The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 relies on a proprietary strategy to identify companies that will increase in value over time.

The research process is driven by fundamental analysis of one stock at a time. When evaluating individual securities, the team emphasizes companies whose earnings and revenues are not only growing, but growing at an accelerating pace.

Also, the research team integrates environmental, social and governance factors as part of its process.

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’s objective is to appreciate capital through investing in small-size companies in the non-U.S. companies.

The investment process starts with a list of companies with market capitalizations between $60 million and $8 billion. The research team is focused on identifying companies that meet size, growth, quality of revenue and earnings growth.

The team then with the help of qualitative and quantitative research narrows the list of companies with attractive growth profile, strong financial statements, long growth runway and low shareholder participation. The fund favors companies with near-term catalysts to lift stocks higher in the next 18 months.

The fund is diversified across different countries and regions as part of its risk control and the fund practices strict buy and sell disciplines and follows strictly its risk management process on avoiding to lose money.

The fund seeks capital appreciation by investing in small-size companies outside 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.

The research process is driven by fundamental analysis of one stock at a time. When evaluating individual securities, the research team emphasizes company research and the long-term outlook of companies and industries.

Next, the process includes research trips, company meetings, and relationships with industry thought leaders and academics to evaluate companies.

Additionally, the team assesses a company’s geographic and industry positioning, competitive advantage, management, financial strength and valuation.

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 portfolio holds approximately between 75 and 175 growth companies with the potential to outperform the benchmark over the long term. The fund aims to hold securities for typically 5 years, which results in relatively low portfolio turnover.

In addition, the manager focuses on companies located in countries of developed and emerging markets.

The fund invests in companies located in at least three countries outside the United States.

The fund has the flexibility to participate in initial public offerings.
 

The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 calculates the estimated intrinsic value of a company on the basis of factors such as a company’s earnings, cash flow generation, and/or asset value of the underlying business.

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 manager may invest in companies located in at least three countries outside the United States.

The fund may invest up to 30% of its net assets in companies located in emerging markets including frontier markets.

Additionally, the fund may invest up to 5% of its net assets in any one company. From time to time, the fund may invest more than 20% of its net assets in any market sector, such as the financial sector.

The fund may invest in companies located around the world.
 

The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 calculates the estimated intrinsic value of a company on the basis of factors such as a company’s earnings, cash flow generation, and/or asset value of the underlying business.

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 manager may invest in companies located in at least three countries outside the United States.

The fund may invest up to 30% of its net assets in companies located in emerging markets including frontier markets.

Additionally, the fund may invest up to 5% of its net assets in any one company. From time to time, the fund may invest more than 20% of its net assets in any market sector, such as the financial sector.

The fund may invest in companies located around the world.
 

The fund seeks primarily capital appreciation in the long term and secondarily current income by investing in small-size companies outside 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.

Valuation is also part of the investment process.

The investment team considers an issuer to be non–U.S. based if the issuer is organized under the laws of a jurisdiction other than those of the U.S., or the securities of the issuer have a primary listing on a stock exchange outside the U.S. regardless of the country in which the issuer is organized, or the issuer derives 50% or more of its total revenue from goods and/or services produced or sold outside of the U.S.

Next, the research team relies on fundamental analysis to identify exceptional companies. The team believes exceptional companies save time, lives, money or headaches or provide an exceptional value proposition to consumers.

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 holds a portfolio of between 40 and 65 securities which have the potential for growth.

Also, the fund may invest in the securities of emerging or developing markets.

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

The sub-advisers’ 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 employs a market capitalization weighted approach to focus on non-U.S. companies in countries with developed markets.

So, the higher the relative market capitalization of the company within an eligible country, the greater will be its representation in the fund’s portfolio.

Also, the team evaluates companies on factors such as free float, momentum, trading strategies, liquidity, relative price, profitability, and investment characteristics.

In assessing relative price, the team relies on valuation multiples such as cash flow or earnings, as well as economic conditions and developments in the issuer’s industry.

However, in assessing profitability, the team considers ratios of earnings or profits from operations relative to book value or assets.

Additionally, in assessing a company’s investment characteristics, the team considers ratios such as recent changes in assets divided by total assets.

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 lend its portfolio securities to generate additional income.

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

The investment process utilizes a Feeder Portfolio strategy where the research team invests substantially all of the fund’s net assets in its corresponding Master Fund, The Japanese Small Company Series.

Next, the research team employs a market capitalization weighted approach to focus on companies associated with Japan.

So, the higher the relative market capitalization of a Japanese small company, the greater will be its representation in the fund’s portfolio.

Also, the team evaluates companies on factors such as free float, momentum, trading strategies, liquidity, relative price, profitability, and investment characteristics.

In assessing relative price, the team relies on valuation multiples such as cash flow or earnings.

However, in assessing profitability, the team considers ratios of earnings or profits from operations relative to book value or assets.

Additionally, in assessing a company’s investment characteristics, the team considers ratios such as recent changes in assets divided by total assets.

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 lend its portfolio securities to generate additional income.
 

The fund seeks to maximize capital appreciation by investing in small-size companies outside 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 focuses on securities of non-U.S. companies.

In addition, the team evaluates a company’s business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics.

Also, the research team integrates environmental, social and governance factors as part of its process.

The team assesses a company’s technical or market factors, including price and volume trends, relative strength and institutional interest.

As part of the process, the team also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company’s growth rate.

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 manager looks to purchase companies regardless of geographic location and, therefore, at certain times, the fund could have sizeable positions in either developed countries or emerging markets.

The fund is not limited to a specific percentage of assets that may be invested in a single emerging market country, although at all times the fund must be invested in at least three countries (not limited to emerging markets countries).

In addition, the fund may also from time to time invest up to a maximum of 20% of its net assets in the securities of U.S. companies.

The fund may invest in companies with limited operating histories.
 

The fund seeks to invest in small-size companies around the world outside the United States.

The investment process is focused on finding high or improving quality companies that are well placed to benefit from the structural growth. The fundamental research driven stock selection process relies on quantitative techniques in identifying companies with strong financials, high return in capital and attractive free cash flows.

The team then looks for a narrow list of companies that are likely to benefit from the durable structural growth in the long term.

The fund screens companies between market capitalization of as low as $50 million to $7 billion and selects between 120 and 150 stocks. Top 10 holdings account for about 15% of total assets.

The fund seeks capital appreciation by investing in small-size companies outside 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 focuses on non-U.S. securities, including securities of issuers located in emerging markets.

In addition, the team evaluates a company’s financial condition and industry position, as well as market and economic conditions.

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 manager allocates investments across different countries and regions.
 

The fund seeks capital appreciation by investing in small-size companies outside 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 focuses on non-U.S. securities, including securities of issuers located in emerging markets.

In addition, the team evaluates a company’s financial condition and industry position, as well as market and economic conditions.

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 manager allocates investments across different countries and regions.
 

The fund seeks capital appreciation by investing in small-size companies outside 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 focuses on non-U.S. securities, including securities of issuers located in emerging markets.

In addition, the team evaluates a company’s financial condition and industry position, as well as market and economic conditions.

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 manager allocates investments across different countries and regions.
 

The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 looks to invest in foreign small/micro cap companies, and will invest in at least five of the countries included in the benchmark index.

The team favors companies not yet recognized by investors, and believes that these companies have greater growth potential.

Additionally, the team categorizes companies as best-in-class growth, fallen angels, and stalwarts.

According to the team, best-in-class growth refers to high-quality companies with stable growth and having lots of undiscovered opportunities.

In fallen angels, the team looks for growth companies whose future earnings power is not reflected in their current valuations.

As far as stalwarts are concerned, the team focuses on companies trading at reasonable valuations which have good growth prospects.

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 seeks capital appreciation in the long term by investing in small-size companies outside 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 looks to invest in foreign small/micro cap companies, and will invest in at least five of the countries included in the benchmark index.

The team favors companies not yet recognized by investors, and believes that these companies have greater growth potential.

Additionally, the team categorizes companies as best-in-class growth, fallen angels, and stalwarts.

According to the team, best-in-class growth refers to high-quality companies with stable growth and having lots of undiscovered opportunities.

In fallen angels, the team looks for growth companies whose future earnings power is not reflected in their current valuations.

As far as stalwarts are concerned, the team focuses on companies trading at reasonable valuations which have good growth prospects.

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 seeks capital appreciation in the long term by investing in small-size 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 focuses on securities of Japanese companies.

The team considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan.

In addition, the team prefers companies with excellent businesses and management teams that are trading at attractive prices.

Also, the team looks for companies having a well-capitalized balance sheet with little debt, sustainable competitive advantage, high return on equity, above- average earnings growth rate, and superior cash flow generation.

The team also focuses on companies that are trading at a discount to their estimated intrinsic value and whose future earnings power is not reflected in their current valuations.

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 in Japan real estate investment trusts or other investment companies including exchange traded funds that invest in equity securities of Japanese companies.

The fund seeks capital appreciation in the long term by investing in small-size 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 focuses on securities of Japanese companies.

The team considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or that has a majority of its assets or business in Japan.

In addition, the team prefers companies with excellent businesses and management teams that are trading at attractive prices.

Also, the team looks for companies having a well-capitalized balance sheet with little debt, sustainable competitive advantage, high return on equity, above- average earnings growth rate, and superior cash flow generation.

The team also focuses on companies that are trading at a discount to their estimated intrinsic value and whose future earnings power is not reflected in their current valuations.

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 in Japan real estate investment trusts or other investment companies including exchange traded funds that invest in equity securities of Japanese companies.

The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 focuses on securities of European issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer is in Europe if it is organized under the laws of a country in Europe, or has a principal office in a country in Europe.

Other factors in consideration is if it derives 50% or more of its total revenues from business in countries in Europe, or its securities are trading principally on a security exchange, or in an over-the-counter market, in a country in Europe.

Then the team favors companies that demonstrate earnings or revenue growth potential.

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 have durable earnings growth, efficient capital allocation, and attractive prices.

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 up to 35% of its net assets in securities of European issuers located in emerging markets countries.

Also, the fund may at times invest a significant amount of its net assets in cash and cash equivalents, including money market funds.

The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 focuses on securities of European issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer is in Europe if it is organized under the laws of a country in Europe, or has a principal office in a country in Europe.

Other factors in consideration is if it derives 50% or more of its total revenues from business in countries in Europe, or its securities are trading principally on a security exchange, or in an over-the-counter market, in a country in Europe.

Then the team favors companies that demonstrate earnings or revenue growth potential.

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 have durable earnings growth, efficient capital allocation, and attractive prices.

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 up to 35% of its net assets in securities of European issuers located in emerging markets countries.

Also, the fund may at times invest a significant amount of its net assets in cash and cash equivalents, including money market funds.

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

The sub-adviser’s systematic investment process attempts to create a geographically diversified fund. The fund invests in countries and companies as included in its benchmark index but applies market capitalization based weighting to determine individual weights and where applicable country or region weights.

The investment team adjusts weights for a variety of factors, including free float, momentum, trading strategies, liquidity, and market conditions. 

The fund seeks to minimize company specific risk by selecting companies with lower relative price and higher profitability.

The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 focuses on securities of non-US companies that are estimated to trade below their fair values based on their earnings, cash flow or asset values.

The team utilizes a relative value investment style to identify attractive valued companies with excellent financial productivity.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team prefers well-managed non-US companies that have the potential for growth.

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 manager looks to capitalize on potential price inefficiencies in small cap companies.

Additionally, the fund may invest up to 25% of its net assets in securities of companies whose principal business activities are located in emerging market countries.

The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 focuses on companies located in Asia ex Japan, which consists of all countries and markets in Asia excluding Japan but including all other developed, emerging and frontier countries and markets in the Asian region.

In addition, the team prefers companies that demonstrate characteristics such as durable growth. The team evaluates durable growth of companies on the basis of factors such as balance sheet information, number of employees, size and stability of cash flow.

Other factors in consideration for durable growth of companies are capability, adaptability and integrity of management teams, their product lines, marketing strategies, corporate governance, and financial health.

Additionally, the team favors companies that operate in growth industries with prospects to expand their business over time.

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.

As part of its investment strategy, the fund may from time to time invest a significant portion of its net assets in one or more sectors, but the fund may invest in companies in any sector.

The fund may also invest in depositary receipts, including American, European and Global Depositary Receipts.

The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 focuses on companies located in Asia ex Japan, which consists of all countries and markets in Asia excluding Japan but including all other developed, emerging and frontier countries and markets in the Asian region.

In addition, the team prefers companies that demonstrate characteristics such as durable growth. The team evaluates durable growth of companies on the basis of factors such as balance sheet information, number of employees, size and stability of cash flow.

Other factors in consideration for durable growth of companies are capability, adaptability and integrity of management teams, their product lines, marketing strategies, corporate governance, and financial health.

Additionally, the team favors companies that operate in growth industries with prospects to expand their business over time.

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.

As part of its investment strategy, the fund may from time to time invest a significant portion of its net assets in one or more sectors, but the fund may invest in companies in any sector.

The fund may also invest in depositary receipts, including American, European and Global Depositary Receipts.

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

The investment team considers an issuer to be a non-U.S. company if it maintains its principal place of business outside the United States, it generates more than 50% of its revenues from business outside the United States, or its common stock trades on an exchange outside the United States.

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 above-average potential for capital appreciation.

Also, the portfolio is broadly diversified across issuers, countries, industries and even styles, and includes either growth or value stocks.

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.

Some of the companies in which the manager invests may be located in emerging market countries, which typically are developing and low- or middle-income countries.

The fund seeks to appreciate capital through investing in small companies outside of the United States.

The fund considers investments in developed regions and emerging markets around the world and diversifies investment across many industries, countries and geographical regions.

The investment process starts with small-size companies in the market cap range between $500 million and $3 billion and then applies fundamental research and qualitative criteria to identify profitable and well-managed companies. The research team then looks to buy companies that are trading at reasonable price compared to estimated returns.

The fund holds about 100 stocks and top 10 holdings account for 18% of total assets.

The fund seeks to appreciate capital through investing in small companies outside of the United States.

The fund considers investments in developed regions and emerging markets around the world and diversifies investment across many industries, countries and geographical regions.

The investment process starts with small-size companies in the market cap range between $500 million and $3 billion and then applies fundamental research and qualitative criteria to identify profitable and well-managed companies. The research team then looks to buy companies that are trading at reasonable price compared to estimated returns.

The fund holds about 100 stocks and top 10 holdings account for 18% of total assets.

The fund’s objective is to grow capital in the long-term through investing in international small-size companies outside the United States.

The investment process starts with a list of companies in the benchmark MSCI World Ex USA Small Cap Index. The research team then narrows the list using quantitative screens focused on size, growth and quality of earnings. The team then looks to identify regional peers and focuses more on market leaders. The team then with the help of regular review and qualitative research looks for sustainability of business model, management track record in allocating capital and long term outlook for the business.

The fund generally invests in companies between the market capitalization range of $500 million and $8 billion.

The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 in non-U.S. markets throughout the world, including emerging markets.

Then the team prefers companies that are trading at discounts to their estimated intrinsic value.

In addition, the team looks for companies with free cash flows and that emphasize prudent investment of excess cash.

Also, as part of the fundamental analysis, the team emphasizes companies whose earnings are growing and operated by proven management teams.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team utilizes independent, in-house research to analyze each company.

Also, the team visit companies and conduct other research on the companies and their industries.

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 portfolio typically holds 30 to 70 stocks, and as a result, a higher percentage of the fund’s net assets may at times be invested in a particular region, sector or industry.

Generally, the fund will invest in the securities of at least five countries outside of the United States. However, there are no geographic limits on the fund’s non-U.S. investments.
 

The fund seeks long-term capital appreciation by investing in small-cap companies outside the United States including emerging markets.

The fund operates on a belief that investors are slow in processing new information and this persistent lag in investor’s response in recognizing positive catalyst change leads to market inefficiency.

The investment process starts with a list of companies with market capitalization between $30 million and $5 billion. The research team then using systematic principles and fundamental analysis identifies a list of companies with attractive long-term above-average earnings growth.  

Next, the team using qualitative analysis and industry research narrows the list to include companies with market leadership, competent management, and long research and development pipeline.

Then, the team using disciplined approach screens daily the list of companies for positive earnings surprises and weekly for positive earnings revisions. In addition, the team evaluates the sustainability of earnings change and scalability of business model for the potential to generate rising profit margin as the revenue accelerates.

The fund favors companies undergoing positive change and prefers to invest in companies with underappreciated earnings power. The dynamic investment process leads to high portfolio turnover and the fund allocates capital based on conviction to between 50 and 100 stocks.

The fund seeks capital appreciation in the long term by investing in companies across any size 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 focuses on securities issued by foreign markets issuers.

According to the investment team, a foreign markets issuer is an issuer operating in any industry sector that derives at least 50 percent of its gross revenues or profits from goods or services produced in non-U.S. markets or from sales made in non-U.S. markets.

Then the team seeks to identify more than 30 foreign markets securities with superior total return potential.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team looks to capitalize on market inefficiencies.

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 generally will be invested in issuers in fifteen or more foreign countries and fifteen or more industry sectors.

However, the fund may be invested in securities from any country, any industry sector, or of any market capitalization amount.

The fund is non-diversified, which means that it may invest a higher percentage of its net assets in a smaller number of issuers.
 

The fund seeks capital appreciation in the long term by investing in companies across any size 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 substantially all of its assets in Institutional Class shares of the PIMCO RAE International Fund and the PIMCO RAE Emerging Markets Fund known as the Underlying Funds.

Then each of the Underlying Funds obtains exposure through investment in the securities that comprise the RAE Portfolio.

Also, each Underlying Fund seeks to remain invested in the securities that comprise its respective RAE Portfolio even when the value of such RAE Portfolio is declining.

The stocks are selected from a broad universe of companies which satisfy certain liquidity and capacity requirements.

Then the team employs the RAE methodology for portfolio construction which is a rules-based model to select stocks that indicate higher expected returns on the basis of value, quality and momentum characteristics.

Next, the model weights selected stocks by evaluating a company’s sales, cash flow, dividends and book value.

The RAE methodology’s systematic portfolio rebalancing reflects a value orientation.

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.

Also, the fund’s portfolio, either directly or indirectly (through funds), will be economically tied to at least three non-U.S. countries.

The fund may also invest in real estate investment trusts.

Additionally, the fund may invest, without limitation, in securities and instruments denominated in foreign currencies and may also invest, without limitation, in securities of foreign issuers.

The fund may invest, without limitation, in securities and instruments that are economically tied to emerging market countries.

The fund seeks long-term capital appreciation by investing in small-cap companies in international markets outside the United States.

The investment process is designed to identify companies with strong financial position, attractive earnings history and are estimated to offer strong long-term prospects.

The research process is focused on evaluating individual companies for its business model, earnings durability, market leadership, competitive dynamic, and management effectiveness.

The fund prefers to hold between 40 and 90 companies that offer the most attractive upside potential and are trading at most compelling valuations to their long term prospects.

The fund primarily invests in companies operating in developed international markets but may invest in emerging markets as well.

The fund may invest in companies through equity securities issued as Global Depository Receipts, American Depository Receipts, and European Depository Receipts. In addition, the fund may invest in real estate companies or trusts and limited or master limited partnerships.  

In addition, the fund may concentrate its investment from time to time in one economic sector.

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

However, the fund invests substantially all of its net assets in the International Small Company Portfolio of DFA Investment Dimensions Group Inc.

The DFA Portfolio seeks to provide investors with access to securities portfolios consisting of a broad range of equity securities of primarily small Japanese, United Kingdom, Continental European, Asia Pacific and Canadian companies.

The DFA Portfolio invests substantially all of its assets in: The Japanese Small Company Series (the Japanese Series), The United Kingdom Small Company Series (the United Kingdom Series), The Continental Small Company Series (the Continental Series), The Asia Pacific Small Company Series (the Asia Pacific Series) and The Canadian Small Company Series (the Canadian Series) (each an Underlying Fund and together, the Underlying Funds).

Each Underlying Fund invests in small companies using a market capitalization weighted approach in each country or region designated by the sub-adviser as an approved market for investment.

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.

The sub-adviser has the flexibility to adjust the representation or exclude a company in the Underlying Funds based on factors such as free float, size, value, profitability, trading strategies, liquidity, and momentum.

In assessing a company’s investment characteristics, the research team may consider ratios such as recent changes in assets or book value scaled by assets or book value.

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 allocation of the assets of the DFA Portfolio to be invested in the Underlying Funds will be determined by the sub-adviser on at least a semi-annual basis.

However, the Underlying Funds invest primarily in developed market countries.

The fund seeks to track the total return performance of a benchmark index before fees and expenses by investing in small-size companies outside 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 focuses on stocks of companies located in developed markets, including Europe, the Pacific, and Canada, and in emerging markets.

The team seeks to track the investment performance of the FTSE Global Small Cap ex US Index.

The Index includes approximately 3,300 stocks of companies located in more than 46 countries, including both developed and emerging markets.

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

The fund seeks maximum capital appreciation in the long term by investing in small-size 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 looks for high-quality companies demonstrating superior returns potential with reasonable risk.

In addition, the team considers anticipated economic growth rate, political outlook, current and forecasted inflation rates, currency outlook and interest rate environment to help identify countries and regions that are likely to offer the best investment opportunities.

The research process is driven by fundamental analysis of one stock at a time. When evaluating individual securities, the team prefers companies with above-average growth and superior capital appreciation potential; substantial capacity for growth in revenue through either an expanding market or market share.

Other metrics the team focuses on are a company’s balance sheet strength, quality of management; and differentiated or superior products and services or a steady stream of new products and services.

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 allocates its investments among at least eight different countries that spans developed and emerging markets outside of the U.S.

Also, the fund may invest up to 30% of its net assets in emerging market securities, but no more than 10% in any one emerging market country.

The fund also relies on regional portfolio managers based in Europe, Japan and Asia (outside Japan) for the best available investment opportunities from each of those three regions.
 

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

The fund prefers a multi-manager investing approach with the aim of reducing volatility and downside risk.

The fund manages assets with the help of two sub-advisers namely Acadian Asset Management, LLC, and Victory Capital Management Inc.

The sub-advisers act independently of each other and use their own methodology for selecting investments.

The sub-advisers’ 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 focuses on stocks of international issuers, including companies located in countries with emerging securities markets.

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 portfolio holds both growth and value stocks.

Also, the fund may invest up to 35% of its net assets in U.S. issuers.

Additionally, the fund may invest in real estate-related securities including real estate investment trusts.

The fund has the flexibility to lend portfolio securities on a short-term or long-term basis, and may also invest in exchange-traded funds.

From time to time, the fund may invest in such instruments as forward foreign currency exchange contracts, futures contracts, rights, and depositary receipts.

The fund seeks capital appreciation in the long term by investing in small-size companies outside 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 focuses on foreign companies that demonstrate above-average growth, profitability and quality characteristics.

The team believes these companies exhibit superior business fundamentals, including market leadership, quality products or services, distinctive marketing and distribution, pricing flexibility and revenue from products or services consumed on a steady, recurring basis.

In addition, the team prefers companies with management teams aligned with shareholders’ interests and that utilize conservative accounting policies.

However, the team favors companies with above-average returns on equity, balance sheet strength and durable above-average earnings growth.

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 manager allocates the fund’s investments among at least six different countries.

Additionally, no more than 50% of the fund’s holdings may be invested in securities of issuers in one country at any given time.

With regards to country allocation, the manager considers factors such as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

The fund’s investments will be divided among Continental Europe, the United Kingdom, Canada, Japan and the markets of the Pacific Basin.

Also, the fund may invest in emerging markets, which include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries.