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

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

Next, the research team invests in companies that are estimated to trade below their fair values.

The team believes that equity markets go through themes over time, and so, stocks in industries that were market leaders at one time tend to become overpriced relative to intrinsic value, and stocks in industries that were not in favor tend to drop below 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.

The fund may invest up to 25% of its net assets in a single industry.

The fund may also invest in U.S. government agencies or government sponsored enterprises and investment-grade securities.

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

The sub-adviser’s investment process is designed to invest in companies in the information technology and health care sectors.

The investment team considers the information technology sector to include areas such as application software, communications equipment, data processing & outsourced services, electronic components, electronic equipment & instruments, and electronic manufacturing services.

Other areas included in the information technology sector are Internet services & infrastructure, IT consulting, semiconductor equipment, semiconductors, systems software, technology distributors and technology hardware, storage & peripherals.

The health care sector includes areas such as biotechnology, health care distributors, equipment, facilities, services, supplies, and technology, life sciences tools & services, managed health care, and pharmaceuticals.

Then the research team utilizes quantitative techniques to look for mispriced companies that are trading at discounts to their estimated intrinsic values.

The team calculates intrinsic value based on factors such as average earnings per share, future earnings growth estimates, beta, and bond yield.

In addition, the team employs a tactical, rotation-based process to identify industries and sectors that have the potential to outperform.

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.

However, there is no minimum or maximum with respect to the amount the manager may invest in any particular sector.

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

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

The investment team invests in securities of companies that are considered natural resources and/or Infrastructure focused, which are companies in the energy, industrials, materials and utilities sectors.

Next, the research team utilizes quantitative methodology to look for companies that are trading at a discount to their estimated intrinsic value.

The quantitative methodology calculates intrinsic value utilizing average earnings per share, future earnings growth estimates, beta, and bond yield to identify value opportunities within industries and sectors.

Also, the team employs a tactical, rotation-based process to identify industries and sectors that will outperform.

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 invests less than 20% of its net assets in companies in any one particular foreign country.

The fund also may have exposure to companies located in, and/or doing business in, emerging markets.

The fund is non-diversified.

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

The sub-adviser’s investment process is designed to invest in the securities of companies in the utilities sectors including, but not limited to electric utilities, gas utilities, independent power producers & energy traders, multi-utilities, renewable electricity and water utilities.

Next, the research team relies on a quantitative methodology to look for companies that are estimated to trade below their fair values.

The team calculates intrinsic value based on factors such as average earnings per share, future earnings growth estimates, beta, and bond yield.

In addition, the team employs a tactical, rotation-based process to identify industries and sectors that have the potential to outperform.

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.

However, there is no minimum or maximum with respect to the amount the manager may invest in any particular sector.