The fund seeks capital appreciation in the long term by investing in small-size companies in the United States.

The investment process considers a company’s size, value, and/or profitability when making investment decisions from a list of companies in the benchmark index.

Next, the team assesses growth and value characteristics of companies. In assessing growth, the team considers whether a company has a high price in More

The fund seeks capital appreciation in the long term by investing in small-size companies in the United States.

The investment process considers a company’s size, value, and/or profitability when making investment decisions from a list of companies in the benchmark index.

Next, the team assesses growth and value characteristics of companies. In assessing growth, the team considers whether a company has a high price in relation to its book value.

In assessing value, the team looks if a company’s shares have a low price in relation to their book value.

Then the team assesses profitability in terms of earnings or profits from operations relative to book value or assets.

In addition, the research team employs fundamental analysis to evaluate a company’s valuation multiples on the basis of cash flow, or earnings.

Also, in assessing a company’s investment characteristics, the team considers ratios such as recent changes in assets or book value scaled by assets or book value.

Then the manager constructs a portfolio of securities that are consistent with the portfolio’s social issue screens.

The fund excludes companies that earn at least 20% of their total annual revenue through the production and/or sale of conventional or nuclear weapons, are engaged in business activities in or with the Republic of the Sudan, earn at least 15% of their total annual revenue through the production and/or sale of tobacco or alcohol products, or earn at least 20% of their total annual revenue from certain gambling activities.

Other social screens include excluding companies directly participating in abortions, earning at least 15% of their total annual revenue from the rental, sale, distribution or production of pornographic materials, are involved in the production or manufacture of landmines, are involved in the production or manufacture of civilian firearms, have had temporary issues relating to child labor infractions in the U.S. or abroad; and/or are involved in stem cell research.

The fund has the flexibility to exclude a company on the basis of factors such as free float, momentum, trading strategies, liquidity, size, valuation multiples, and profitability.

The fund also can exclude a company negatively impacted by environmental, social or governance factors including accounting practices and shareholder rights.

The fund has the flexibility to lend its securities to earn income.