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 focuses on securities issued by, or tied economically to, companies in emerging markets and derivatives that have similar economic characteristics to such securities.

The team determines that an investment is tied economically to an emerging market if the issuer’s primary trading market is in an emerging market, or the issuer is organized under the laws of, derives at least 50% of its revenue from, or has at least 50% of its assets in emerging markets.

Other considerations would be if the investment is included in an index representative of emerging markets, and the investment is exposed to the economic risks and returns of emerging 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.

From time to time, the fund may invest in shares of companies through new issues or initial public offerings.

Additionally, the fund may use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

The fund seeks total return by investing in mega-and large-size companies in the United States.

The investment process starts with a list of companies included in the benchmark index with superior environmental, social and governance records.

The process is driven by proprietary research to assess a company’s expected returns, which include measurable ESG characteristics, risk and transaction costs.

Next, the research team narrows the investable universe by screening out certain companies with exposure to controversial weapons, civilian firearms, tobacco and fossil fuels beyond specified thresholds based on certain ESG criteria.

Then the team utilizes proprietary return forecast models to identify mispriced securities.

In addition, the research team incorporates investment insights related to ESG characteristics such as management quality, governance, controversies at issuers, public health analytics and an issuer’s innovation-oriented research and development to construct the portfolio.

The ESG characteristics utilized in the portfolio construction process may change over time and one or more characteristics may not be relevant to all issuers that are eligible for investment.

The fund may also invest in initial public offerings of equity securities.

The fund has the flexibility to use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

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 invests in securities of issuers from a variety of countries, including those in emerging 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 fund allocates a substantial amount of its net assets in securities of foreign government issuers, or of issuers organized or located outside the United States, or of issuers which primarily trade in a market located outside the United States, or of issuers doing a substantial amount of business outside the United States.

Additionally, the fund will allocate its assets among various regions and countries, including the United States (but in no fewer than three different countries).

The fund may also invest in securities issued by emerging growth companies that demonstrate the potential for earnings growth over an extended period of time.

From time to time, the fund may invest in shares of companies through new issues or initial public offerings.

Additionally, the fund may utilize derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

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.

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.

Additionally, the fund may invest in companies through initial public offerings or new issues.

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

The investment process seeks to replicate the performance of the benchmark index.  The process uses options, futures, swaps and forward contracts to protect or enhance the value of the fund’s net assets.

The fund participates in the initial public offering market.

The fund seeks to invest in commodity-linked derivative instruments and exchange-traded funds that invest exclusively in commodities without direct investment in physical commodities.

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

The 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.

Next, the team focuses on companies that exhibit superior earnings growth potential.

The fund has the flexibility to invest in shares of companies through new issues or initial public offerings.

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

The investment process seeks to replicate the performance of the benchmark index.  The process uses options, futures, swaps and forward contracts to protect or enhance the value of the fund’s net assets.

The fund participates in the initial public offering market.

The fund seeks to invest in commodity-linked derivative instruments and exchange-traded funds that invest exclusively in commodities without direct investment in physical commodities.

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 focuses on equity securities or other financial instruments that are components of, or have market capitalizations similar to, the securities included in the benchmark index.

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 invest in shares of companies through new issues or initial public offerings.

The fund may utilize derivatives, including options, futures, swaps and forward contracts both to seek to increase the return of the fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

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 focuses on companies that demonstrate above average prospects for 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.

From time to time, the team may invest in shares of companies through new issues or initial public offerings.

Also, the fund may use derivatives, including options, warrants, futures, swaps and forward contracts both to seek to increase the return of the fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

The fund seeks capital appreciation in the long term 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 seeks to replicate the performance of the benchmark index.

The fund is a feeder fund that invests all of its net assets in the Master Portfolio, which has the same investment objective and strategies as the fund.

Then the manager constructs a concentrated 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 preferred stock and convertible securities, and from time to time, the fund may invest in initial public offerings of equity securities.

Also, the fund may use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in interest rates and movements in the securities markets.

The fund seeks to maximize total return 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.

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 focuses on companies located, or exercising the predominant part of their economic activity, in Asia, excluding Japan.

The manager considers a company to be located, or exercising the predominant part of its economic activity, in Asia, excluding Japan, if it is legally organized in Asia, excluding Japan, the primary trading market for its securities is located in Asia, excluding Japan, or at least 50% of the company’s (including any of its subsidiaries’) non-current assets, capitalization, gross revenues or profits have been located in Asia, excluding Japan, during the last fiscal year.

The fund is geographically diversified.
 

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 any-size companies in the United States.

The investment process starts with a list of companies with market capitalization of $2 billion or more.

The research team is using quantitative analysis to identify companies with best-in-class business models, durable earnings streams and long runways for growth.

The team narrows the investable universe to companies exhibiting above-average earnings growth that are poised to increase in value over time.

The fund seeks capital appreciation in the long term 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 issuers located in countries with developing capital markets. 

According to the team, a developing capital market is the market of any country that the World Bank, the International Finance Corporation, the United Nations or its authorities have determined to have a low or middle income economy.

Countries with developing capital markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa.

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 normally invests in at least three countries at any given time.

The fund may also consider an issuer to be located in a country that has a developing capital market if at least 50% of the issuer’s assets, gross revenues or profits in any one of the last two years represents assets or activities located in such countries.

Also, the fund has the flexibility to invest in securities denominated in either U.S. dollars or foreign currencies.

From time to time, the fund may invest in shares of companies through initial public offerings.

The fund is non-diversified, which means that it can invest more of its assets in fewer issuers than a diversified fund.

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 securities of global energy and natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable, electrical and telecommunications utilities).

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 will invest more than 25% of its net assets in energy or natural resources companies.

Also, the fund may invest without limit in companies located anywhere in the world and will generally invest in at least three countries and in companies tied economically to a number of countries.

The fund invests primarily in developed markets, but may also invest in emerging markets.

Additionally, the fund is a non-diversified fund, which means that it can invest more of its assets in fewer issuers than a diversified fund.

The fund seeks total return in the long term and current income by investing in 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 invests in equity securities and dividend paying securities.

Equity securities include common stock, preferred stock, securities convertible into common stock, or securities or other instruments whose price is linked to the value of common stock.

The team seeks companies that it believes will both increase in value over the long term and provide current income.

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 25% of its net assets in securities of foreign issuers.

Additionally, the fund may invest in securities from any country.

The fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.

However, the fund may invest in the securities of foreign issuers in the form of American Depositary Receipts, European Depositary Receipts or other securities convertible into securities of foreign issuers.

The fund may invest in securities of companies with any market capitalization, but will generally focus on large cap securities.

Also, the fund may invest in convertible securities and non-convertible preferred stock.

The fund seeks capital appreciation 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.

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.

Next, the manager focuses on corporations located in Europe with no limits on the geographic asset distribution of the fund’s investments within Europe.

Other exposure may include, without limitation, investments in companies located in European Union Member States that are likely to join the Eurozone in the foreseeable future and in companies based elsewhere that exercise the predominant par t of their economic activity in Eurozone countries.
 

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

The investment process is designed to highlight companies having a track record of growth characteristics.

The process seeks to minimize the recognition of capital gains.

The fund has the flexibility to invest in companies across any market capitalization.

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

The 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 team looks for companies with strong earnings and revenue growth and capital appreciation potential.

The portfolio holds approximately between 25 and 45 stocks and the fund has the flexibility to invest up to 20% of its net assets in securities of foreign issuers.

The fund seeks to provide 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.

Next, the research team invests in both equity and fixed income securities, including money market securities and other short-term securities or instruments, of issuers located around the world.

In selecting securities for the portfolio, the research team focuses on long term trends and changes that could benefit particular markets, industries and/or issuers.

Additionally, when selecting the markets, the team considers factors such as the rate of economic growth, natural resources, capital reinvestment and the social and political environment.

Also, as part of the process, the team utilizes short positions.

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 is diversified across markets, industries and issuers. The fund may invest in developed and emerging markets, including frontier markets.

The fund may also invest in real estate investment trusts, and in debt securities of any maturity or duration.

Additionally, the fund may utilize derivatives, including options, futures, swaps, credit default swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

The fund may hold a portion of its net assets in cash or cash equivalents.

In addition, the fund may invest up to 25% of its net assets in Cayman GA Dynamic Equity Fund, Ltd. a wholly owned subsidiary of the fund, which invests primarily in commodity-related instruments.

The fund seeks current income and 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 securities of non-U.S. issuers that can be U.S. dollar based or non-U.S. dollar based.

The team focuses on securities of issuers in both developed and emerging 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 fund allocates a substantial amount of its net assets in securities of foreign government issuers, or of issuers organized or located outside the United States, or of issuers which primarily trade in a market located outside the United States, or of issuers doing a substantial amount of business outside the United States.

In addition, the fund will invest at least 80% of its net assets in dividend-paying equity securities and at least 40% of its assets outside of the United States 

The fund may invest up to 20% of its net assets in global fixed-income securities of any duration or maturity.

Also, the fund has the flexibility to invest in securities of companies across all market capitalizations, but invests primarily in securities of large capitalization companies.

The fund may invest in shares of companies through initial public offerings and new issues.

Additionally, the fund may utilize derivatives, including options, futures, swaps, and forward contracts, both to seek to increase the return of the fund or to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.
 

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

The investment process is driven by fundamental techniques to identify companies in health sciences and related industries.

Then the research team companies in health care equipment and supplies, health care providers and services, biotechnology, and pharmaceuticals as related to the health sciences sector.

The team also focuses on companies involved in the development, production, and distribution or delivery of medical and pharmaceutical products and services and engaged in biotechnology and medical research and development.

In addition, the team also emphasizes companies that may design, manufacture or distribute medical, dental and optical equipment and supplies, including diagnostic equipment.

The team also seeks to invest in companies that may also provide diagnostic services or operate health facilities and hospitals, or provide related administrative, management and financial support.

Then the manager constructs a 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 will invest more than 25% of its net assets in health sciences or related industries, and may invest in companies located in non-U.S. countries.

The fund may also invest up to 20% of its net assets in stocks of companies not associated with health sciences.

The fund seeks high current income by investing in 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 invests in equity securities and equity-related instruments, including equity-linked notes.

The team employs a strategy of writing (selling) covered call and put options on common stocks, indices of securities, sectors of securities and baskets of securities, primarily through structured notes.

In selecting securities for the portfolio, the research team focuses on dividend paying 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 fund may invest in securities from any country, including emerging markets.

Additionally, the fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.

Also, the fund may invest up to 50% of its net assets in equity-linked notes that provide exposure to equity securities and covered call options or other types of financial instruments.

From time to time, the fund may invest in shares of companies through initial public offerings.

The fund may invest in master limited partnerships that are generally in energy- and financial-related industries and in U.S. and non-U.S. real estate investment trusts, as well as structured products, including equity-linked notes.

The fund may invest in securities of companies with any market capitalization, but will generally focus on large cap securities.

The fund seeks total return in the long term and current income by investing in companies across any size with dividend payment history 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.

According to the investment team, foreign securities may include securities of foreign government issuers, issuers organized or located outside the United States, issuers which primarily trade in a market located outside the United States, or issuers doing a substantial amount of business outside the United States, which the fund considers to be companies that derive at least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or assets outside the United States.

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 but in no less than three different countries.

The fund invests across all market capitalizations; however, it may invest primarily in securities of large capitalization companies.

Additionally, the fund may invest in companies through initial public offerings or new issues.

The fund may also invest up to 20% of its net assets in global fixed-income securities of any duration or maturity.

The fund has no geographic limits in where it may invest outside of the United States, and may invest in both developed and emerging markets.

The diversified fund may invest in indexed and inverse securities.

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.

The research process is driven by fundamental analysis of one stock at a time. When evaluating individual securities, the research team emphasizes companies that are estimated to trade below their fair values but exhibiting above average return potential.

The team also looks for companies exhibiting good prospects for 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 favors companies located in developed countries of Europe and the Far East, and in countries with emerging capital markets anywhere in the world.

The manager will allocate a substantial amount of the fund’s net assets in securities of foreign government issuers, or of issuers organized or located outside the United States, or of issuers which primarily trade in a market located outside the United States, or of issuers doing a substantial amount of business outside the United States, which the Fund considers to be companies that derive at least 50% of their revenue or profits from business outside the United States or have at least 50% of their sales or assets outside the United States.

The fund has the flexibility to allocate its net assets among various regions and countries, including the United States but in no less than three different countries.

The fund may invest in companies across all market capitalizations but will focus mainly on medium and large capitalization companies.

The fund may invest up to 25% of its net assets in global fixed income securities.
 

The fund seeks capital appreciation in the long term by investing in companies across any size in Latin American securities.

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 investment team considers a security to be Latin American, when at least 50% of the issuer’s non-current assets, capitalization, gross revenues or profits in any one of the two most recent fiscal years represents assets or activities located in such countries.

Next, the research team combines top down and bottom up analysis to identify potential investment opportunities.

As part of the top down analysis, the team reviews economic factors such as government fiscal policies and the direction of interest rates and currency movements. 

In the bottom up analysis, the team assesses the earnings prospects of individual companies.

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 securities denominated in the currencies of Latin American countries or in other currencies.

Also, the fund may invest in shares of companies through initial public offerings.

The fund is non-diversified, which means that it can invest more of its assets in fewer issuers than a diversified fund.

The fund seeks to provide high total investment return 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 global equity securities.

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 are estimated to trade below their fair values.

Also, the team considers companies that have the potential to generate attractive total returns over a long-term investment horizon.

The team also evaluates companies on the basis of factors such as value, estimated dividends, and interest rates.

Other factors in consideration would be economic and political conditions, potential for economic growth and possible changes in currency exchange rates.

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 both developed and emerging markets.

Additionally, the fund may utilize derivatives, including options, futures, swaps, and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

Also, the fund may invest in indexed and inverse securities, and in non-U.S. currencies.

In addition, the fund may own foreign cash equivalents or foreign bank deposits.

Furthermore, for temporary defensive purposes and in case of unusually large cash inflows or redemptions, the fund may invest without limitation in cash, cash equivalents, money market securities, or other high quality fixed-income securities.

The fund seeks primarily capital appreciation and secondarily income by investing in mid-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 invests in equity securities and dividend-paying securities.

The team focuses on companies exhibiting good prospects for capital appreciation and current income.

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 25% of its net assets in securities of foreign issuers.

Additionally, the fund may invest in securities from any country.

The fund may invest in securities denominated in both U.S. dollars and non-U.S. dollar currencies.

The fund has the flexibility to invest across market capitalizations.

Also, the fund may invest in securities convertible into common stock and non-convertible preferred stock.

The fund seeks capital appreciation in the long term by investing in mid-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 invests in equity securities that have above-average earnings growth 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.

From time to time the fund may invest in shares of companies through new issues or initial public offerings.

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 securities of domestic and foreign companies with substantial natural resource assets, or in securities the value of which is related to the market value of some natural resource asset.

Natural resource assets include materials with economic value that are derived from natural sources, either directly or indirectly, such as precious metals, ferrous and nonferrous metals, strategic metals, water, hydrocarbons, timber land, underdeveloped real property and agricultural products.

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 both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated in both U.S. dollars and foreign currencies.

The fund prefers companies in a variety of natural resource related sectors, such as energy, chemicals, oil, gas, paper, mining, steel or agricultural products.

In addition, the fund will concentrate its investments in one or more issuers in the natural resources related industries.

The fund seeks total return by investing in companies in the United States.

The sub-advisers’ investment process is designed to highlight companies that are engaged in or related to the real estate industry.

The investment team considers a company to be engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein or has 50% of its assets in real estate or real estate interests.

Then the manager constructs a 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 up to 20% of its net assets in issuers that are engaged in or related to the real estate industry outside the United States and fixed-income investments, such as government, corporate and bank debt obligations.

The fund is non-diversified.

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 invests in securities issued by U.S. and non-U.S. technology companies.

Technology companies may include software, IT consulting, IT services, interactive home entertainment, interactive media and services, networking equipment, and telecom services,.

Other examples of technology companies would be communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and components, semiconductors and semiconductor equipment, and internet and direct marketing retail.

In selecting securities for the portfolio, the research team focuses on companies that demonstrate accelerated and durable growth potential from the development, advancement and use of technology.

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 both developed and emerging markets.

From time to time the fund may invest in shares of companies through initial public offerings.

The fund seeks to track the total return performance of the benchmark index before fees and expenses 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 companies engaged in the ownership, disposal and development of income producing real estate in developed countries.

The team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the Underlying Index.

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 invests significantly in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index.
 

The fund seeks to track the total return performance of the benchmark index before fees and expenses by investing in mid-and large-size companies outside the United States.

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

Next, the research team focuses on international securities that in the aggregate have lower relative volatility.

Then the research team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the underlying Index.

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 a portion of its net assets in futures, forward foreign currency exchange contracts and securities not included in the Underlying Index.

The fund seeks to track the total return performance of the benchmark index before fees and expenses by investing in companies outside the United States.

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

Next, the research team employs a passive investment approach which involves investing in securities whose performance replicates the performance of the Index.

In addition, the team focuses in a statistically selected sample of securities and derivative instruments linked to the Index.

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 all of the countries represented in the Index.

However, the fund may not invest in all of the companies within a country represented in the Index, or in the same weightings as in the Index.

The fund seeks to replicate the total return performance of the benchmark index before fees and expenses by investing in mid-and large-size companies outside the United States.

The fund is a feeder fund that invests all of its net assets in the Master Portfolio, which has the same investment objective and strategies as the fund.

The investment process starts with a list of companies in the underlying benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team employs a passive investment approach which involves investing in securities whose performance replicates the performance of the Index.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

At times, the fund may not invest in all of the common stocks or in the same weightings as in the Index.

The fund may lend securities with a value up to 331⁄3% of its net assets to financial institutions that provide cash or securities.

The portfolio is concentrated and the fund has the flexibility to hold 25% or more of its net assets in a particular industry or sector to approximately the same extent that the Index is concentrated.

The fund seeks to replicate the performance of the benchmark index before fees and expenses by investing in companies in the United States.

The fund is a feeder fund that invests all of its net assets in the Master Portfolio, which has the same investment objective and strategies as the fund.

The investment process relies on a passive investing style that focuses on companies in the benchmark index.

The research team looks for companies that have market capitalizations, industry weightings and other fundamental characteristics similar to the benchmark index.

The portfolio holds 25% or more of its net assets in a particular industry or group of industries holding each security in approximately the same proportion as its weighting in the Index.

At times, the fund may not invest in all of the securities or in the same weightings as in the benchmark index.

The fund may lend securities with a value up to one third of its net assets to financial institutions that provide cash or securities issued or guaranteed by the U.S. Government as collateral.

The fund seeks to replicate the total return performance of the benchmark index before fees and expenses 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.

The fund is a feeder fund that invests all of its net assets in the Series, a series of the Master LLC, which has the same investment objective and strategies as the fund.

Next, the research team relies on a passive investing style that focuses on companies in the benchmark index.

The research team focuses on securities or other financial instruments that are components of or have economic characteristics similar to the securities included in the benchmark index.

The fund may invest in a statistically selected sample of stocks included in the Index and in derivative instruments linked to the benchmark index.

The fund seeks to replicate total return performance of the benchmark index by investing in mid-size companies in the United States.

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

The team is using a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The process also includes assessing a company’s return variability and yield and liquidity characteristics similar to those of the underlying Index.

The fund generally invests at least 90% of its assets in securities of the underlying Index. 

The fund seeks to replicate total return performance of the benchmark index by investing in small- and mid-size companies in the United States.

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

The team is using a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The process also includes assessing a company’s return variability and yield and liquidity characteristics similar to those of the underlying Index.

The fund generally invests at least 90% of its assets in securities of the underlying Index. 

The fund seeks to track the total return performance of the benchmark index before fees and expenses by investing in companies in the United States.

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

The process seeks to measure the performance of securities that are in the top 85% by market capitalization and that, in the aggregate, have lower volatility relative to the broader U.S. equity market.

Then the research team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the underlying Index.

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

The fund generally invests at least 90% of its assets in securities of the underlying Index.