Strategy. The Fund, under normal market conditions, primarily invests in the equity securities of large cap U.S. companies that DuPont Capital Management Corporation (the Adviser) believes are undervalued. A large cap company is a company with a market capitalization of at least $10 billion at the time of purchase. The Adviser intends to concentrate the Funds investments in 40 to 50 securities. Within the U.S. large cap space, the Adviser will invest in companies that the Adviser believes has strong franchises, significant free cash flow (FCF) generation power, and value-generating capital allocation policies. The Adviser believes that the strategic use of cash exceeding a companys organic growth needs can have a significant impact on the long-term value of an investment and … Show more… The Fund, under normal market conditions, primarily invests in the equity securities of large cap U.S. companies that DuPont Capital Management Corporation (the Adviser) believes are undervalued. A large cap company is a company with a market capitalization of at least $10 billion at the time of purchase. The Adviser intends to concentrate the Funds investments in 40 to 50 securities. Within the U.S. large cap space, the Adviser will invest in companies that the Adviser believes has strong franchises, significant free cash flow (FCF) generation power, and value-generating capital allocation policies. The Adviser believes that the strategic use of cash exceeding a companys organic growth needs can have a significant impact on the long-term value of an investment and that high-quality, reasonably priced equities with high levels of FCF generating power are best identified using a fundamental research approach supplemented by proprietary quantitative screens. The Fund will typically invest in U.S. large cap equity securities through the use of a discount to intrinsic value-based strategy. Investments will typically be focused on companies that, in the Advisers opinion, have a favorable competitive environment, excellent management teams, superior fundamental outlooks, and return incentives well-aligned with shareholders. Through in-depth fundamental research supplemented by quantitative screening, the Fund will target investments possessing these characteristics which, in the Advisers opinion, have the greatest potential to generate superior per share value creation throughout economic cycles. These value creating characteristics will be combined with valuation measures to determine optimal investments for the Fund. Under normal circumstances, the Fund will invest at least 80% of its total assets in large cap equity securities. Equity securities include common stocks, depositary receipts evidencing ownership of common stocks, certain preferred stocks, securities convertible into common stocks, and securities that carry the right to buy common stocks (e.g., rights and warrants). The Fund may use derivatives such as equity options, futures contracts or total return swaps referencing single stocks or stock indices to create or hedge equity exposure. The Fund is considered to be non-diversified which means that it may invest in fewer issuers than a diversified fund. Show less