PZLV

The Fund invests at least 80% of its net assets in stocks of "large-cap value" companies. The Fund defines "value" companies as those that are in the three lowest quintiles of valuation of the investment universe based on estimated future earnings. In managing the Fund's assets, the Adviser will follow a classic value strategy. The Fund's portfolio will generally consist of 30 to 80 stocks identified through a research-driven, bottom-up security selection process based on thorough fundamental research. The Fund seeks to invest in large-cap company stocks that, in the opinion of the Adviser, sell at a substantial discount to their intrinsic value but have solid long-term prospects. Though the Fund primarily invests in U.S. listed companies, it may also invest up to 20% of its net assets in shares of foreign companies through ADRs or dollar-denominated foreign securities. The Fund's investments in foreign securities may include investments in emerging-markets securities. The Fund may also invest in REITs and up to 10% of its net assets in limited partnerships and MLPs. Additionally, the Adviser integrates environmental, social, and governance (ESG) considerations where material to earnings.