The fund seeks capital appreciation 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 seeks to capitalize on price trends (up and/or down) in a broad range of global markets including stock indices, bonds and bond futures, currency and currency futures, and interest rates by utilizing derivative instruments.

Trends are a manifestation of serial correlation in financial markets, the phenomenon whereby past price movements influence price behavior.

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 invests primarily in derivatives, including futures, and forward contracts, foreign currency forward contracts, including non-deliverable forwards, and non-U.S. currency futures contracts.

Also, the fund may invest in swaps, which may include commodities swaps, credit default swaps, cross-currency swaps, equity swaps, interest rate swaps and total return swaps, and other types of derivative instruments linked to stock indices, currencies, bonds, interest rates and commodity instruments.

Additionally, the fund may invest in bonds, zero coupon securities, U.S. and non-U.S. currencies and securities denominated in non-U.S. currencies.

The fund may invest in issuers in the U.S. and foreign developed and emerging markets.

The fund seeks to gain exposure to the commodity futures markets by investing up to 25% of its net assets in a wholly-owned subsidiary, which is organized under the laws of the Cayman Islands (the Subsidiary).

Generally, the Subsidiary invests primarily in commodity futures, but it may also invest in financial futures and forwards and swap contracts, fixed income securities, pooled investment vehicles, including open-end investment companies.

The fund is non-diversified, which means that it is not limited to a percentage of assets that it may invest in any one issuer.

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 in domestic and foreign equity securities of transformational innovation companies.

The team defines transformational innovation companies as those with divisions that primarily focus on developing or benefitting from new products, services, technologies or advancements that disrupt, or are expected to disrupt, existing markets or processes.

The types of transformational innovation companies that the team invests in are those relating to genomics (Genomic Revolution Research), autonomous technology and robotics (Autonomous Technology and Robotics Research), shared technology and the internet (Next Generation Internet Research), or financial services (FinTech Innovation Research.

Genomic Revolution Research focuses on extending and enhancing the quality of human, and other, life.

Autonomous Technology and Robotics Research focuses on technological improvements and advancements in automation and manufacturing, energy, transportation and artificial intelligence.

Next Generation Internet Research focuses on developments in the global technology infrastructure, including hardware, software and the shift to mobile devices.

FinTech Innovation Research focuses on innovations in the financial sector including payment technologies, lending methods, currencies and business analytics.

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 invests in foreign equity securities that are in both developed and emerging markets.

Also, the fund invests in American Depositary Receipts and securities sold on foreign exchanges and securities denominated in foreign currencies when purchasing foreign equities.

Additionally, the fund at times may invest in shares of other investment companies, including money market funds and exchange-traded funds.

The fund may lend its securities to broker-dealers and other institutions to earn additional income.

Also, the fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of issuers.

The fund seeks capital appreciation in the long term by investing in small-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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in high-quality dividend-paying stocks.

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 with perceived competitive advantages.

The team also evaluates a company’s historical revenue growth, earnings growth, long-term debt/capital, dividend history and cash flows.

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.

From time to time, the fund may have significant positions in particular sectors, including the Industrials sector.

The fund’s equity investments may include common stocks, depositary receipts that may include American Depositary Receipts, master limited partnerships, U.S. dollar-denominated foreign stocks traded on U.S. exchanges, and real estate investments trusts.

Additionally, the fund may invest cash balances in other investment companies, including money market funds.

The fund may lend its securities to broker-dealers and other institutions to earn additional income.

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

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

The research team employs a statistically driven approach to identify companies that exhibit above average growth prospects.

Next, the team is using fundamental analysis to evaluate a company’s financial strength, value metrics and price momentum.

The sub-advisor may also include stocks of other companies with similar growth characteristics whose market capitalizations are within the range of the benchmark index. 

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

The sub-advisor employs a proprietary statistically driven approach to identify undervalued companies relative to valuation multiples such as earnings, sales, or cash flow.

As part of its process, the research team implements a multiple-model approach to look for companies with the relevant value metrics, price momentum and financial strength.

The team prefers a quality tilt for participation in up markets and risk mitigation in down markets.

In addition, the team applies a risk review for diversification, portfolio characteristics and tax impact.

Next, the models are combined into a portfolio intended to outperform the benchmark index. From time to time, the manager may have significant positions in particular sectors, including the financial sector.

The fund also has the flexibility to invest in stocks of mid-capitalization companies and lend its securities to broker-dealers and other institutions to earn additional income.

The fund seeks capital appreciation in the long term by investing in companies economically tied to emerging market countries.

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 a company to be economically tied to an emerging market country if it is listed on the trading market, or is headquartered, or is domiciled in an emerging market country, or derives 50% or more of its revenue from, or has 50% or more of its assets in, an emerging market country.

Next, the research team focuses on high-quality companies that are trading at attractive valuations.

As part of its fundamental analysis, the team considers valuation multiples such as earnings or EBITDA, dividend yield, dividend growth, return on invested capital, and return on equity.

The research team also utilizes a combination of qualitative and fundamental research to select potential investment opportunities.

The team evaluates the efficacy of company management’s historical capital allocation, dividend, and share repurchase policies.

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 manager looks to diversify across industries and countries.

Also, the fund may invest in American Depositary Receipts and Global Depositary Receipts, U.S. dollar-denominated foreign stocks traded on U.S. exchanges, and real estate investment trusts.

The fund may, at times, invest significantly in shares of Chinese companies listed on mainland China and Hong Kong exchanges as well as in ADRs.

Additionally, the fund may have exposure to foreign currencies by making direct investments in non-U.S. currencies, engaging in foreign currency transactions on a spot (cash) basis, or investing in securities denominated in non-U.S. currencies.

The fund may also invest cash balances in other investment companies, including money market funds, and exchange-traded funds.

The fund may lend its securities to broker-dealers and other institutions to earn additional income.
 

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

The fund manages assets by hiring sub-advisors and currently works with three. The fund prefers a multi-manager investing approach to reduce volatility and downside risk.

The sub-advisors are Causeway Capital Management LLC, Lazard Asset Management LLC, and American Century Investment Management, Inc.

The manager allocates the assets of the fund among different sub-advisors. Each of the sub-advisors utilizes internal and external research and changing economic trends to assess the earnings growth prospects of companies.

The sub-advisors’ 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 companies that are estimated to trade below their fair values in developed countries.

With the help of fundamental analysis, the team selects attractively valued companies demonstrating improving growth prospects.

In addition, the team focuses on companies that are below-average on the basis of earnings, and book value.

The team also seeks companies with above-average dividend yields and return on equity or earnings growth potential.

In selecting stocks, the team may consider potential changes in currency exchange rates when choosing 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.

The manager invests in stocks of issuers based in at least three different countries located outside the United States.

The fund may invest in companies across all market capitalizations and in certain emerging market countries.

The fund may have significant exposure to the financial sector

From time to time, based on market or economic conditions, the fund may invest a significant portion of its net assets in the securities of issuers located in, or with significant economic ties to, a single country or geographic region.

Additionally, the fund may lend its securities to broker-dealers and other institutions to earn additional income.
 

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

The fund manages assets by hiring sub-advisors and currently works with three. The fund prefers a multi-manager investing approach to reduce volatility and downside risk.

The sub-advisors are Massachusetts Financial Services Company, Barrow, Hanley, Mewhinney & Strauss, LLC, and Hotchkis and Wiley Capital Management, LLC.

The sub-advisors’ investment process is designed to highlight companies demonstrating above-average earnings growth potential and dividend yields, and below average valuation multiples on the basis of earnings and book value.

Next, the research team relies on fundamental analysis to assess the earnings growth prospects of companies. The team also considers changing economic trends.

The sub-advisors typically seek to invest in companies that they believe are undervalued at the time of purchase. However, the portfolio is well diversified at the security, industry and stock levels but may have significant exposure to the financial services sector.

The fund’s assets may also include preferred stocks, convertible securities, American Depositary Receipts and foreign stocks traded on U.S. exchanges.

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

The fund manages assets by hiring sub-advisers and currently works with three. The fund prefers a multi-manager investing approach to reduce volatility and downside risk.

The sub-advisors rely on fundamental analysis and changing economic trends to determine the earnings growth prospects of companies.

About 33.9% assets are allocated to Barrow, Hanley, Mewhinney & Strauss, LLC, 33.1% to WEDGE Capital Management, LLP, and 33% to Pzena Investment Management, LLC.

Barrow invests in companies with low price-to-earnings and price to book-value-ratios and high dividend yields in relation to the Russell Midcap Index. The sub-advisor identifies these companies through research and meetings with company management teams.

WEDGE focuses on identifying pricing discrepancies or unrecognized value among high quality market-leading companies that have defendable competitive advantages.

Pzena favors companies whose stock price is low relative to normal earnings power; current earnings are below normal; and management has a reasonable plan for earnings recovery.

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

The sub-advisor’s 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 evaluates a company’s intrinsic value on the basis of valuation multiples such as cash flow and sales and free cash flow yield.

In addition, the team focuses on companies with significant operations, a high return on invested assets, products or services that have a lesser chance of becoming obsolete with significant barriers to entry, and capable management teams.

Then the manager constructs a concentrated portfolio of 20 to 35 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager may also invest cash balances in other investment companies, including money market funds.

The fund has the flexibility to earn additional income by lending its securities to broker-dealers and institutions on a short-term or long-term basis.

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

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

The sub-advisor’s investment process is designed to identify companies with well-established operations, a high return on invested assets, and products or services with a minimized chance of obsolescence.

The team also favors companies with significant barriers to entry, and strong management.

The concentrated portfolio holds approximately 20 to 35 high-conviction stocks, and the fund may have significant exposure to the Materials sector.

Normally the fund invests in small- and mid-capitalization companies but has the flexibility to invest in all market capitalizations.

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

The fund manages assets with the help of six complementary sub-advisers namely Brandywine Global Investment Management, LLC, Hotchkis and Wiley Capital Management, LLC, Mellon Investments Corporation, Barrow, Hanley, Mewhinney & Strauss, LLC, Foundry Partners, LLC, and Hillcrest Asset Management, LLC.

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

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 invests in companies that demonstrate above-average earnings growth potential, free cash flow yields and return on capital, as well as below-average valuation multiples on the basis of earnings, book value, and revenue.

In addition, the team also considers a company’s tangible assets, sustainability of its cash flows, capital intensity and financial leverage.

The team prefers 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 portfolio is well diversified at the security, industry and stock levels, and may have significant exposure to the financials sector.

The fund may invest cash balances in other investment companies, including money market funds.

Also, the fund may lend its securities to broker-dealers and other institutions to earn additional income.

The fund seeks primarily income and secondarily absolute returns 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 employs a convertible arbitrage strategy by investing in convertible securities, including convertible preferred securities, and establishing short positions, or hedges, in the common stock of the issuers of the convertible securities.

The term convertible security refers to a bond or a preferred stock (including a trust preferred security) that can be converted into shares of a company’s common stock.

The team focuses on convertible securities that are estimated to trade below their fair values by assessing attributes, such as the quality, income, liquidity and equity sensitivity of the security.

Also, the team may invest in convertible securities with attractive yields and relatively little equity price sensitivity.

Additionally, the team invests in event-driven equity opportunities including investments in Special Purpose Acquisition Companies.

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 have significant exposure to the financial sector.

The fund may also invest in long or short positions in derivative instruments, such as futures, forwards, swaps, options and warrants, to hedge exposures in the fund. 

On a short-term basis, the fund may invest cash balances in other investment companies, including money market funds.

The fund may also utilize other instruments to establish hedges, including exchange-traded funds, options and currency forwards.

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

The sub-advisor’s investment process is designed to identify companies with sustainable earnings growth and earnings catalysts that are expected to experience an earnings boost and behavioral finance metrics. The process looks to identify the magnitude and duration of earnings change.

The fund favors companies with a track record of sustainable earnings and companies with presence of near-term catalyst that could revalue the stock price higher.

The fund seeks capital appreciation in the long term by investing in small-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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on companies that exhibit future earnings growth or growth of capital 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.

The fund may also invest in master limited partnerships, real estate investment trusts, American Depositary Receipts and U.S. dollar denominated foreign stock traded on U.S. exchanges.

From time to time, the fund may have significant positions in particular sectors, including the Information Technology sector.

Additionally, the fund may also invest cash balances in other investment companies, including money market funds, and may lend its securities to broker-dealers and other institutions to earn additional income.

The fund seeks primarily current income and secondarily capital appreciation 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 in equity and equity-related investments.

The team favors profitable, financially stable, core companies that focus on generating high dividend income, are run by shareholder-oriented management with excellent corporate governance practices, and trade at reasonable valuations.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team prefers companies with high return on capital, consistent free cash flow generation, predictability and stability.

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 between 30 and 40 issuers.

The fund’s investments in equity and equity-related investments include U.S. common stocks, American Depositary Receipts, U.S. dollar-denominated foreign stocks traded on U.S. exchanges, and real estate investment trusts.

Additionally, the fund may also invest up to 20% of its net assets in fixed income instruments, primarily including trust preferred securities.

The fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis.

The fund seeks capital appreciation in the long term and income by investing in small-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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team seeks to capture a liquidity premium among fundamentally strong, publicly-traded equities.

A liquidity premium is the additional return that may be realized on the sales of securities that are less liquid at the time of purchase.

In selecting securities for the portfolio, the research team focuses on companies that are estimated to trade below their fair values relative to their long-term appreciation potential. 

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 growth companies.

In addition, the fund may also invest in real estate investment trusts and master limited partnerships.

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

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

The fund allocates portions of its net assets among sub-advisers who employ distinct investment styles.

The fund manages assets with the help of five sub-advisers namely Cooke & Bieler, L.P., Jackson Square Partners, LLC, Kennedy Capital Management, Inc., Parametric Portfolio Associates LLC, and Pzena Investment Management LLC.

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.

Parametric seeks to track the total return performance of the benchmark index before fees and expenses as closely as possible without requiring the fund to realize taxable gains.

Cooke & Bieler focuses on companies that it believes will compound value over time.

Jackson Square invests in growth-oriented companies that it believes have long-term capital appreciation potential and may grow faster than the U.S. economy.

In selecting securities, KCM relies on its fundamental analysis of a security’s value.

Pzena utilizes a value equity strategy based on a fundamental, bottom-up research 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 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.

According to the investment team, China includes Mainland China and China’s special administrative regions, such as Hong Kong.

Additionally, 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 manager allocates the fund’s net assets by evaluating a company’s upside potential and downside risk, its attractiveness, and how the addition will impact sector and industry weightings.

Next, the fund may invest in the aggregate up to 20% of its net assets in equity investments in issuers that are not economically tied to China, and fixed income securities, such as government, corporate and bank debt obligations.

The fund may also invest in depositary receipts. This may include securities that trade in local Chinese, Hong Kong, or other foreign exchanges and securities that trade in Renminbi.

The fund may invest in Chinese companies through the China Stock Connect program or other channels.

In addition, the fund may also invest in B Shares of companies listed on the Shanghai and Shenzhen Stock Exchanges, H Shares of companies incorporated in Mainland China and listed on the Hong Kong Stock Exchange and other foreign exchanges, shares of Red Chip and P-Chip companies.

The fund has the flexibility to invest in companies across any market capitalization, but primarily invests in large- and mid-capitalization companies.

The fund may also invest in futures, exchange-traded funds and other instruments.
 

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 foreign companies, including those located in emerging market countries.

The team seeks to identify attractive investment opportunities arising due to certain capital cycle, or supply-side conditions.

Capital cycle investing is based on the concept that the prospect of high returns will attract excessive capital and competition and the prospect of low returns will excessively depress new capital investments and discourage competition.

In addition, the team relies on fundamental analysis to evaluate businesses and the industry within which they operate.

Another important aspect of the analysis is the research meetings with company management teams.

When selecting securities for the portfolio, the team assesses if companies deploy capital efficiently, and/or company management teams are appropriately incentivized.

Other factors that the team focuses on are whether companies operate in a monopolistic, oligopolistic or consolidating industry.

In addition, the team determines if the companies are generating high and durable returns on invested capital, and attractive or improving free cash-flow.

Additionally, 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 maintains an aggregate portfolio that is broadly regionally neutral relative to the benchmark index.

The portfolio holds between 450 and 550 companies across Europe, Japan, the Pacific Basin and emerging markets, and North America.

The fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies.
 

The fund seeks capital appreciation in the long term and income 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 focuses on securities of emerging market companies.

The team considers emerging market companies to be those that are located in, or economically tied to, emerging market countries or that maintain securities that principally trade on exchanges located in emerging market countries.

Emerging market countries may also include frontier market countries, which are emerging market countries that are early in their development.

Then the team focuses on investment opportunities that can arise as a result of certain capital cycle, or supply-side, conditions.

In addition, the team classifies investments within two opposite points of the capital cycle as high return phase or depressed return phase.

The team then evaluates businesses and the industry within which they operate.

Also, as part of the process, the team meets with company management.

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 deploy capital prudently and management teams that are appropriately incentivized to focus on long-term results.

Other factors in consideration would be companies that operate in a monopolistic, oligopolistic or consolidating industry with durable returns on invested capital, and generating attractive or improving free cash-flow.

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 may invest in securities denominated in, and/or receiving revenues in, foreign currencies.

The fund seeks total return 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 foreign companies located principally in developed markets across Europe, Japan and Asia Pacific ex Japan.

The team seeks to identify attractive investment opportunities arising due to certain capital cycle, or supply-side conditions.

Capital cycle investing is based on the concept that the prospect of high returns will attract excessive capital and competition and the prospect of low returns will excessively depress new capital investments and discourage competition.

In addition, the team relies on fundamental analysis to evaluate businesses and the industry within which they operate.

Another important aspect of the analysis is the research meetings with company management teams.

When selecting securities for the portfolio, the team assesses if companies deploy capital efficiently, and/or company management teams are appropriately incentivized.

Other factors that the team focuses on are whether companies operate in a monopolistic, oligopolistic or consolidating industry.

In addition, the team determines if the companies are generating high and durable returns on invested capital, and attractive or improving free cash-flow.

Additionally, 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 maintains an aggregate portfolio that is broadly regionally neutral relative to the benchmark index.

The portfolio holds between 350 and 450 companies across Europe, Japan, the Pacific Basin and has a limited allocation to emerging markets.

The fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies.

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 focuses on securities of companies based in emerging and frontier markets.

The team considers a company to be based in an emerging or frontier market if it is legally domiciled in an emerging or frontier market, or it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in an emerging or frontier market, or it has the principal exchange listing for its securities in an emerging or frontier market.

The team relies on fundamental analysis to look for well-managed companies with financial strength.

Other factors in consideration are fast-growing companies that are competitive and trading at reasonable valuations relative to their estimated 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 portfolio is diversified across dimensions of geography, industry, and currency.

Also, the portfolio normally holds investments across at least 15 countries.

The fund will invest broadly in securities of companies domiciled in one of at least 15 countries with emerging or frontier markets, generally considered to include all countries except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

Additionally, the fund may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations.