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

The investment process is designed to identify high-quality companies in the benchmark index demonstrating durable competitive advantages in the long term.

The process also considers companies that have a track record of paying dividends regularly.

Next, the research team considers companies that consistently bring superior products to market and have potential for durable operating and revenue growth.

The team looks for companies with proven management teams aligned with shareholders’ interests and that allocate capital of shareholders prudently.

In addition, the team emphasizes companies that are experiencing special situations such as going through reorganizations, recapitalizations, mergers, spin-offs, or facing resolutions of litigation, management team changes, or important technological improvements or discoveries.

The team believes these companies may have opportunities for significant returns.

Other factors in consideration are selecting stocks that are trading at a discount to their estimated intrinsic value in a rapidly developing industry.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting stocks, the investment team seeks businesses with attractive franchises that are not impacted by market fluctuations over the long-term.

Then the manager constructs a portfolio that typically holds 30 to 40 stocks and allocates capital based on its conviction level.

The manager may consider macro-economic trends, and will occasionally pursue investment themes across multiple holdings, when constructing the portfolio.

The fund has the flexibility to diversify its holdings across sectors and industries and avoids illiquid 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 relies on fundamental analysis to look for quality companies, as determined by the durability of the company’s business model, financial strength, long-term growth potential, and management teams that add value.

The team favors mispriced companies that are trading at reasonable 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 fund invests in at least three different countries and at least 40% of its net assets in securities of non-U.S. issuers organized or having their principal place of business outside the U.S. or doing a substantial amount (more than 50%) of business outside the U.S.

The fund’s non-U.S. investments will be primarily in developed markets, but it may invest in emerging markets.

However, there are no geographic limits on the fund’s non-U.S. investments.

At times the fund may increase the relative emphasis of its investments in a particular region, country, sector, industry or other segment of the market.

The fund may also invest in pooled investment vehicles (primarily ETFs); real estate investment trusts; and initial public offerings.

Additionally, the fund may also invest in depositary receipts, including American, European and Global Depository Receipts.

In addition, the team emphasizes companies that are experiencing special situations such as going through reorganizations, recapitalizations, mergers, spin-offs or facing resolutions of litigation, management team changes or important technological improvements or discoveries.

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

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

Next, the research team focuses on securities of Japanese companies.

The team considers a Japanese company to be a company organized under the laws of Japan, for which the principal securities trading market is Japan, or a company that has a majority of its assets or business in Japan.

Then the team considers companies that have a sustainable competitive advantage, excellent free cash flow, and reasonable valuations relative to their long-term potential.

Additionally, the team relies on fundamental analysis to evaluate management teams and shareholder structure, and examine factors such as pricing power, free cash flow, and barriers to entry.

The team also focuses on companies that are estimated to trade below their fair values due to temporary reasons and whose future earnings power is not reflected in their current 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 fund may also invest in pooled investment vehicles, primarily exchange-traded funds, Japanese real estate investment trusts, initial public offerings, and equity-linked securities that provide economic exposure to securities of Japanese companies without direct investment in the underlying securities.

The fund may also invest in depositary receipts, including American, European and Global Depository Receipts.

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

The sub-adviser’s investment process is designed to highlight companies in the benchmark index that are engaged in the financial services sector.

The investment team considers banks, insurance companies, consumer and commercial finance companies, securities brokerage firms and electronic trading networks, investment management and advisory firms, financial conglomerates, financial technology companies, and real estate investment trusts as related to the financial services sector.

Then the research team combines growth and value investment styles to identify potential investment opportunities.

As part of its growth criteria, the team focuses on companies with proven management teams, attractive business niches, superior financial and accounting practices and consistent revenues, earnings and cash flow growth.

Value criteria include companies that are estimated to trade below their fair values due to temporary reasons, or poised for a merger or acquisition.

In addition, the team emphasizes companies that are experiencing special situations such as going through reorganizations, recapitalizations, mergers, spin-offs or facing resolutions of litigation, management team changes or important technological improves or discoveries.

Then the manager constructs the portfolio utilizing a top-down and bottom-up analysis. The top-down analysis includes review of interest rates, credit trends and macroeconomic factors. And the bottom-up analysis includes industry screens, sell-side company research reports, company models and fundamental research.

The manager allocates capital based on its conviction level, and there may be times when the fund may invest in one or more financial services sub-sectors and/or a limited number of regions of the U.S.

The fund has the flexibility to invest across all market capitalizations.