span style="color:#000000;font-family:Times New Roman;font-size:9pt;"The Fund invests, under normal circumstances, at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) (“Net Assets”) in equity investments in U.S. issuers. The Fund seeks broad representation of large-cap, mid-cap and small-cap equity investments representing all major sectors of the U.S. economy. /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"The Fund uses a variety of quantitative techniques, in combination with a qualitative overlay, when selecting investments that have the potential to maximize the Fund’s after-tax return and minimize capital gains and income distributions. These quantitative techniques, which are derived from fundamental research and based on certain investment themes, including, among others, Fundamental Mispricings, High Quality Business Models, Sentiment Analysis and Market Themes amp; Trends. Fundamental Mispricings seeks to identify high-quality businesses trading at a fair price, which the Investment Adviser believes leads to strong performance over the long-run. High Quality Business Models seeks to identify companies that are generating high-quality revenues with sustainable business models and aligned management incentives. Sentiment Analysis seeks to identify stocks experiencing improvements in their overall market sentiment. Market Themes and Trends seeks to identify companies positively positioned to benefit from themes and trends in the market and macroeconomic environment. As a part of the Investment Adviser’s investment selection process, the Investment Adviser utilizes proprietary models that assess a wide range of indicators, which may include certain environmental, social and governance (“ESG”) indicators. No one indicator, risk or consideration is determinative in the investment selection process. The /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"Fund may make investment decisions that deviate from those generated by the Investment Adviser’s proprietary models, at the discretion of the Investment Adviser. In addition, the Investment Adviser may, in its discretion, make changes to its quantitative techniques, or use other quantitative techniques that are based on the Investment Adviser’s proprietary research. /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"In managing the Fund, the Investment Adviser balances investment considerations and tax considerations. The Fund seeks to achieve returns primarily in the form of price appreciation (which is not subject to current tax), and may use different strategies in seeking tax efficiency. These strategies include: /spanspan style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;"◼/spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"Offsetting long-term and short-term capital gains with long-term and short-term capital losses and creating loss carry-forward positions /spanspan style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;"◼/spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"Managing portfolio turnover that may result in capital gains and losses /spanspan style="color:#38B8FF;font-family:Times New Roman;font-size:9pt;"◼/spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"Selling tax lots of securities that have a higher tax basis before selling tax lots of securities that have a lower tax basis /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"The Fund’s investments in fixed income securities are limited to cash equivalents. /spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;"The Investment Adviser measures the Fund’s performance against the Russell 3000/spanspan style="color:#000000;font-family:Times New Roman;font-size:5.5pt;position:relative;top:-3.75pt;"®/spanspan style="color:#000000;font-family:Times New Roman;font-size:9pt;" Index./span