LOWV

LOWV employs an integrated approach to provide a low-volatility portfolio that emphasizes downside mitigation while attempting to capture the upside in rising markets. The actively managed portfolio holds approximately 60 to 80 US stocks exhibiting lower volatility than the broad equity market. The adviser seeks high-quality, stable companies available at attractive prices by combining fundamental and quantitative research. Factors considered include the company's current and projected profitability, seasoned management, low share price volatility, competitiveness, and asset liquidity. In addition, the adviser also weighs economic, political, and market factors in investment decisions. The fund is non-diversified.