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

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team believes companies with below average price/earnings ratios may pay above-average dividends.

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

The fund has the flexibility to invest up to 25% of its net assets in the securities of foreign companies.

The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team employs quantitative techniques to look for companies that are trading a discount to their estimated intrinsic value.

Then the team considers companies with attributes such as a defensible competitive advantage, relevant products, competent and shareholder-oriented management, growth, and a low level of debt.

Also, the team prefers companies with ethical businesses.

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

The portfolio holds between 15 to 20 securities, and from time to time, the fund may invest a significant portion of its net assets in a particular sector.

Also, from time to time the fund may invest a significant portion of its net assets in a limited number of industry sectors, but will not concentrate in any particular industry.

The fund may also invest in fixed income securities such as investment-grade bonds of varying maturities.

Additionally, the fund has the flexibility to maintain without limitation a significant portion of its net assets in cash or cash-equivalents like money-market funds, certificates of deposit and short-term debt obligations.

The fund is a non-diversified fund, which means it can invest in fewer securities at any one time than a diversified fund.

The fund seeks capital appreciation in the long term by investing in companies across any size in the United States.

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Then the research process is driven by fundamental analysis of one stock at a time. The research team evaluates a company on the basis of valuation multiples such as earnings, book value, and cash flow; estimated private market value; liquidation and discounted cash flow analyses; and dividend discount models.

The team seeks to capitalize on market inefficiencies by focusing on companies whose future earnings growth potential is not reflected in their current market prices.

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

The portfolio holds between 25 and 35 securities that are either core value or deep value stocks.

Core value stocks are high-quality companies that earn high returns on capital and these stocks represent 50% to 75% of the fund’s holdings.

Deep value stocks are companies which the manager believes are deeply-undervalued. These stocks, plus the fund’s cash holdings represent the remaining 25% to 50% of the fund.

The fund seeks capital appreciation in the long term by investing in companies in the United States.

The investment process is designed to highlight companies in the benchmark index with attractive valuations.

Next, the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The team utilizes fundamental analysis to focus on companies offering high free cash flow yields, rate of return with no risk of loss, having prudent capital allocation policies, superior competitive positions, and balance sheet strength.

Also, the team considers a company’s liquidity, leverage, tangible assets, returns on invested equity and capital and the production of essential services and products.

The research team also assesses how the management team performs under unexpected pressure and is it engaging in stressed industries having reasonable prospects for recovery.

In addition, the team emphasizes companies that are experiencing special situations such as stock appreciation as a result of company-specific developments rather than general business conditions or movements of the market as a whole.

Then the manager constructs a focused portfolio of equity and fixed income securities, and may shift frequently among asset classes and market sectors.

The fund may maintain a significant portion of its net assets in cash and securities generally considered to be cash equivalents.

The fund seeks to maximize return on capital by investing in companies across any size in the United States.

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Next, the research team relies on fundamental analysis to look for companies whose future earnings growth potential is not reflected in their current market prices.

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

The manager may also invest in the securities of both domestic and foreign issuers, including exchange-traded funds.

The fund seeks capital appreciation by investing in companies across any size in the United States.

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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 has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

The fund seeks capital appreciation by investing in companies across any size in the United States.

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

The fund seeks primarily capital appreciation and secondarily income by investing in companies across any size 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 in equity securities of U.S. and foreign companies.

The team focuses on companies that are estimated to trade below their fair values.

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 foreign securities and participations in foreign government debt.

Also, from time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

While the fund does not concentrate in any one industry, from time to time, based on economic conditions, it may make significant investments in certain sectors.

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

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies that may be out of favor for temporary reasons or due to actual or perceived cyclical or secular challenges, or lowered expectations, or inefficient management, or financial distress.

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

The fund may also invest in the securities of companies involved in mergers, consolidations, liquidations and reorganizations.

The fund does not invest more than 10% of its net assets in non-U.S. securities.

The fund may also invest in real estate investment trusts, and from time to time, may have significant positions in particular sectors, such as financial services companies.

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

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies that may be out of favor for temporary reasons or due to actual or perceived cyclical or secular challenges, or lowered expectations, or inefficient management, or financial distress.

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

The fund may also invest in the securities of companies involved in mergers, consolidations, liquidations and reorganizations.

The fund does not invest more than 10% of its net assets in non-U.S. securities.

The fund may also invest in real estate investment trusts, and from time to time, may have significant positions in particular sectors, such as financial services companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows the investable universe with the help of quantitative research and fundamental analysis.

The team looks for companies that are trading at discounts to their peers and long term outlooks and are also out of favor with investors but have financial capacity, significant cash flow, and management depth to improve their performance over time.

The team reviews trends in business fundamentals and relative values to peers in determining portfolio inclusion.

The fund favors investing in 40 to 75 companies that are financially strong and represent best ideas across the market cap spectrum in offering the most attractive risk reward profile.

The fund also invests opportunistically in special situations, merger stock arbitrage and high-yield and investment grade bonds.

The fund seeks capital appreciation in the long term by investing in companies in the United States.

The sub-advisor’s investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values on the basis of estimated future earnings and cash flow.

The investment team prefers companies that are lagging in market price for temporary reasons and trading at a significant discount to their estimated intrinsic value.

Next, the research team screens a dynamic universe of the 500 largest companies to select securities for the portfolio.

Then the team combines fundamental research and proprietary modeling to rank companies from the cheapest to the most expensive based on current share price relative to estimated long-term earnings power.

Additionally, the team narrows the investable universe to a list of the cheapest-ranked companies.

Then the manager constructs a portfolio of stocks of companies with profits that are less than estimated, a business plan to restore earnings to normal, and a durable business advantage.

The fund may invest up to 20% of its net assets in debt securities, including those rated below investment-grade.

The fund may also invest up to 20% of its net assets in securities of foreign issuers, including depositary receipts.

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

The investment process is designed to highlight companies in the benchmark index that are estimated to trade below their fair values.

Then the research team focuses on companies that have the potential to grow their intrinsic values per share and looks to buy them at a discount.

Additionally, the Investment team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest a significant portion of its net assets in companies of one particular market capitalization category, such as large-capitalization companies.

The fund seeks long-term capital appreciation by investing in large- and mid-cap companies in the U.S.

The investment process starts with a list of companies with $5 billion in market capitalization or higher. Then the research team with the help of fundamental analysis and quantitative research narrows the list to market leaders with growing free cash flows and strong financial positions.

The team then with the help of qualitative analysis estimates intrinsic value of the select businesses that are clearly understood by investment team.

The team favors companies that are trading at least below 60% of their intrinsic values.

The fund may invest as much as 30% of its assets in non-U.S. securities including securities issues by companies in emerging markets and American depository receipts.

The fund seeks total return in the long term by investing in mid-and large-size 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 narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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

The fund may at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

The fund seeks total return in the long term by investing in mid-and large-size 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 narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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

The fund may at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

The fund seeks total return in the long term by investing in mid-and large-size 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 narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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

The fund may at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

The fund seeks total return in the long term by investing in mid-and large-size 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 narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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

The fund may at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

The fund seeks total return in the long term by investing in mid-and large-size 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 narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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

The fund may at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

The fund seeks capital appreciation by investing in mid-and large-size companies in the United States.

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process considers companies with financial strength that are underperforming and have not yet been recognized by the market.

Then the research process is driven by fundamental analysis of one stock at a time with a 12 to 36 month investment time horizon. The team relies on valuation screens to focus on companies that are selling at low absolute and relative earnings multiples.

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

The fund may, from time to time, have significant exposure to one or more sectors of the market, and strives to be at or near fully invested.

The fund has the flexibility to invest in securities issued by non-U.S. companies including American Depositary Receipts.

The fund seeks primarily capital appreciation in the long term and secondarily current income by investing in companies across any size in the United States.

The investment process is driven by fundamental research to identify companies demonstrating consistent revenue and earnings growth.

Next, the research team invests in varying proportions in categories such as basic value, consistent earner, and emerging franchise.

Basic Value companies operate in mature or cyclical industries and exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

The team considers consistent earners to be companies exhibiting characteristics such as predictable growth and profitability, and steady cash flow.

In addition, the team believes emerging franchises are companies that can rapidly grow due to a new product innovation or take share from players already in the market.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting stocks, the investment team seeks businesses with prospects for earnings growth, a sustainable business model, capable management team, leverage, return on invested capital, and attractive valuation metrics.

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

The fund may invest in companies of any size, but focuses on mid-and small-size companies.