Spectrum Investments today announced that it has filed an amendment to its simplified prospectus requesting a change to the investment strategy of the Spectrum American Equity Fund.

Spectrum plans to shift the fund to a value style and rename it Spectrum American Value Fund. Pending regulatory approval, these changes will be effective May 21.

“We believe that this change is both timely and relevant and will be beneficial for unitholders,” said Karen Bleasby, Spectrum chief investment officer and vice president, Investments. “It is intended to provide superior performance with lower risk, particularly over the long-term.”

The fund will still be managed by MFS Institutional Advisors. The portfolio managers will be Lisa Nurme, senior vice president and director of Value Portfolio Management of MFS. She has been with the company since 1987 and has managed the MFS Value Fund since 1996. Co-manager will be Steven Gorham, senior vice president, who has been with MFS since 1989 and has co-managed MFS Value Fund since January 2002.

The investment strategy will now emphasize common shares of larger U.S. companies and the fund will be managed in a disciplined value style. The portfolio advisor will focus on companies that are considered undervalued in relation to their future prospects and offer good absolute and relative value as characterized by measures such as lower than average price/book and price/earnings, and higher-than-average dividend yield as compared to the overall market. The portfolio advisor will use a disciplined, bottom-up, stock selection process to evaluate a company’s current position and future prospects.

The fund was originally launched in May 1957 and has $318.1 million in assets.