The fund seeks capital appreciation in the long term by investing in small-size 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 companies that are tied economically to emerging market countries.

The team considers a company to be economically tied to an emerging market country if the company is organized under the laws of an emerging market country, or has its principal office in an emerging market country.

Other factors in consideration would be if at the time of investment, the company derived at least 50% of its total revenues or profits during its most recently completed fiscal year from business activities in an emerging market country, or the company’s equity securities are primarily traded on an exchange in an emerging market country.

The team prefers growing companies demonstrating financial strength and make dividend distributions.

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.

However, from time to time the fund will invest significant portions of its net assets in the Asian and Latin American regions.

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 the securities of gold companies located in Europe and the Pacific Rim.

The team defines securities of gold companies as equity securities of companies that derive at least 50% of gross revenue or profit from mining, processing, or dealing and investing in gold, as well as companies whose primary business is exploring for gold or that provide services to the gold industry.

The team considers a company to be located in Europe or the Pacific Rim if the company is organized under the laws of a country that is a part of Europe or the Pacific Rim or has its principal office in a country that is part of Europe or the Pacific Rim.

Also, the team considers a company to be located in Europe or the Pacific Rim if at the time of investment, the company derived a significant portion of its total revenues during its most recent completed fiscal year from business activities in Europe or the Pacific Rim.

In addition, the team looks for companies that are traded principally on stock exchanges or over the-counter markets in Europe or the Pacific Rim.

In selecting securities for the portfolio, the research team focuses on companies that are trading at attractive prices that can be held for a long time horizon.

The team also focuses on companies in the gold or other precious metals sector that are lagging in market price relative to their book value or earnings, or at a discount to future book 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.

Also, the fund invests in shares of exchange-traded funds and closed end funds that invest in gold bullion.

The fund will invest primarily in non-U.S. companies, as well as in American and Global Depository Receipts.

Additionally, the fund may invest up to 20% of its net assets in the equity securities of other precious metals companies, such as silver, platinum and palladium companies.

Also, the fund may invest up to 15% of its net assets in private placements and other restricted securities.
 

The fund seeks primarily income and secondarily to maximize capital appreciation 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.

The strategy invests in securities of dividend paying companies located in Europe or the Pacific Rim.

The investment team considers a country to be part of Europe if it is included in one of the MSCI European indexes and part of the Pacific Rim if any of its borders touches the Pacific Ocean.

The team considers a company to be located in Europe or the Pacific Rim if the company is organized under the laws of a country that is part of Europe or the Pacific Rim or has its principal office in a country that is part of Europe or the Pacific Rim, or at the time of investment, the company derived a significant portion of its total revenues during its most recent completed fiscal year from business activities in Europe or the Pacific Rim, or the company’s equity securities are traded principally on stock exchanges or over-the-counter markets in Europe or the Pacific Rim.

Next, the research team emphasizes companies that are trading below their intrinsic value and will pay sustainably high dividends that grow over time.

In selecting securities for the portfolio, the team evaluates a company’s free cash flow and earnings yield and growth, operating leverage and balance sheet strength, as well as management quality and corporate governance.

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 also selects companies with business exposure or assets in countries or sectors that it believes will benefit from a long-term, positive trend.

Additionally, the fund may invest in companies in developed and emerging markets.

The fund may invest in companies across all market capitalizations but may invest a majority of its net assets in mid-and large-size companies.

In addition, the fund will invest primarily in non-U.S. companies.

Also, the fund may invest in American and Global Depository Receipts, exchange-traded funds and real estate investment trusts.
 

The fund seeks income and 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.

Then the investment team focuses on companies located in Europe or the Pacific Rim.

The team considers a company to be located in Europe or the Pacific Rim if the company is organized under the laws of a country or has its principal office in a country that is part of Europe or the Pacific Rim.

Also, the team considers a company to be located in Europe or the Pacific Rim if at the time of investment, the company derived a significant portion of its total revenues during its most recent completed fiscal year from business activities in Europe or the Pacific Rim.

In addition, the team looks for companies that are traded principally on stock exchanges or over the-counter markets in Europe or the Pacific Rim.

Next, the research team focuses on value oriented and dividend-paying companies that are estimated to trade below their fair values.

The team seeks to identify countries, and industries within those countries that are best positioned to perform relative to other countries and industries.

In making this determination, the team takes into account factors such as expectations for change in valuation of foreign currency, changes in world demand for products or services, diversification of foreign trade practices, policy changes of the foreign government.

Other fundamental factors the team emphasizes are interest rates, inflation and GDP growth.

When selecting individual companies, the research team focuses on factors such as dividend yield, valuation versus growth, capital structure, quality of management, corporate governance practices, liquidity, strengths and opportunities compared to the peer group, and business specific 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.

The fund will invest primarily in non-U.S. companies, or may invest in companies in developed and emerging markets.

However, the fund may focus its investments in one or more sectors.

Also, the fund may invest in companies engaged in the gold industry, or consider companies with minimal revenue exposure to the U.S. markets.

The fund may also invest in American and Global Depository Receipts, including unsponsored ADRs.