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

The sub-adviser’s investment process is designed to identify well-established companies demonstrating sustainable earnings growth and strong free cash flow potential that are trading at attractive valuations. The process focuses on companies with strong market franchises in industries that are poised for long-term growth.

Next, the research team uses quantitative techniques and fundamental analysis to highlight companies exhibiting leading market positions, capable management teams, and strong financial fundamentals.

In addition, the team also invests in companies that are estimated to have reasonable prospects for dividend growth.

The fund may invest up to 10% of its net assets in hybrid instruments.

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

The sub-adviser’s investment process is designed to identify companies demonstrating sustainable earnings growth and strong free cash flow potential that are trading at attractive valuations.

The research team uses bottom-up fundamental research to look for companies that display characteristics such as above-average revenue and earnings growth, strong market position, improving profitability and a unique marketing ability.

The team also looks for factors such as strong research and development, prolific new product flow, and financial strength.

In addition, the team relies on earnings predictability and forecasts for stock selection.

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

The sub-advisor’s investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values on the basis of estimated future earnings and cash flow.

The investment team prefers companies that are lagging in market price for temporary reasons and trading at a significant discount to their estimated intrinsic value.

Next, the research team screens a dynamic universe of the 500 largest companies to select securities for the portfolio.

Then the team combines fundamental research and proprietary modeling to rank companies from the cheapest to the most expensive based on current share price relative to estimated long-term earnings power.

Additionally, the team narrows the investable universe to a list of the cheapest-ranked companies.

Then the manager constructs a portfolio of stocks of companies with profits that are less than estimated, a business plan to restore earnings to normal, and a durable business advantage.

The fund may invest up to 20% of its net assets in debt securities, including those rated below investment-grade.

The fund may also invest up to 20% of its net assets in securities of foreign issuers, including depositary receipts.

The fund seeks primarily capital appreciation in the long term and secondarily current income by investing in 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.

Next, the research team invests in equity securities.

The team evaluates a company’s valuation multiples on the basis of book value and earnings.

In addition, the team also considers attributes such as a company’s return on equity, earnings growth, and cash flow.

In selecting securities for the portfolio, the research team focuses on trends in industries and companies, earnings power, growth and other investment criteria.

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 focus its investments in a particular sector or sectors of the economy.

The fund may also invest up to 20% of its net assets in foreign currency-denominated securities.

Additionally, the fund may invest up to 15% of its net assets in illiquid securities, including securities that are illiquid by virtue of the absence of a readily available market or legal or contractual restrictions on resale.

The fund may participate as a purchaser in initial public offerings of 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.

Next, the research team focuses on securities issued by non-U.S. companies. The team focuses on developed markets, but may also invest in emerging- and frontier-market investments.

The team defines non-U.S. companies as companies that are organized under the laws of a foreign country, or whose principal trading market is in a foreign country.

Other factors in consideration would be companies that have a majority of their assets, or that derive a significant portion of their revenue or profits, from businesses, investments, or sales outside of the United States.

In addition, the team favors companies that are estimated to trade below their fair values.

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 dividend yields, management strength, cash flow and valuation multiples such as book value and earnings to identify companies that meet its investment criteria.

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 15% of its net assets in illiquid securities and may also participate in Initial Public Offerings.
 

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

The sub-advisor’s investment process highlights companies with attractive relative valuations, strong fundamentals, and positive business momentum.

The research team with the help of quantitative techniques assesses a company’s price-to-book value ratios and price-to-earnings ratios and trends in return on equity and earnings growth and cash flow.

Next, the team narrows the investable universe based on a continuous study of trends in industries and companies, earnings power and growth.

The fund is limited to investing a maximum of 25% of its total assets in any one industry and has the flexibility to invest up to 15% of its net assets in illiquid securities.

The fund attempts to outperform by limiting downside risk in falling markets while keeping pace in rising markets.

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 emerging-market issuers.

The team prefers companies that are estimated to trade below their fair values, or exhibit good prospects for capital growth.

In addition, the team favors high quality companies within a diverse range of dynamic emerging economies.

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 seeks to invest in companies with balance sheet strength, superior management, and high levels of free cash-flow to support a durable dividend payout.

Although, there is no sector or geographical bias, the fund may focus its investments in a particular sector or sectors of the economy.

The fund may also invest in other investment companies and pooled investment vehicles that also invest in developing or emerging market economies.

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 companies associated with emerging markets.

These emerging markets may include frontier markets (emerging markets countries in an earlier stage of development).

The team favors value securities.

In assessing value, the team relies on valuation multiples such as cash flow or earnings, as well as economic conditions and developments in the issuer’s industry. 

The team also considers profitability of companies in making investment decisions.

In assessing profitability, the team may consider different ratios, such as that of earnings or profits from operations relative to book value or assets.

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 may invest up to 10% of its net assets in other investment companies that invest in one or more emerging markets.

Also, the fund may invest in financial services companies.

The fund invests across all market capitalizations with an increased exposure to securities of small-cap issuers.

The fund seeks to provide substantial dividend income and capital appreciation in the long term by investing in 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.

Next, the research team invests in well-established companies that pay above-average dividends.

The team focuses on companies that are estimated to trade below their fair values, but have good prospects for capital appreciation and dividend growth.

In addition, the team favors companies with established operating histories, above-average dividend yield or and that are inexpensive on the basis of earnings.

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 significantly in certain sectors, such as the financials sector.

The fund may invest in fixed-income securities without regard to quality or rating, including privately negotiated notes or loans and up to 10% in below-investment-grade fixed-income securities.

Also, the fund holds a certain portion of its net assets in money market reserves consisting of shares of the T. Rowe Price Government Reserve Fund or U.S. dollar- and foreign currency-denominated money market securities.

The fund may invest up to 10% of its net assets in hybrid instruments.

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 companies across non-U.S. developed and emerging markets by integrating comprehensive ESG criteria and traditional security selection.

The fund defines foreign companies as companies that are organized under the laws of a country outside the United States, or that have a minimum of 50% of their assets, or that derive a minimum of 50% of their revenue or profits, from businesses, investments, or sales outside of the United States.

Then the team prefers companies that have sustainable business models as well as superior ESG practices.

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 high-quality companies that are estimated to trade below their fair values.

The team also considers companies with sound governance and capable management team.

Additionally, the research team integrates environmental, social and governance factors as part of its process.

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 seeks to identify companies that provide safe, desirable, high-quality products or services and market them in responsible ways.

Additionally, the fund may focus its investments in a particular sector or sectors of the economy.

However, the fund will avoid investments that have material direct revenues from production of nuclear power, tobacco, and/or weapons/firearms.

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

The sub-advisor’s investment process is designed to identify high-quality companies that are sustainable leaders. The team believes sustainable leaders are companies with superior environmental, social and governance records.

The research team narrows the investable universe to a list of companies with positive ESG practices, and attractive business fundamentals.

The team believes companies that meet its ESG requirements or sustainability criteria typically have attractive sustainability data and policy reporting,

In addition, the team also considers companies that meet earnings, return on capital and growth criteria.

Next, the team employs a bottom-up financial analysis to review a range of metrics including board diversity, climate change policies, and supply chain and human rights policies.

The portfolio is so constructed to focus its investments in a particular sector or sectors of the economy. The sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers.

However, the fund will not invest in companies with material exposure to agricultural biotechnology, coal mining, hard rock mining, nuclear power, tar sands, tobacco, or weapons/firearms.

The fund also avoids companies facing what it estimates are temporary issues involving animal welfare, environmental, governance, human rights, product safety, or workplace matters.

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

The sub-advisor’s investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values.

Next, the research team focuses on financial service companies that include banks, thrifts, finance companies, brokerage and advisory firms, real estate related firms, insurance companies, and financial holding companies.

The team assesses potential investments based on capital ratios, asset quality, management, earnings, liquidity, and sensitivity to interest rates.

Then the manager constructs a portfolio of companies engaged in the financial services sector favored by the research team and allocates capital based on its conviction level.

Also, the fund may invest in U.S. and foreign bonds, including up to 5% of net assets in below-investment-grade bonds, and may also invest in companies located in emerging-market countries.

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

The sub-advisor’s investment process is designed to highlight undervalued companies in the benchmark index that are selling at a substantial discount to their estimated intrinsic value.

The investment team looks for both growth and value opportunities, utilizing the present value of estimated future cash flows to measure intrinsic value.

Then the research team looks for companies that demonstrate key growth drivers, sustainable cash flow production, and high returns on capital, sustainable competitive advantages, and capable management teams.

The team relies on fundamental research to assess a company on the basis of key assumptions that drive sales, margins, and asset intensity.

Then the manager constructs a portfolio that holds stocks of best-of-breed companies and the portfolio is so constructed to focus its investments in a particular sector or sectors of the economy.

Also, the sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global Depositary Receipts.

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.

Next, the research team invests in securities of franchise companies.

According to the team, these companies will have a leading share of industry sales, the ability to generate consistent sales growth over time, and a track record of return on capital invested in the company with a sustainable competitive advantage.

A franchise company is one whose return on invested capital over a three-year period is above its cost of capital.

The team utilizes fundamental analysis to assess a company’s health, its competitive positioning, management strength, and competitive advantages.

The research team focuses on companies that are trading at significant 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.

The manager primarily invests in common stocks of developed and emerging companies, as well as ADRs, which trade on U.S. exchanges.

The fund may invest significantly in securities of companies in certain sectors, such as the consumer staples and consumer discretionary sectors.

The fund invests at least 40% of its net assets in issuers domiciled outside of the United States.

Additionally, the fund is a non-diversified fund, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.

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

The sub-advisor’s investment process is designed to identify undervalued companies across both value and growth stocks. The process focuses on best-of-breed companies with sustainable competitive advantages and superior cash flow generation.

The research team uses fundamental analysis to look for companies that offer the potential for above-average earnings growth with substantial cash flows, reliable revenue streams, superior competitive positions, and strong management.

The portfolio typically holds between 45 and 65 companies in a broad range of industries. The fund may focus its investments in a particular sector or sectors of the economy.

The fund may attempt to take advantage of short-term market volatility by investing in corporate restructurings or pending acquisitions.

The fund may invest up to 35% of its net assets in securities of foreign issuers, and also may invest up to 20% of its assets in bonds of any maturity, including up to 15% of net assets in below-investment-grade bonds.

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 a diversified portfolio of 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.

In addition, the team prefers attractive-valued companies with solid business franchises, sustainable margins/cash flow, disciplined capital allocation, experienced management teams, and balance sheet strength.

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 at least 40% of its net assets in securities of issuers domiciled outside of the United States, including in emerging markets. This includes securities of foreign issuers that trade on U.S. exchanges.

The fund seeks primarily a high level of income and secondarily 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.

Next, the research team invests in securities of dividend-paying companies located throughout the world.

The team favors companies that possess a high cash dividend, positive growth of free cash flow, share buyback programs, and net debt reductions.

In addition, the team prefers companies that are estimated to trade below their fair values relative to valuation multiples such as free cash flow and 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.

The fund invests at least 40% of its net assets in securities of issuers located throughout the world, excluding the United States.

The fund may also invest up to 20% of its net assets in securities issued by companies located in emerging markets.

Additionally, the fund may invest up to 20% of its net assets in debt securities, including high-yield fixed-income securities rated below investment grade.

The fund may also invest up to 15% of its net assets in illiquid investments.

The fund seeks 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.

However, the strategy emphasizes on absolute returns over a full market cycle.

Next, the research team invests in global securities of companies with infrastructure-related assets.

According to the team, infrastructure-related assets are long-lived physical assets that are held by companies, including financial holding companies, that engage in the ownership, management, construction, development, renovation, operation, use or financing of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets are the physical structures, networks and systems which provide necessary services for the function, growth and development of society, including but not limited to transportation and shipping, energy and utilities, water and sewage, communication, and social assets.

The research process is driven by fundamental analysis of one stock at a time.

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, the fund will generally be diversified regionally across global equity markets, including emerging markets.

In addition, the securities in which the fund invests may often provide higher dividend yields than the broader equity market.

The fund may invest in debt securities, including convertible bonds, without any maturity limit and of any credit quality, including high-yield securities.

The fund may also invest in cash, cash equivalents, and derivative instruments.

The fund seeks high 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.

Next, the research team focuses on securities of foreign companies in a number of developed and emerging markets outside of the U.S.

The team defines foreign companies as companies that are organized under the laws of a foreign country, or whose principal trading market is in a foreign country.

Other factors in consideration would be companies that have a majority of their assets, or that derive a majority of their revenue or profits, from businesses, investments or sales outside of the United States.

The team narrows the investable universe to a list of companies with estimated future free cash flow margins, returns on capital employed, low revenue growth that are overpriced.

Next, the team ranks securities on the basis of characteristics such as quality, growth, valuation, capital returns and earnings revisions.

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 a particular sector or sectors of the economy.

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

The sub-adviser’s systematic investment process attempts to create a geographically diversified fund. The fund invests in countries and companies as included in its benchmark index but applies market capitalization based weighting to determine individual weights and where applicable country or region weights.

The investment team adjusts weights for a variety of factors, including free float, momentum, trading strategies, liquidity, and market conditions. 

The fund seeks to minimize company specific risk by selecting companies with lower relative price and higher profitability.

The fund seeks capital appreciation by investing in mid-size US Companies.

The sub-advisor’s investment process is driven by fundamental analysis , quantitative and qualitative research.  The investment process starts with a list of companies included in the benchmark index. Next, the research team identifies companies with financial strength, attractive earnings growth, and favorable competitive dynamics.

The research team then with the help of qualitative analysis reviews management effectiveness, business sustainability for the long term, durability of earnings.

The investment team favors high-quality companies that are trading at relative attractive prices.

The fund seeks capital appreciation in the long term 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.

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

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies with durable earnings growth, and management teams focused on enhancing value for shareholders.

In addition, the team favors quality companies with excellent management teams and durable growth over the long-term.

Also, the team emphasizes companies with key attributes such as experienced, tenured, high-quality management, as well as business models that deliver consistent long-term growth.

Additionally, the team looks for leading companies in attractive and defensible niche markets, superior financial characteristics, and, appropriate 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 fund also may invest in securities of foreign issuers, including foreign issuers located in emerging markets, either directly through investments in foreign currency-denominated securities traded outside of the U.S. or indirectly through depositary receipts.

Also, the fund may invest in real estate investment trusts, initial public offerings, and master limited partnerships.

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

The sub-advisor’s investment process looks to invest in securities of real estate investment trusts and real estate companies.

The investment team considers a company to be a real estate company if the Global Industry Classification Standards includes the company within its Real Estate sector or Hotels, Restaurants & Leisure Industry or Homebuilding sub-industry.

Next, the research team focuses on companies that exhibit the potential for stock price appreciation and have a track record of paying dividends.

The research process is driven by a bottom-up analysis of factors affecting individual securities, combined with a top-down analysis of the real estate market.

Then the research team emphasizes mispriced companies that are trading at a discount to their estimated intrinsic values.

The team looks to purchase companies with dominant and improving market positions not yet recognized by investors.

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 concentrates its investments in securities of issuers in the real estate industry.

The fund may invest up to 10% of its net assets in securities of foreign real estate companies.

The fund is non-diversified, which means that it may invest in a smaller number of issuers than a diversified fund and may invest more of its assets in the securities of a single issuer.

The fund has the flexibility to invest in cash or money market instruments for the purpose of meeting redemption requests or making other anticipated cash payments.
 

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

The sub-advisor’s investment process is designed to highlight companies in the benchmark index that are engaged in the banking services industry.

Then the research team focuses on securities of regional banks that operate in one or more regions of the country.

The team considers commercial and industrial banks, savings and loan associations, and financial and bank holding companies as a regional bank.

In addition, the team looks for companies that are estimated to trade below their fair values, as well as are potential merger candidates.

The team also assesses potential investments based on capital ratios, asset quality, management, earnings, liquidity, and sensitivity to interest rates.

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 invests more than 25% of its net assets in securities of regional banks.

Additionally, the fund may also invest in other U.S. and foreign financial services companies, such as money center banks.

The fund may invest up to 5% of net assets in companies outside the financial services sector and up to 5% of net assets in below-investment-grade bonds.

The fund seeks capital appreciation by investing in 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.

Next, the research team allocates the fund’s net assets to a number of investment strategies (Strategies), through which the fund will take both physical and synthetic long positions and synthetic short exposures in a variety of equity and derivative instruments.

Each Strategy will be managed by a separate portfolio management team. In assessing a company, the team relies on a number of factors, such as business environment, management quality, balance sheet, income statement, anticipated earnings, expected growth rates, revenues, dividends, and other measures of value.

The research process is driven by fundamental analysis of one stock at a time. For long positions, the team focuses on companies throughout the world that are estimated to trade below their fair values or demonstrate high levels of growth.

The team also seeks to identify sectors, industries, or asset classes that may be overvalued or may experience low levels of growth, and the fund may take significant synthetic long and short exposures in such areas.

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 Strategies are typically diversified across sectors or focus on individual sectors, including financial services, healthcare, information technology, energy, biotechnology, and/or natural resources.

The fund also may invest in master limited partnerships, repurchase agreements and reverse repurchase agreements.

Additionally, the fund may also invest in debt instruments, including high yield debt instruments.

The fund seeks capital appreciation in the long term 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.

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

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies with sustainable, niche business models with the potential for high returns on capital.

The team also reviews companies on the basis of factors such as balance sheet quality, profitability, liquidity, size, and risk profile.

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 focus its investments in a particular sector or sectors.

Also, the fund may invest up to 10% of its net assets in foreign securities including emerging-market securities and securities of non-U.S. companies traded on a U.S. exchange.

Additionally, the fund may invest in initial public offerings, real estate investment trusts or other real estate-related equity securities, and certain exchange-traded funds.

The fund also invests 10% or less of its net assets in cash and cash equivalents, including repurchase agreements, money market securities, U.S. government securities, and other short-term investments.

In addition, the fund may invest in derivatives to a limited extent.

The fund seeks capital appreciation in the long term 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.

Next, the research team employs a growth-oriented process to identify high quality companies that are trading at attractive valuations and experiencing positive earnings revisions.

The team looks for companies that could experience future growth rates at levels higher than 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 up to 10% of its net assets in foreign securities, including those in emerging markets, and may invest in initial public offerings.

The fund may also invest in exchange-traded funds.
 

The fund seeks capital appreciation in the long term 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.

Next, the research team invests in companies that are estimated to trade below their fair values and offer good prospects for capital appreciation.

The team employs a value-oriented investment approach to identify high-quality companies exhibiting consistent above-average rates of profitability.

In addition, the team favors companies demonstrating characteristics such as durable competitive advantages within a market niche; superior profitability and free cash flows.

Also, the team prefers companies with excellent market share positions and trends; quality of and share ownership by management; and conservative financial structures relative to industry average.

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 15% of its net assets in foreign securities (including up to 5% in emerging-market securities).

Also, the fund may invest significantly in financial services companies.

However, the fund invests 10% or less (usually less) of its net assets in cash and cash equivalents.

The fund may invest in initial public offerings, and may also purchase real estate investment trusts or other real estate related equity securities, U.S. dollar-denominated foreign securities, and certain exchange-traded funds.

The fund may focus its investments in a particular sector or sectors of the economy.

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

The sub-adviser’s investment process is designed to highlight well-established companies demonstrating above-average earnings growth potential.

The research team combines quantitative and qualitative techniques to identify underpriced companies that have the potential for sustainable earnings and revenues growth.

Next, the team analyzes a company on the basis of industry group, company history and financial strength, earnings growth sustainability, catalysts for business improvement, and comparisons of earnings estimates.

In addition, the team also considers factors such as free cash flow, organic growth, valuation, capital returns, and earnings expectations.

The fund has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, and may invest in any sector, and at times emphasizing one or more particular sectors.

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

The sub-adviser’s investment process is designed to highlight companies that are deemed to have superior long-term earnings prospects. The sub-adviser looks for high-quality companies on the basis of pricing power, recurring revenues, and global reach. 

Next, the research team narrows the investable universe to companies demonstrating sustainable growth characteristics. The team also looks for businesses that are market leaders in their industries generating strong profit margins and investment returns.

In addition, the team focuses on companies that supply consumable products or services with recurring revenue streams. The fund selects companies that have consistent earnings growth in various market cycles.

The fund has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, and may focus on a particular sector or sectors of the economy.