Strategy. The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the component securities (Component Securities) of the RAFI Multi-Factor US Index (the Index). The Fund may invest the remainder of its assets in cash, securities, and instruments that are not Component Securities but which Mellon Investments Corporation, the Funds sub-adviser (Sub-Adviser), believes will help the Fund track its Index. The Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. The Fund attempts to replicate the Index by investing all … Show more… The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in the component securities (Component Securities) of the RAFI Multi-Factor US Index (the Index). The Fund may invest the remainder of its assets in cash, securities, and instruments that are not Component Securities but which Mellon Investments Corporation, the Funds sub-adviser (Sub-Adviser), believes will help the Fund track its Index. The Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. The Fund attempts to replicate the Index by investing all or substantially all of its assets in the stocks that make up the Index. Indexing may offer a cost-effective investment approach to gaining diversified market exposure over the long-term. The Index is constructed by RAFI Indices, LLC (the Index Provider). The Index Provider uses a rules-based approach to construct five factor portfolios within the Index. The Index equally weights each of the factor portfolios into a combined portfolio of stocks that are weighted by their fundamental size (e.g., earnings, revenues, book value). The Index consists of five factor portfolios, each of which emphasizes one of the following factors: value, low volatility, quality, momentum, and size. The value factor emphasizes companies with high ratio of company fundamental weight to its market capitalization weight. The low volatility factor emphasizes companies with low risk measure calculated as the variance of a companys daily excess return over five years explained by global, local country groups, and global industry excess returns. The quality factor emphasizes companies that are high in profitability and low in investment spending. The momentum factor emphasizes stocks with high momentum. The size factor is the equal weight of the small company portions, based on a companys fundamental weight, of the other four factors. A companys fundamental weight may be adjusted by a free float factor, which is the ratio of the total market capitalization of the shares of the company in free float to the total market capitalization of the company. For the value, low volatility, and quality factor portfolios, eligible securities are ranked by their factor score, and the top 25% of companies by fundamental weight are selected for inclusion within that factor portfolio. For the momentum factor portfolio, eligible securities are ranked by their momentum score and the top 50% of companies by fundamental weight are selected for inclusion. The Index is reconstituted on an annual basis and rebalanced on a quarterly basis. As of December 31, 2024, the Index consisted of 838 Component Securities. The Index allocates an equal weight to each factor at each quarterly rebalance. Each factor (other than momentum) is reconstituted annually on the last business day of March and rebalanced on a quarterly staggered basis on the last business day of March, June, and September and the third Friday of December. This staggered rebalancing is intended to diversify risk and decrease market impact. The momentum factor, unlike the other factors, is reconstituted and fully rebalanced quarterly. The Sub-Adviser uses a passive or indexing approach to try to achieve the Funds investment objective. The Fund does not employ traditional methods of active investment management, which involves the buying and selling of securities based upon security analysis. The Fund may invest in financial futures, a type of derivative that may be used to obtain exposure to a variety of underlying assets, to provide liquidity for cash flows, to hedge dividend accruals or for other purposes that facilitate meeting the Funds objective. The Funds use of financial futures is intended to assist replicating the investment performance of the Index. The Fund may also invest in exchange-traded funds (ETFs) to assist with index rebalances and to meet redemption or purchase requests. The Funds holdings are rebalanced on a regular basis to reflect changes in the composition of the Index. The Fund may invest, without limitation, in U.S. equity and equity-related securities, including common and preferred securities. In addition to futures, as described above, the Fund may also invest in other derivative instruments, such as options or swap agreements. Show less