Special Equity Fund

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The Fund employs multiple portfolio managers who specialize in distinct investment approaches. This “intelligence diversification” not only serves to manage risk, but also helps us tap the markets’ full potential by focusing different analytical insights on each class of investment. Fund management strives to achieve this performance and diversification while ensuring that the Fund operates within the framework of its investment objective and principal investment strategies.

Federated MDTA LLC
Lord, Abbett & Co, LLC
Ranger Investment Management, L.P.
Skyline Asset Management, L.P.
Smith Asset Management Group, L.P.
Westport Asset Management, Inc.

Federated MDTA LLC

Federated MDTA LLC utilizes their disciplined Optimum Q process, introduced in 1991. Optimum Q permits a thoroughly disciplined approach to trading in which all trades are reviewed to ensure that they are based on accurate and current information, but no subjective judgment need — nor should — be overlaid on the model's decisions.

Lord, Abbett & Co, LLC

The goal of the team is to invest in a portfolio of well-diversified quality growth stocks with reasonable valuations via an investment approach that focuses on fundamental research and experienced judgment.

Ranger Investment Management, L.P.

Ranger utilizes a disciplined, consistent approach to both security selection and risk management. The Investment Team searches for quality growth companies by implementing a bottom-up, fundamental research driven security selection process. The focus in the research process is on identifying small and mid capitalization U.S. equities characterized by accelerating revenue and earnings growth, high recurring revenues, strong balance sheets and free cash flow generation. Portfolio controls include position and sector diversification collars as well time-tested proprietary sell disciplines.

Skyline Asset Management, L.P.

The investment team from Skyline Asset Management, L.P. looks for small-capitalization stocks that have below average valuations with above average growth prospects. Through their intensive in-house research, they find good companies that are overlooked or not widely followed.

Smith Asset Management Group, L.P.

Smith Group is a small-cap conservative-growth manager with expertise in finding companies that have dramatically improving business fundamentals, attractive risk profiles, and valuations.

One of the company's core beliefs is that positive earnings surprises tend to drive future stock prices. Smith's research process focuses on proprietary earnings quality, risk-management models and, to a lesser extent, sell-side analysis.

Westport Asset Management, Inc.

The investment team at Westport Asset Management, Inc., led by Andy Knuth, focuses on small-capitalization companies that are determined to have significant upside potential in earnings and ROE over the next few years. Although investing for growth, Andy will purchase stocks only if they are selling at or below the market’s P/E multiple, or below valuations of other companies in the same industry. Implicit in the strategy is that Andy and his partner Ed Nicklin focus on a small number of issues, and hold them for a long time. The concentration and low turnover enable them to heavily research and monitor each position.

Investors should carefully consider the fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.

The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. From time to time the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields on the Fund are net of expenses and the returns and yields on the indices exclude expenses. Current performance of the Fund may be lower or higher than the performance quoted.