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 equity securities, including American Depositary Receipts, warrants and rights, of emerging markets issuers.

The team defines an emerging market issuer as an issuer that is organized under the laws of an emerging markets country, or has its headquarters located in an emerging markets country, or whose shares are traded on an exchange located in an emerging markets country.

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 progress in its key business drivers.

According to the team, key business drivers are factors could significantly impact a company’s short- and long-term financial performance.

Valuation is also part of the investment process. The team relies on conventional valuation parameters to evaluate a company’s current and estimated market 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 manager may allocate more than 25% of the fund’s net assets among various regions and countries.

Additionally, the fund may invest in derivatives for the purpose of hedging the value of the portfolio or to establish a position in the future.

The fund may hold cash, or it may manage its cash by investing in cash equivalents and money market funds.
 

The fund seeks capital appreciation in the long term and income 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 foreign markets value issuers.

According to the investment team, a foreign markets issuer is an issuer operating in any industry sector that derives at least 50 percent of its gross revenues or profits from goods or services produced in non-U.S. markets or from sales made in non-U.S. markets.

Additionally, the team also focuses on companies that are lagging in market price but having the best opportunity for price appreciation that is not reflected in their current valuations.

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.

The portfolio generally holds between 50 and 125 value securities.

However, the fund may be invested in securities from any country, any industry sector, or of any market capitalization amount.

The fund is non-diversified, which means that it may invest a higher percentage of its net assets in a smaller number of issuers.
 

The fund seeks capital appreciation in the long term and income 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 issued by foreign markets.

According to the investment team, a foreign markets issuer is an issuer operating in any industry sector that derives at least 50 percent of its gross revenues or profits from goods or services produced in non-U.S. markets or from sales made in non-U.S. markets.

Additionally, the team also focuses on companies that are lagging in market price but having the best opportunity for price appreciation that is not reflected in their current valuations.

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.

The portfolio generally holds between 50 and 100 value securities.

 However, the fund may be invested in securities from any country, any industry sector, or of any market capitalization amount.

The fund is non-diversified, which means that it may invest a higher percentage of its net assets in a smaller number of issuers.

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 foreign markets issuers.

According to the investment team, a foreign markets issuer is an issuer operating in any industry sector that derives at least 50 percent of its gross revenues or profits from goods or services produced in non-U.S. markets or from sales made in non-U.S. markets.

Then the team seeks to identify more than 30 foreign markets securities with superior total return potential.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team looks to capitalize on market inefficiencies.

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

The fund generally will be invested in issuers in fifteen or more foreign countries and fifteen or more industry sectors.

However, the fund may be invested in securities from any country, any industry sector, or of any market capitalization amount.

The fund is non-diversified, which means that it may invest a higher percentage of its net assets in a smaller number of issuers.
 

The fund seeks maximum 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 securities of companies with superior, undervalued streams of durable free cash flow.

As part of the process, the team also visits and interviews company management.

In addition, the team has the flexibility to invest in growth and value stocks.

Also, the team favors companies that have sustainable competitive advantages and products or services that potentially could generate significantly greater-than-average revenue and earnings growth.

The team also focuses on companies that are lagging in market price with stable earnings and cash flows and the presence of near-term catalysts that may result in increased earnings and cash flow.

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

From time to time, the fund has invested more than 25% of its net assets in financial services companies.

Additionally, the fund may hold cash, or it may manage its cash by investing in cash equivalents and money market funds.

The fund may invest in American Depositary Receipts, and foreign stocks traded on U.S. exchanges.

The fund is non-diversified, which means that it may invest a higher percentage of its assets in a limited number of issuers.

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 focuses on target portfolio that meet earnings, return on capital and growth criteria.

The selection of a target portfolio is driven by factors such as its limited availability to retail investors and historical performance.

Generally, the fund’s portfolio is rebalanced each quarter to include the same securities and in the same percentages as of the end of the target portfolio’s most recent fiscal quarter.

The fund is non-diversified and typically invests in American Depositary Receipts.

The fund’s current target portfolio is GMO Quality Fund Class III that seeks to generate total return by investing in high-quality companies with track records of historical profitability and superior fundamentals.

The fund also may invest in derivatives for the purpose of hedging the value of the portfolio or to establish a position in the future.

The fund may hold cash, or manage its cash by investing in cash equivalents and money market funds.