc. (FCI) also acts as a … Show more… Under normal market conditions, the Fund pursues its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of U.S. companies. The equity securities in which the Fund primarily invests are common and preferred stocks. The Fund employs a multi-style (growth and value) and multi-manager approach whereby portions of the Fund are allocated to different subadvisers who employ distinct investment styles. The Funds adviser allocates portions of the Funds assets among subadvisers. The Fund currently allocates assets among the following subadvisers who provide day-to-day management for the Fund: Parametric Portfolio Associates LLC (Parametric) and AQR Capital Management, LLC (AQR). Fiduciary Counselling, Inc. (FCI) also acts as a subadviser to the Fund, but does not provide day-to-day management. FCI provides the Fund with the following investment-related services: investment strategy advice, manager recommendations and related duties as requested by the Funds adviser. Clearwater Management Co., Inc. (CMC) serves as the investment manager to the Fund and is responsible for the oversight of the Funds subadvisers. The allocation among subadvisers will vary over time, but the current intent of the Funds adviser is that under normal market conditions approximately 40% to 60% of the Funds total assets will be allocated to Parametric and the remaining assets will be allocated to AQR. Parametric manages its portion of the Funds assets using a passive management strategy to seek investment results that track, before fees and expenses, the investment results of the S&P 500 Index as closely as possible without requiring the Fund to realize taxable gains. Parametric utilizes a representative sampling strategy, meaning that it does not intend that the portion of the Funds assets it manages will be invested in all the components of the S&P 500 Index at any given time. As of December 31, 2024, the market capitalization of the companies included in the S&P 500 Index was between $5.774 billion and $3.785 trillion. AQRs strategy invests, under normal market conditions, at least 80% of the net assets, plus the amount of any borrowings for investment purposes, of the portion of the Fund it manages in equity or equity-related securities (including futures contracts). AQR follows a disciplined, systematic approach that employs multiple measures of value, momentum and quality and seeks to invest in attractively valued companies with positive momentum and a stable business. AQRs approach generally invests in large cap U.S. companies, which it generally considers to be those companies with market capitalizations within the range of the Russell 1000 Index at the time of purchase. AQR may rely heavily on quantitative models as part of its investment strategy. Show less