The fund seeks capital appreciation in the long term by investing in mid-and large-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 equity or equity-related instruments of emerging market companies.

A company will be considered to be an emerging market company if it is organized, domiciled, or has a principal place of business in an emerging market.

In selecting securities for the portfolio, the research team combines multiple investment styles, such as value, momentum and quality.

The team prefers attractively-valued companies with positive momentum and stable businesses.

In addition, the team relies on valuation multiples such as earnings and book value to identify companies that appear cheap.

In assessing positive momentum, the team favors securities with above-average performance relative to its peers.

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.

In managing the portfolio, the manager may utilize tax management strategies which consider the potential impact of federal income tax on shareholders’ investment return.

The fund may also invest in, and have exposure to, non-emerging market companies.

Additionally, the fund may also invest in or use financial futures contracts, forward foreign currency contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded-funds.

Also, a portion of the fund’s net assets will be held in cash or cash equivalent investments, including, but not limited to, short-term investment funds.

The fund seeks positive absolute returns by investing in companies across any size 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 strategy looks to generate returns from the potential gains from its long and short equity positions.

Next, the research team invests in instruments of companies located in global developed markets, including the United States..

The team takes long positions in Instruments that are estimated to trade below their fair values and likely to increase in price.

Additionally, the team takes short positions in those Instruments that are estimated to be overvalued and likely to decrease in price.

The team reviews companies on the basis of value, momentum, quality and other economic indicators.

Value indicators identify companies that appear cheap based on fundamental measures.

Momentum indicators identify companies showing signs of improvement, whether based on prices or fundamentals.

Quality indicators identify stable companies in good business health, including those with superior profitability and stable earnings.

Sentiment indicators identify companies with management teams that are aligned with shareholders’ interests.

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 any one country without limit.

The fund seeks capital appreciation in the long term by investing in companies across any size 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 will invest in instruments of companies located in a number of different countries throughout the world, one of which will be the United States.

The team will invest at least 40% of the fund’s net assets in non-U.S. companies. 

The team reviews companies on the basis of value, momentum, and other factors.

Value strategies identify companies that appear cheap based on fundamental measures.

Momentum strategies favor securities with measures of superior recent performance.

In addition, quality strategies favor stable companies in good business health, including those with superior profitability and stable earnings.

Sentiment strategies prefer companies with management teams that are aligned with shareholders’ interests.

Additionally, the fund may enter into both long and short positions in equities and currencies using derivative instruments.

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 will allocate the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries outside of the U.S.)

The fund may lend its portfolio securities to certain types of eligible borrowers.

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

As part of its process, the investment team seeks to identify equity instruments of International Issuers.

According to the investment team, an issuer will be considered an international issuer if it is organized, domiciled, or has a principal place of business in a country that is part of the MSCI World ex-USA Index, or if an instrument provides exposure to the change in value of a company that meets that definition.

The strategy pursues a defensive investment style, meaning it seeks to participate in rising equity markets while mitigating downside risk in declining markets.

Next, the research team focuses on stable and financially sound companies with less downside risk characteristics.

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.

In managing the portfolio, the manager may from time to time utilize certain tax management techniques which consider the potential impact of federal income tax on shareholders’ investment return.

The fund has the flexibility to invest across all market capitalizations but from time to time may invest to a significant extent in small- and mid-cap companies.
 

The fund seeks capital appreciation in the long term by investing in companies across any size 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 utilizes value, momentum, and other factors to construct the portfolio.

In the value screen, the team relies on valuation multiples such as earnings and book value to identify companies that appear cheap. 

As part of the momentum screen, the team focuses on simple price momentum and foreign exchange rate momentum to look for companies with superior recent performance.

In addition, the team utilizes quantitative strategies to look for stable and financially sound companies, including those with excellent profitability and stable earnings.

In the sentiment strategies, the team favors companies operated by management teams aligned with shareholders’ interests.

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, a portion of the fund’s net assets will be held in cash or cash equivalents including, but not limited to, money market instruments, interests in short-term investment funds or shares of money market or short-term bond funds.

In addition, the fund may have a significant long or short exposure to the U.S. dollar through the implementation of the fund’s principal investment strategies.
 

The fund seeks capital appreciation in the long term by investing in 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 utilizes a momentum investment style to identify companies that exhibit positive momentum characteristics.

The team believes a security to have positive momentum if it has outperformed other securities on a relative basis over a recent time period.

Factors considered for relative performance include price momentum, earnings momentum, or other types of momentum measured over time periods ranging from one to twelvemonths.

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 will generally invest in developed markets outside the U.S.

Although the fund does not limit its investments to any one country, it may invest in any one country without limit.

In addition, a portion of the fund’s net assets may be held in cash or cash-equivalent investments, including, but not limited to, short-term investment funds.

Also, the fund may lend its portfolio securities to certain types of eligible borrowers in an attempt to increase its income or total return.
 

The fund seeks capital appreciation in the long term by investing in mid-and large-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 utilizes multiple investment styles including value, momentum, and quality to construct the portfolio.

The team emphasizes attractively valued companies that exhibit positive momentum characteristics with stable businesses.

Then in the value screen, the team relies on valuation multiples such as book value and earnings to identify companies that appear cheap.

The team believes a security to have positive momentum if it demonstrates superior medium-term performance relative to its peers.

In addition, the team utilizes quantitative strategies to look for stable and financially sound companies, including those with excellent profitability and stable earnings.

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 will generally invest in developed markets outside of the U.S.

Although the fund does not limit its investments to any one country, it may invest in any one country without limit.

Also, a portion of the fund’s net assets may be held in cash or cash equivalent investments including, but not limited to, short-term investment funds.
 

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

The defensive investment style is designed to highlight stable companies exhibiting high profit margins characteristics.

Next, the research team uses quantitative models to identify companies on the basis of factors such as low operating and financial leverage, and lower earnings-per-share variability.

The team also focuses on companies that exhibit attributes like low volatility and market beta. The manager believes stocks of these companies are estimated to produce higher risk-adjusted returns over a full market cycle.

The fund has the flexibility to invest in companies across all market capitalizations.

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

The investment process is designed to highlight companies in the benchmark index that demonstrate positive momentum characteristics.

The investment team considers a security to have positive momentum if it has performed well in the prior 12 months relative to other stocks in the investment universe.

Relative performance may be based on price momentum, earnings momentum, or other types of momentum.

Then the manager employs a systematic approach to construct the portfolio of stocks. The manager determines the weight of each security in the portfolio using a combination of the market capitalization of the security and an assessment of the security’s momentum.

The fund may also invest in or use financial futures contracts as well as exchange-traded funds and a portion of the fund’s net assets may be held in cash or cash-equivalent investments, including, but not limited to short-term investment funds.

To increase its income or total return, the fund may lend its portfolio securities to certain types of eligible borrower

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

The disciplined investment process seeks to highlight companies demonstrating attractive valuations with positive momentum and strong profitability.

The research team narrows the investable universe to a list of stable companies with strong earnings characteristics.

Next, the team focuses on a company’s valuation multiples on the basis of earnings and book value. In addition, the team ranks the stocks on the basis of value, momentum and profitability and selects those with a high combined score.

The fund seeks positive absolute returns 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 allocates assets among four major asset classes (commodities, currencies, equities and fixed income). However, at any one time the fund may emphasize one or two of the asset classes or a limited number of exposures within an asset class.

The team seeks to benefit from price trends in commodity, currency, equity and fixed income Instruments.

As part of the process, the fund will take either a long or short position in a given Instrument.

In addition, the team assesses a trend and its likelihood of continuing as well as the Instrument’s risk.

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.

Generally, the fund gains exposure to asset classes by investing in more than 100 futures contracts, futures-related instruments, forwards and swaps.

The fund may either invest directly in the Instruments or indirectly by investing in the Subsidiary that invests in the Instruments.

The Subsidiary will invest primarily in commodity futures, forwards and swaps, but it may also invest in financial futures, option and swap contracts, fixed income securities, and pooled investment vehicles.

The fund may also invest in exchange-traded funds or exchange-traded notes.

A significant portion of the assets of the fund may be invested directly or indirectly in money market instruments.

The fund seeks positive absolute returns 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.

The process employs a higher volatility approach that will target an annualized volatility level for the fund of 15%.

Next, the research team allocates assets among four major asset classes (commodities, currencies, equities and fixed income). However, at any one time the fund may emphasize one or two of the asset classes or a limited number of exposures within an asset class.

The team seeks to benefit from price trends in commodity, currency, equity and fixed income Instruments.

As part of the process, the fund will take either a long or short position in a given Instrument.

In addition, the team assesses a trend and its likelihood of continuing as well as the Instrument’s risk.

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.

Generally, the fund gains exposure to asset classes by investing in more than 100 futures contracts, futures-related instruments, forwards and swaps.

The fund may either invest directly in the Instruments or indirectly by investing in the Subsidiary that invests in the Instruments.

The Subsidiary will invest primarily in commodity futures, forwards and swaps, but it may also invest in financial futures, option and swap contracts, fixed income securities, and pooled investment vehicles.

The fund may also invest in exchange-traded funds or exchange-traded notes.

A significant portion of the assets of the fund may be invested directly or indirectly in money market instruments.
 

The fund seeks capital appreciation in the long term by investing in small-size 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 utilizes a momentum investment style to identify companies that exhibit positive momentum characteristics.

The team believes a security to have positive momentum if it has outperformed other securities on a relative basis over a recent time period.

Factors considered for relative performance include price momentum, earnings momentum, or other types of momentum measured over time periods ranging from one to twelvemonths.

When selecting securities for the portfolio, the team may employ tax management strategies which consider the potential impact of federal income tax on shareholders’ investment return.

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 or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds.

A portion of the fund’s net assets may be held in cash or cash-equivalent investments including, but not limited to, short-term investment funds.

Additionally, the fund may lend its portfolio securities to certain types of eligible borrowers.
 

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

The process relies on multiple investment styles, such as value, momentum and quality.

Next, the research team focuses on attractively-valued companies with positive momentum and stable businesses.

In addition, the team considers companies that appear cheap based on valuation multiples such as book value and earnings.

When assessing positive momentum, the team looks for companies with superior medium-term performance.

Also, the research team focuses on companies that demonstrate excellent profitability and consistent earnings.

When selecting securities for the portfolio, the team may employ tax management strategies which consider the potential impact of federal income tax on shareholders’ investment return.

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 or use financial futures contracts and other types of equity-linked derivative instruments such as equity swaps and equity index swaps, as well as exchange-traded funds.

A portion of the fund’s assets may be held in cash or cash-equivalent investments including, but not limited to, short-term investment funds.

Additionally, the fund may lend its portfolio securities to certain types of eligible borrowers.