Strategy. The Funds principal strategy is to combine a portfolio of domestic and foreign equity securities, including emerging markets securities, designed to provide growth with lower volatility. The Fund primarily invests in stocks that exhibit high-quality characteristics such as high levels of profitability and stable earnings, which may lower volatility in the Funds returns. The Fund uses quantitative analysis to allocate exposure to various quality factors to limit the amount of risk any individual factor contributes to the Fund and to reduce the Funds volatility. The Funds portfolio construction process generally seeks to maintain a target beta below the MSCI All-Country World Index (the benchmark), which the portfolio manager believes will provide the potential for long-term capital appreciation while maintaining lower … Show more… The Funds principal strategy is to combine a portfolio of domestic and foreign equity securities, including emerging markets securities, designed to provide growth with lower volatility. The Fund primarily invests in stocks that exhibit high-quality characteristics such as high levels of profitability and stable earnings, which may lower volatility in the Funds returns. The Fund uses quantitative analysis to allocate exposure to various quality factors to limit the amount of risk any individual factor contributes to the Fund and to reduce the Funds volatility. The Funds portfolio construction process generally seeks to maintain a target beta below the MSCI All-Country World Index (the benchmark), which the portfolio manager believes will provide the potential for long-term capital appreciation while maintaining lower volatility than the benchmark. To a limited extent, the Fund may invest in exchange-traded funds (ETF) and affiliated ETFs. Additionally, in certain instances, the Fund may use alternative investment strategies such as an option-based risk-management strategy, which involves purchasing and selling options on component indices or corresponding ETFs. This option strategy may not fully protect the Fund against declines in the value of its portfolio, and the Fund could experience a loss. The Fund can also invest in other derivatives, including equity futures. Futures typically are used as a liquid and economical means of managing tactical allocations to asset classes or factors. Show less