The fund seeks total return by investing in companies across any size in the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in equity securities of MLPs in the energy infrastructure sector.

Also, the team prefers MLPs that operate assets used in the gathering, transporting, processing, storing, refining, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, refined petroleum products or coal.

In addition, the team may also write call and put options on securities, ETFs or security indexes in an effort to generate additional current income and reduce volatility.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund typically invests in 25 to 35 midstream MLPs, including publicly traded limited partnerships and limited liability companies taxed as partnerships, as well as related general partners.

However, the fund will not invest more than 15% of its net assets in any one issuer.

The fund will concentrate its investments in the securities of issuers engaged primarily in energy-related industries.

Also, the fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in component securities of the Underlying Index.

The Underlying Index is comprised of preferred securities listed on U .S . exchanges that are issued by real estate investment trusts.

As part of its strategy, the fund employs a passive or indexing investment approach to replicate the composition of the Underlying Index.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund will concentrate its investments in a particular industry or group of industries approximately to the same extent that the Underlying Index is concentrated.

Also, the fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can.

The fund seeks total return by investing in companies across any size in the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in equity securities of companies in the Utility Sector.

The team considers a company to be a Utility Sector Company if at least 50% of the company’s assets or customers are committed to, or at least 50% of the company’s revenues, gross income or profits derive from, the provision of products, services or equipment for the generation or distribution of electricity, gas or water.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that exhibit the potential for growth of income and capital appreciation over time.

In addition, the research team favors companies with conservative capital structures, solid balance sheets, a track record of growing earnings and raising dividends.

Other factors in consideration are positive catalysts that may unlock value, and/or lower-than-market levels of volatility, correlation or similar characteristics.

The team also considers a company’s earnings and cash flow potential, dividend prospects and tax treatment of dividends, strength of business franchises and estimates of net asset value.

The fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can.

The fund seeks primarily current income and secondarily capital appreciation by investing in companies in the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in U. S. preferred stock, and in derivatives and other instruments that have economic characteristics similar to such investments.

The fund considers an issuer of preferred stock to be in the U. S. if it is organized under the laws of, or maintains a principal place of business in, the U.S., or the principal trading market for its securities is in the U.S.

Also, the fund considers an issuer of preferred stock to be in the U. S. if during its most recent fiscal year, it derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the U.S., or has at least 50% of its assets in the U.S.

The team evaluates a company’s competitive position, its ability to earn a high return on capital and generate cash in excess of its growth needs, the reliability of its profits, and its access to additional capital.

In addition, when selecting preferred stock that are subject to a call provision, the team generally seeks to underweight or eliminate those that trade above the call price and exhibit a low or negative yield-to-call.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund can.

In addition, from time to time, the fund may focus its investments (i.e., invest more than 15% of its total assets) in particular sector.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the component securities of the Index.

The Index seeks to track the performance of the common stock of U .S . exchange-listed biotechnology companies with at least one drug therapy approved by the U .S . Food and Drug Administration for marketing.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Additionally, the fund concentrates its investments in the securities of issuers engaged primarily in the biotechnology industry.

The fund seeks to replicate the total return performance of the benchmark index, before fees and expenses, by investing in companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in the component securities of the Index.

The Index seeks to track the performance of the common stock of U .S . exchange-listed biotechnology companies with at least one drug therapy approved by the U .S . Food and Drug Administration for marketing.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Additionally, the fund concentrates its investments in the securities of issuers engaged primarily in the biotechnology industry.

The fund seeks primarily a high level of current income and secondarily capital appreciation by investing in companies outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in a diversified portfolio of high yield bonds and other debt securities.

As part of its investment strategy, the team focuses on U .S. listed ETFs that are substantially invested in high yield bonds.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may also invest a portion of its net assets in floating rate bank loans.

Additionally, the fund invests primarily in U.S. securities but may invest in foreign securities including those in emerging markets. 

In addition, from time to time the fund may focus its investments in one or more particular sectors.

The fund may also invest a portion of its net assets in securities that are restricted as to resale (e .g ., Rule 144A securities).

The fund seeks primarily a high level of current income and secondarily capital appreciation by investing in companies outside the United States.

The sub-adviser’s investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests significantly in bonds.

Sectors and sub-sectors are analyzed by the team for attractive relative values.

The team then typically identifies securities within these sectors and sub-sectors based on the particular issuer’s business, management, cash, assets, earnings and stability, as well as the economic and financial conditions of markets generally.

Securities selected for investment are typically those that offer the greatest available potential to achieve relatively high income and total return based on risk-reward analysis.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest in securities of U.S. or foreign issuers of any maturity or credit quality rating.

Additionally, the fund also invests in corporate investment-grade; corporate high-yield; bank loans; agency and non-agency mortgage-backed securities, non-U.S. dollar securities; emerging and market high-yield securities.

The fund also invests in Yankee investment-grade bonds; agency and non-agency asset-backed securities; taxable municipal bonds; tax-exempt municipal bonds; and securities issued or guaranteed as to principal and interest by the U.S. government, its agencies, authorities or instrumentalities.

The fund may also invest in securities that are subject to resale restrictions.