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

The investment process is designed to highlight high-quality companies that are trading at attractive valuations.

The research team uses fundamental, bottom-up analysis to identify companies that it believes are positioned to benefit from shifts in spending across various industries and geographies.

The team focuses on companies poised for market share gains from innovative products and strong intellectual property.

In addition, the team looks for companies that can benefit from cyclical trends in the industry in which they operate and capable management that can take advantage of those trends.

The fund’s net assets at times may be invested in securities of relatively few industries or sectors.

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 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 high quality businesses and that are estimated to trade below their fair values.

The team favors companies with disciplined business plans, attractive business fundamentals, balance sheet and financial strength, proven management teams, reasonable competition, and/or a record of long-term value creation.

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 5% of its net assets in American Depository Receipts.

The fund seeks to maximize 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 invests in securities of domestic and foreign issuers that are listed on a U.S. exchange or that are otherwise publicly traded in the United States.

However, the team may invest up to 20% of the fund’s net assets in American Depository Receipts and Global Depository Receipts.

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 high quality businesses and are estimated to trade below their fair values.

Additionally, the team favors companies having attributes such as attractive business fundamentals, experienced management teams, pricing power, and durable competitive advantages.

Other attributes that the team prefers in companies are financial strength, and/or high or consistently improving market position, return on invested capital and operating margins.

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 35 and 45 securities.

The fund seeks to maximize capital appreciation in the long term and income 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 invests in securities that are listed on an exchange or that are otherwise publicly traded in the United States or in a foreign country.

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 quality companies that are trading at attractive valuations relative to their estimated intrinsic value.

Additionally, the team favors companies having attributes such as attractive business fundamentals, experienced management teams, pricing power, and durable competitive advantages.

Other attributes that the team prefers in companies are financial strength, track record of paying dividends and/or high or consistently improving market position, return on invested capital and operating margins.

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 45 and 55 securities.

Also, the fund invests in at least three different countries, including emerging market countries, with at least 40% of its net assets invested in securities of issuers located outside the United States.

The fund’s investments in foreign securities may include investments through American, European and Global Depository Receipts.

The fund may also invest in exchange-traded funds.