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.

Next, the research team invests in real estate and real estate-related issuers or investments that provide exposure to real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

In selecting securities for the portfolio, the research team utilizes both a quantitative screening process and a qualitative stock selection process.

As part of the quantitative screening process, the team relies on a proprietary model to identify approximately 100 qualifying securities of companies in the retail, office, industrial, hotel, healthcare multi-family and self-storage sectors.

In the qualitative stock selection process, the team selects the top 40 to 50 securities from among the approximately 100 qualifying securities on the basis of management quality, external growth potential, corporate governance, quality and location of assets, lease terms, tenant credit quality, debt structure and financial flexibility.

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 100% of its net assets (other than cash and cash equivalents) in real estate investment trusts, and may also invest in other publicly traded real estate securities that are included in the Index.

Also, the fund invests at least 40% of its net assets in the securities of issuers located in at least three foreign countries.

The fund will limit its investments in issuers located in any single foreign country to no more than 25% of its net assets.

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 invests in equity securities of U.S. issuers or investments that provide exposure to equity securities of U.S. issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team seeks to combine a long equity strategy with an options hedging strategy that seeks to provide protection during significant equity market downturns.

The long equity strategy seeks to replicate the returns of the S&P 500 Index and to enhance these returns through the use of leverage.

The options hedging strategy attempts to reduce the risk associated with the fund’s long equity exposure with two different strategies, such as a low volatility strategy and a high volatility strategy

The low volatility strategy will seek to protect the fund from significant market downturns by buying significantly out of the money put options and offsetting the cost of these put options by selling (writing) put options with a shorter maturity and with an exercise (strike) price that is higher than the purchased put options.

The high volatility strategy seeks to protect the fund from modest market downturns.

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 utilizes proprietary valuation methods and risk measures as well as publicly available data regarding market volatility levels in managing the hedging strategies.

The fund seeks capital appreciation in the long term 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.

The process looks to invest in high quality companies at reasonable valuations within the energy and basic materials sectors.

Next, the investment team considers energy or basic materials companies to be involved in the exploration, development, production, refining or distribution of oil, natural gas, coal and uranium.

These companies are also involved in the construction or provision of oil rigs, drilling equipment and basic materials such as metals, minerals, chemicals, water, forest product, precious metals, glass and industrial gases or provide materials, products or services to such companies.

In selecting securities for the portfolio, the research team employs a multi-factor valuation framework, capital structure and financial quality analysis.

In evaluating companies, the team relies on valuation multiples such as earnings, sales, book value and operating cash flow.

Next, the team focuses on each company’s business prospects and earnings potential.

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

The fund has the flexibility to make temporary investments in investment grade debt securities under adverse market conditions.

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

The investment process is designed to highlight financial services companies in the benchmark index that provide financial services to consumers and industry.

The investment team considers commercial and investment banks, savings and loan associations, thrifts, finance, insurance and real estate and leasing companies, brokerage and advisory firms, transaction and payroll processors as examples of companies in the financial services sector.

Then the research team employs quantitative and qualitative analysis to identify high quality financial services companies that are trading at reasonable valuations with rapid earnings growth potential.

The team utilizes a three-step process to identify potential investment opportunities. In the first step, the team reviews factors such as a multi-factor valuation framework, earnings quality and capital structure.

The valuation framework includes analysis of valuation multiples such as earnings, sales, and book value, cash held to price and various cash flow ratios. Valuation methodology is industry-specific within the financial services sector.

The second step involves narrowing the investable universe to a list of companies demonstrating accelerated earnings growth rate.

Finally, in the third step of the process the research team looks to further understand each company’s business prospects and earnings potential.

Additionally, the team prefers companies that derive at least 50% of its revenues or earnings from financial services activities or at least 50% of the company’s assets were devoted to such activities based on the company’s most recent fiscal year or any company which is included in the S&P Financial Sector Index.

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 not invest more than 5% of its net assets in the securities of any company that derives more than 15% of its revenues from brokerage or investment management activities.

Also, the fund may invest up to 20% of its net assets in U.S. and foreign securities outside of financial companies.

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

The investment process is designed to highlight companies that are engaged in the healthcare and biotechnology industries.

The investment team emphasizes companies engaged in: the design, manufacture or sale of products or services used for or in connection with health, medical, or personal care such as medical, dental and optical supplies or equipment; research and development of pharmaceutical products and services.

Other companies that the team focuses on are involved in the operation of healthcare facilities such as hospitals, clinical test laboratories and convalescent and mental healthcare facilities; and the design, manufacture, or sale of healthcare-related products and services.

Next, the research team utilizes a top-down process to identify long-term economic trends. The team focuses on specific industries with attractive characteristics and long-term growth potential.

Additionally, the research team narrows the investable universe to a list of high-quality companies within the selected industries and buys them at reasonable valuations.

Then the research process is driven by fundamental analysis of one stock at a time. The research team assesses a company’s valuation, earnings growth potential, competitive advantages and the expertise of its management team.

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 seeks capital appreciation in the long term by investing in 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 high-quality companies that are trading with rapid earnings growth potential.

The team utilizes a three-step process to identify potential investment opportunities. In the first step, the team reviews factors such as a multi-factor valuation framework, earnings quality, capital structure, and financial quality.

The second step involves narrowing the investable universe to a list of companies demonstrating accelerated earnings growth rate. This process incorporates changes in earnings expectations and earnings quality analysis.

Finally, in the third step of the process the research team looks to further understand each company’s business prospects and earnings potential.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team seeks to identify value from a broad range of industries, sectors and 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 seeks capital appreciation by investing in large-size companies in the United States.

The adviser’s investment process seeks to identify companies that are estimated to be lagging in market valuation to their earnings and capital growth potential.

Next, the team uses quantitative and qualitative analysis to identify high quality companies that it believes have the ability to accelerate earnings growth.

The team employs a three step process to identify investment opportunities. The process involves screening companies on the basis of their earnings quality, capital structure and financial quality.

In addition, the team evaluates the earnings growth rate of a security, and also changes in earnings expectations and earnings quality analysis.

The team also considers a company’s business prospects and earnings potential.

The fund seeks capital appreciation and dividend income by investing in mega-and large-size companies in the United States.

The investment process starts with a list of companies and focuses on companies that are lagging in market price or undervalued and trading at a discount to their estimated intrinsic value not yet recognized by investors.

Next, the research team utilizes fundamental analysis to identify high-quality companies with compelling valuations, near-term catalysts to unlock value and above-average long-term earnings growth potential.

Then the team screens companies that have value-added product lines to help preserve pricing power, a strong history of free cash flow generation, and balance sheet strength.

In addition, the team looks for companies with competent management with no track record of misleading shareholders and customers with financial stability.

Then the team relies on independent research to produce estimates for future earnings as inputs into the fund’s proprietary valuation model.

The fund invests in a diversified portfolio of U.S. stocks where the manager believes there is significant price appreciation potential relative to the stock’s estimated intrinsic value.

At times, under adverse market conditions, the portfolio may also make temporary investments in investment grade debt securities.
 

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

The sub-advisor’s investment process starts with a list of companies in the benchmark index and the research team uses quantitative techniques and fundamental analysis to narrow the list of investable companies.

The sub advisor then identifies companies that are lagging in market price or trading at a discount to their estimated intrinsic value not yet recognized by investors.

The team combines a disciplined valuation methodology with fundamental research to highlight companies that are inefficient relative to the mid cap universe. 

The fund seeks maximum capital appreciation 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.

Next, the research team invests in growing companies that are trading at discounted valuation multiples such as earnings and cash flow.

Additionally, the team seeks to identify companies that are trading at discounts to their estimated intrinsic value not yet recognized by investors.

The team favors higher-quality companies that generate strong cash flow, provide above-average free cash flow yields and maintain sound balance sheets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team does not rely on macroeconomic forecasts but prefers to remain fully invested.

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 also occasionally invest a portion of its net assets in mid-cap stocks that are small relative to their industries having compelling valuations and fundamentals.

However, under adverse market conditions, the fund may also make temporary investments in investment grade debt securities.
 

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

The investment process is designed to invest in securities of technology and communications companies.

The investment team defines a technology company as a company that derives at least 50% of its revenues or earnings from technology activities or at least 50% of the company’s assets were devoted to such activities, based upon the company’s most recent fiscal year.

Technology companies may include companies that are engaged in the research, design, development or manufacturing of technology products.

Other examples of these companies include those in the Internet, medical, pharmaceutical, manufacturing, computer software and hardware industries.

Also, the investment team defines a communications company as a company that derives at least 50% of the company’s revenues or earnings from communications activities or at least 50% of the company’s assets were devoted to such activities, based upon the company’s most recent fiscal year.

Communications activities may include regular telephone service; communications equipment and services, electronic components and equipment, broadcasting; computer software and hardware, semiconductors, mobile communications and cellular radio/paging.

Other examples of communications activities include electronic mail and other electronic data transmission services, networking and linkage of word and data processing systems, publishing and information systems, video text and teletext, emerging technologies combining telephone, television and/or computer systems, and Internet and network equipment and services.

Next, the research team employs a top-down and bottom-up approach to identify investment opportunities.

As part of its research process, the team reviews the overall outlook for the economy to identify specific industries that would benefit from economic trends and the investment environment.

Then the team relies on fundamental analysis, growth potential, earnings, valuation, competitive advantages and the opportunity of each issuer to select individual securities.

Finally, the team selects high-quality companies at attractive prices that are trading at a discount to their estimated intrinsic value.

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 may invest up to 25% of its net assets in foreign companies.

When market or financial conditions warrant, the fund may also make temporary investments in investment grade debt securities.