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

The investment process is designed to highlight biotechnology companies and discovery research firms.

The investment team considers a biotechnology company or discovery research firm is one that has at least 50% of its earnings derived from biotechnology activities, or at least 50% of its assets devoted to such activities, based on the company’s most recent fiscal year.

Next, the research team considers discovery research firms are in the early stages of drug research.

Also, according to the team biotechnology activities are research, development, manufacture, and distribution of various biotechnological or biomedical products, services, and processes. This may include companies involved with genomics, genetic engineering, gene therapy, and companies involved in the application and development of biotechnology in areas such as health care, pharmaceuticals, and agriculture.

Then the research process is driven by fundamental analysis of one stock at a time. The research team focuses on companies that exhibit future earnings growth potential at attractive valuations.

In addition, the team prefers companies that generate consistent earnings, cash flow, and income.

Then the manager constructs a diversified portfolio of stocks from a list of companies in the benchmark index favored by the research team and allocates capital based on its conviction level.

The fund is non-diversified, which means it may invest a greater portion of its net assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.

The fund has the flexibility to buy foreign securities that are traded in the U.S. or in foreign markets, as well as American, European, and Global Depositary Receipts.

The fund seeks capital appreciation by investing in companies across market capitalizations in the United States.

The investment process uses fundamental, bottom-up research to identify companies demonstrating growth, quality and valuation characteristics.

Next, the research team looks for companies that have the potential for sustainable earnings and cash flow growth. The team also evaluates the long-term market opportunity and competitive structure of an industry to identify leaders and emerging leaders.

In addition, the team employs qualitative techniques to look for high-quality companies with strong management teams and financial strength. The process also involves assessing the growth opportunity.

The manager typically focuses on companies that are leaders in innovation who take advantage of new technologies and benefit from new industry conditions. The manager believes technology, medicine, global communications are innovative sectors poised for long-term growth.

The fund has the flexibility to invest across a large number of sectors, but expects to have significant positions in particular sectors such as technology and health care.

The fund seeks to maximize total return 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, including securities convertible into common stocks.

The team favors companies with financial strength, with a focus on well-established companies.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team will assess the market price of a company’s securities.

Additionally, the team also considers a company’s valuation multiples on the basis of earnings, return on capital, profit margins and asset value.

Other factors in consideration are a company’s dividend yield and the opportunity for dividend growth in selecting stocks for the portfolio.

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.

While the fund does not concentrate in any one industry, from time to time, based on economic conditions, it may make significant investments in certain sectors.

The fund may invest in foreign securities.

The fund seeks primarily capital appreciation and secondarily current 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 of gold and precious metals operation companies.

Gold and precious metals operation companies include companies that mine, process, or deal in gold or other precious metals, such as silver, platinum, and palladium, including mining finance and exploration companies as well as operating companies with long- or medium-life mines.

In addition, the team prefers companies with low cost reserves and experienced management teams with established track records.

The team focuses on companies with long life production profiles, expandable resource bases, and active exploration programs that can potentially drive future reserve and production 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 fund may buy securities of gold and precious metals operation companies located anywhere in the world and in general invests predominantly in non-U.S. companies.

Also, the fund invests in American, Global and European Depositary Receipts.

The fund is a non-diversified fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and may invest overall in a smaller number of issuers than a diversified fund.

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

The investment process uses fundamental, bottom-up research to identify companies demonstrating growth, quality and valuation characteristics.

Next, the research team evaluates a company’s historical and potential growth in revenues and earnings, management strength, and competitive positioning in its industry. The team selects companies that are positioned for growth in revenues, earnings or assets.

The team believes companies possessing attributes such as proven technology, sound financial records, strong management, and industry leadership exhibit strong growth potential.

The fund also pursues a buy-and-hold strategy and based on economic conditions may have significant positions in particular sectors including technology, health care and industrials.

The fund generally invests in mid-and large market capitalization companies, but may invest up to 25% of its assets in smaller companies.

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

The investment process is designed to highlight companies in the benchmark index demonstrating accelerating growth, increasing profitability, or above average growth or growth potential.

Then the research team utilizes fundamental, bottom-up research to identify companies demonstrating growth, quality and valuation characteristics.

In seeking sustainable growth characteristics, the research team looks for companies that have the potential for sustainable earnings and cash flow growth.

The team also evaluates the long-term market opportunity and competitive structure of an industry to identify leaders and emerging leaders.

In assessing value, the investment team considers whether security prices fully reflect the balance of the sustainable growth opportunities relative to business and financial risks.

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, from time to time, may have significant positions in particular sectors, such as technology, healthcare and consumer discretionary.

The fund may make private investments in companies whose securities are not publicly traded including companies that have not yet issued securities publicly in an initial public offering.

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

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

Next, the research team focuses on companies located outside the U.S., including developing or emerging market countries.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team favors companies that exhibit higher estimated revenue and earnings growth.

Also, the team prefers high-quality companies with durable business models that offer the most attractive combination of growth, quality and valuation.

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 companies across all industry groups that are exhibiting long-term growth potential.

Additionally, the fund may invest up to 20% of its net assets in emerging market countries, and from time to time, may have significant investments in a particular sector or country.

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 international companies that have the potential to generate attractive returns with lower downside risk.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team favors quality companies that are trading at attractive valuations.

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 focused portfolio holds approximately 25 to 45 securities of exceptional companies operating in sectors that offer attractive potential.

The fund may invest a portion of its net assets in emerging markets securities and may, from time to time, have significant investments in a particular sector or country.

The fund seeks total return including long-term capital gain and current income or dividend.

The investment process starts with a list of companies with market capitalizations less than $500 million. The research team then with the help of quantitative analysis focuses on companies that are trading at discounts to their book values.

Next, the team also evaluates the reasons for the stocks to be out of favor with investors including market cycles, management challenges, or financial stress. In addition, the team estimates long-term growth outlook of companies facing what are perceived to be temporary problems.

The investment team favors financially strong companies with attractive long term outlook and current market valuation.

The fund seeks primarily capital appreciation and secondarily 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 of U.S. and foreign companies.

The team focuses on companies that are trading at discounts to their estimated intrinsic 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.

While the fund does not concentrate in any one industry, from time to time, based on economic conditions, it may make significant investments in certain sectors.

The fund also invests in merger arbitrage securities and the debt and equity of distressed companies.

Also, the fund may invest up to 100% of its net assets in foreign securities and participations in foreign government debt.

However, from time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

The fund seeks primarily capital appreciation and secondarily 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 focuses on securities of European companies that are trading at a discount to their estimated intrinsic value.

The team also considers investing in merger arbitrage securities and the debt and equity of distressed 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 invests in securities from at least five different countries, although, from time to time, it may invest all of its assets in a single country.

Additionally, the fund may invest in securities of issuers from emerging markets.

Also, the fund has the flexibility to invest up to 20% of its net assets in securities of U.S. issuers and in securities of issuers from the Middle East and the remaining regions of the world.

The fund seeks primarily capital appreciation and secondarily 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 of financial services companies.

The team focuses on companies that are trading at discounts to their estimated intrinsic value, which may include foreign securities.

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, based on economic conditions, the fund may have significant positions in particular countries or regions.

Additionally, the fund has the flexibility to invest in foreign securities without limit.

The fund also invests in merger arbitrage securities and securities of distressed companies.

The fund seeks capital appreciation 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 U.S. and foreign companies.

The team favors companies that are trading at discounts to their estimated intrinsic 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.

While the fund does not concentrate in any one industry, from time to time, based on economic conditions, it may make significant investments in certain sectors.

The fund also invests in merger arbitrage securities and the debt and equity of distressed companies.

Also, the fund may invest up to 100% of its net assets in foreign securities and participations in foreign government debt.

However, from time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

The fund seeks primarily capital appreciation and secondarily income by investing in companies across any size in the United States.

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

Next, the research team invests in equity securities of U.S. and foreign companies.

The team focuses on 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 fund may invest up to 35% of its net assets in foreign securities and participations in foreign government debt.

Also, from time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

While the fund does not concentrate in any one industry, from time to time, based on economic conditions, it may make significant investments in certain sectors.

The fund seeks high total return by investing in companies across any size in the United States.

The 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 focuses on companies that may be out of favor for temporary reasons or due to actual or perceived cyclical or secular challenges, or lowered expectations, or inefficient management, or financial distress.

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 may also invest in the securities of companies involved in mergers, consolidations, liquidations and reorganizations.

The fund does not invest more than 10% of its net assets in non-U.S. securities.

The fund may also invest in real estate investment trusts, and from time to time, may have significant positions in particular sectors, such as financial services companies.

The fund seeks high total return by investing in small-size companies outside the United States.

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

Next, the research team Invests in securities of companies in the natural resources sector.

According to the team, the natural resources sector includes companies that own, produce, refine, process, transport and market natural resources and companies that provide related services.

The sector includes industries such as integrated oil, oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services and technology.

Other industries in the natural resources sector include base metal production, forest products, farming products, paper products, chemicals, building materials, coal, alternative energy sources and environmental services.

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 can produce durable earnings and cash flow growth or the potential to generate 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.

In addition, the fund may also invest up to 20% of its net assets in equity or debt securities of any type of issuer.

The fund may also buy American Depositary Receipts.

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

The investment process is designed to highlight companies operating in the real estate industry, including companies qualifying under federal tax law as real estate investment trusts.

The investment team also considers companies that derive at least half of their assets or revenues from the ownership, construction, management, operation, development or sale of commercial or residential real estate such as real estate operating or service companies, homebuilders, lodging providers, and developers.

Next, the research team combines top-down and bottom-up analysis to identify local cyclical and thematic trends that highlight investment opportunities.

The research process is driven by fundamental analysis of one stock at a time. The bottom-up process incorporates macro-level views in the evaluation process.

Then the manager constructs a portfolio of stocks from a list of companies in the benchmark index favored by the research team and allocates capital based on its conviction level.

The fund also invests in non-traditional REITs that focus on storage and self-storage facilities, cell tower owners and data center owners.

The fund may also invest up to 20% of its net assets in manufacturers and distributors of building supplies; financial institutions that issue or service mortgages, and companies which have significant real estate holdings.

The fund may invest a small portion of its net assets in securities of issuers in any foreign country, developed or developing, and in American, European and Global Depositary Receipts.

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

The investment process is designed to highlight companies having a track record of consistently paying rising dividends, maintained or increased dividend rate during the last four consecutive years.

The investment team looks for companies that have consistently increased dividends in at least 8 out of the last 10 years and have not decreased dividends during that time.

The process focuses on companies that have reinvested earnings, paying out less than 65% of current earnings in dividends and either long-term debt or senior debt that is less than 50% of total capitalization or senior debt that has been rated investment grade by one of the major independent bond rating services.

The research process is driven by fundamental analysis of one stock at a time. The research team then selects companies that are trading at a discount to their intrinsic value at attractive prices.

The team also considers preservation of capital an important factor when evaluating a company.

The fund may have significant positions in particular sectors from time to time based on economic conditions.

The fund has the flexibility to invest up to 25% of its net assets in securities of foreign issuers.

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 that exhibit growth potential, quality and valuation.

The team also looks for companies that offer durable earnings and cash flow growth.

Also, the team evaluates the long term market opportunity and competitive structure of an industry.

In assessing value, the team assesses if there is balance between the sustainable growth opportunities and business and financial risks.

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

In addition, the fund may invest in equity securities of larger companies.

From time to time, the fund may have significant positions in particular sectors such as information technology (including technology equipment and hardware, technology services, software and internet services), healthcare, consumer discretionary and industrials.

Additionally, the fund may make private investments in companies whose securities are not publicly traded.

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

The investment process starts with a list of companies included in the benchmark. The research team then with the help of quantitative analysis focuses on companies that are trading at discounts to their book values.

Next, the team also valuates the reasons for the stocks to be out of favor with investors including market cycles, management challenges, or financial stress. In addition, the team estimates long-term growth outlook of companies facing what are perceived to be temporary problems.

The investment team favors financially strong companies with attractive long term outlook and current market valuation.

The fund may invest up to 25% of its total assets in foreign securities.

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

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 offer durable earnings and cash flow 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 fund, from time to time, may have significant positions in particular sectors such as information technology (including technology services and technology equipment and hardware), consumer discretionary, healthcare and industrials.
 

The fund seeks capital appreciation and current income by investing in companies in the United States.

The investment process is designed to invest in the securities of public utilities companies.

According to the investment team, these are companies that provide electricity, natural gas, water, and communications services to the public and companies that provide services to public utilities companies.

Next, the research team focuses on companies in the global utilities arena offering the best returns, with a specific focus on companies operating in the U.S. electricity and gas sectors.

Generally, the team seeks to invest in companies producing a high percentage of earnings from their regulated operations.

Then the manager constructs a portfolio of stocks from a list of companies in the benchmark index favored by the research team and allocates capital based on its conviction level.

The manager invests more than 25% of the fund’s net assets in companies operating in the utilities industry.
 

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

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 companies are companies that are organized under the laws of, or with a principal office in, the People’s Republic of China (China), Hong Kong or Taiwan, or whose principal trading market is in China, Hong Kong or Taiwan, or that derive at least 50% of their revenues from goods or services sold or produced in China or companies that have at least 50% of their assets in China.

Next, the research team relies on fundamental analysis to focus on the market price of a company’s securities relative to long-term earnings, asset value and cash flow potential.

The team also considers a company’s profit and loss outlook, balance sheet strength, cash flow trends and asset value in relation to the current price of the company’s securities.

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 also invests in American, Global and European Depositary Receipts.

In addition, the fund may invest up to 20% of its net assets in securities that do not qualify as China company securities, but whose issuers are expected to benefit from developments in the economy of China, Hong Kong or Taiwan.

Also, the fund is non-diversified, which means it generally invests a greater proportion of its assets in the securities of one or more issuers and invests overall in a smaller number of 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 focuses on securities of developing- or emerging market issuers.

Developing market countries are located in the Asia-Pacific region, Eastern Europe, Central and South America, the Middle East and Africa.

The team relies on fundamental analysis to focus on the market price of a company’s securities relative to its long-term earnings, asset value and cash flow potential.

Also, the team considers a company’s profit and loss outlook, balance sheet strength, cash flow trends and asset value in relation to the current price of the company’s securities.

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, from time to time, may have significant investments in one or more countries, such as China or South Korea, or in particular industries or sectors, based on economic conditions.

In addition, the fund may invest up to 20% of its net assets in the securities of issuers in developed market countries.

The fund also invests in American, Global, and European Depositary Receipts.

The fund is non-diversified, which means it generally invests a greater portion of its assets in the securities of one or more issuers and invests overall in a smaller number of issuers than a diversified fund.
 

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

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

Next, the research team focuses on securities of companies located in emerging market countries.

Emerging market countries are located in the Asia-Pacific region (including Hong Kong), Eastern Europe, the Middle East, Central and South America, and Africa.

The team invests in companies whose principal securities trading markets are in emerging market countries, or that derive at least 50% of their total revenue or profit from either goods or services produced or sales made in emerging market countries.

Also, the team considers companies that have at least 50% of their assets in emerging market countries, or that are linked to currencies of emerging market countries, or that are organized under the laws of, or with principal offices in, emerging market countries.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team relies on fundamental analysis to focus on the market price of a company’s securities relative to its long-term earnings, asset value and cash flow potential.

Also, the team considers a company’s profit and loss outlook, balance sheet strength, cash flow trends and asset value in relation to the current price of the company’s securities.

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 small-and mid-size companies outside the United States.

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

Next, the research team invests a significant portion of its net assets in foreign securities, including developing markets.

The team relies on fundamental analysis to focus on the market price of a company’s securities relative to its long-term earnings, asset value and cash flow potential.

The investment manager also considers a company’s valuation multiples such as earnings and cash flow as well as profit margins and liquidation 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.

However, from time to time, based on economic conditions, the fund may have significant positions in particular regions, countries or sectors.

Also, the fund may engage in currency-related derivatives, such as currency and cross-currency forwards and currency futures contracts, to seek to hedge (protect) against currency risk.

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 companies located outside the U.S., including emerging markets.

The team relies on fundamental analysis to focus on the market price of a company’s securities relative to its long-term earnings, asset value and cash flow potential.

The investment manager also considers a company’s valuation multiple such as earnings and liquidation 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 fund may invest more than 25% of its net assets in the securities of issuers located in any one country.
 

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 invests in companies located anywhere in the world.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team relies on fundamental analysis to focus on the market price of a company’s securities relative to its long-term earnings, asset value and cash flow potential.

In addition, the team considers a company’s valuation multiple such as earnings, as well as profit margins and liquidation 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 fund may invest a significant amount of its net assets in the securities of companies located in emerging markets.

Also, the fund will invest its net assets in issuers located in at least three different countries (including the United States) and will invest at least 40% of its net assets in foreign securities.
 

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 companies located anywhere in the world, including developing markets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team relies on fundamental analysis to focus on the market price of a company’s securities relative to its long-term earnings, asset value and cash flow potential.

In addition, the team considers a company’s valuation multiple such as earnings and cash flow, as well as profit margins and liquidation 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.

From time to time, based on economic conditions, the fund may have significant positions in particular regions, countries or sectors.

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 a significant portion of its net assets in foreign securities, including companies located in developing market countries.

The team relies on fundamental analysis to focus on the market price of a company’s securities relative to its long-term earnings, asset value and cash flow potential.

Also, the team considers a company’s valuation multiple such as earnings, profit margins and liquidation value.

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 demonstrate above-average prospects for capital appreciation in various countries and industries where economic and political factors, including currency movements, are favorable to capital 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.

However, from time to time, based on economic conditions, the fund may have significant positions in one or more countries or in particular sectors, such as the financial services sector.

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

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

Next, the research team invests in securities of companies located anywhere in the world, including developing markets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team relies on fundamental analysis to focus on the market price of a company’s securities relative to its long-term earnings, asset value and cash flow potential.

In addition, the team considers a company’s valuation multiple such as earnings and cash flow, as well as profit margins and liquidation 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 fund will invest in issuers located in at least three different countries (including the U.S.).

From time to time, based on economic conditions, the fund may have significant positions in particular regions, countries or sectors.