Strategy. The Fund normally invests in all stocks in the Russell 1000 Value Index (the Index) in proportion to their weighting in the Index. The Subadviser attempts to have a correlation between the Funds performance and that of the Index of at least 0.95 before expenses. A correlation of 1.00 would mean that the Fund and the Index were perfectly correlated. The Index is an unmanaged index composed of companies in the Russell 1000 Index which exhibit lower price-to-book ratios and lower expected growth values. The Russell 1000 Index is itself composed of approximately 1,000 of the largest securities on the Russell 3000 Index, based on a combination of their market cap and current index membership. The Index is constructed to … Show more… The Fund normally invests in all stocks in the Russell 1000 Value Index (the Index) in proportion to their weighting in the Index. The Subadviser attempts to have a correlation between the Funds performance and that of the Index of at least 0.95 before expenses. A correlation of 1.00 would mean that the Fund and the Index were perfectly correlated. The Index is an unmanaged index composed of companies in the Russell 1000 Index which exhibit lower price-to-book ratios and lower expected growth values. The Russell 1000 Index is itself composed of approximately 1,000 of the largest securities on the Russell 3000 Index, based on a combination of their market cap and current index membership. The Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The Index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics. The Index uses a capping methodology at each quarterly rebalance that limits the weight of any single company to a maximum of 22.5% of the Indexs weight, and the sum of all companies with a weight above 4.5% to an aggregate 45% of the Indexs weight. In seeking to match the performance of the Index, the Subadviser uses a passive management approach and purchases all or a representative sample of the stocks comprising the Index. Under normal circumstances, the Fund invests at least 80% of the value of its net assets in a statistically selected sampling of securities of companies included in the Russell 1000 Value Index or in derivative instruments linked to that Index, primarily stock index futures contracts. The Subadviser also may use stock index futures as a substitute for the sale or purchase of securities. Because the Fund has expenses, performance will tend to be slightly lower than that of the target benchmark. Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Index is concentrated. Show less