The fund seeks maximum total return in the long term by investing in mega-and large-size companies in the United States.

The fund is a feeder fund that invests all of its net assets in the Master Portfolio, which has the same investment objective and strategies as the fund.

The sub-advisor’s investment process is driven by fundamental analysis to identify companies from the list included in the benchmark index that are trading at a significant discount to their estimated intrinsic value.

Then the research team combines quantitative and qualitative techniques to look for high-quality companies with strong cash-flow generation, competitive advantages, and conservative balance sheets.

The team narrows the investable universe to include companies based on return on equity, balance sheet strength, industry leadership position and cash flow projections.

In addition, the team also meets with company management, customers and suppliers.

The portfolio is concentrated with 30 to 50 companies that exhibit consistent earnings growth and shareholder value over time.

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

The sub-advisor’s investment process using fundamental analysis focuses on identifying companies that are trading at a discount to their intrinsic value.

The research team combines quantitative and qualitative techniques to look for companies with strong cash-flow generation, competitive advantages, and conservative balance sheets.

The team narrows the investable universe to include companies based on return on equity, balance sheet strength, industry leadership position and cash flow projections.

The team also meets with company management, customers and suppliers.

The portfolio is concentrated with securities that exhibit consistent earnings growth and shareholder value over time.    

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

The sub-advisor’s investment process is designed to highlight companies from the list included in the benchmark index that are underappreciated and trading at a discount to their estimated intrinsic value.

Then the research team combines quantitative and qualitative techniques to look for high-quality companies with sound competitive positions, established operating histories, financial strength, and proven management teams.

The team performs fundamental research to identify securities with one or more catalysts that will unlock the intrinsic value of the securities over a period of three to five years.

These catalysts may include productive use of strong free cash flow, productivity gains, positive change in management or control, innovative or competitively superior products, increasing shareholder focus, or resolution of ancillary problems or misperceptions.

Then the manager constructs a concentrated portfolio of approximately 30 to 50 high-conviction names and manages company and portfolio risk by diversifying the fund across sector, industry, economic cyclicality, and interest-rate sensitivity.

The fund may invest up to 20% of its net assets in securities of foreign issuers, through ADRs and similar investments.

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

The sub advisor’s investment process begins with identifying companies that are out of favor for temporary reasons or trading at a discount to their estimated intrinsic value not yet recognized by investors.

The research team utilizes a private market valuation model to analyze a company’s cash flows, assets, competitive position, management and financial strength, and growth potential.

The team also meets company management and focuses on the long-term strategic direction of the company.

The fund has the flexibility to invest up to 25% of its net assets in securities of foreign issuers. 

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 risk controlled investment approach to select companies with a superior valuation and earnings profile.

The team evaluates companies based on valuation, earnings and trading momentum characteristics.

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 in the long term by investing in large-size companies in the United States.

The sub-advisor’s investment process relies on quantitative methods and fundamental analysis to identify undervalued companies that are estimated to exceed earnings expectations.

The process seeks to outperform the benchmark index which includes both value and growth stocks.

The research team evaluates companies based on valuation, quality and momentum characteristics.

Next, the team reviews each company’s relative valuation, operational and financial performance, and stock price behavior.

The fund employs a risk controlled investment approach to constructing a broadly diversified portfolio of companies with characteristics similar to the benchmark index and a superior valuation and earnings profile.

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

The sub-advisor’s investment process is designed to highlight companies in the benchmark index that exhibit excellent growth opportunities.

Then the research team focuses on companies that display the potential for superior sales and earnings growth rates, sustainable competitive advantage, and with proven management teams aligned with shareholders’ interests.

The team also looks for companies that are open to innovation and utilize technology to improve efficiencies, gain pricing advantages, and achieve market leadership position.

In addition, the team believes innovative companies have the ability to develop new products or services, operate a business model that is displacing legacy industry incumbents, that are pursuing a large unmet need or total available market, and/or that are benefitting from changes in demographic, lifestyle, or environmental trends.

The research process identifies companies with future earnings potential that are mispriced and seeks to exploit those discrepancies.

The investment team also focuses on the strategy of capital allocation of companies and valuation methodologies such as earnings and book value multiples, operating profit margin trends, enterprise value to EBITDA and free cash flow yield.

The team also meets with management, and surveys a company’s vendors, distributors, competitors and customers.

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 manager may invest in any sector, and at times may emphasize one or more particular sectors.

The fund may invest up to 25% of its net assets in securities of foreign issuers through American Depositary Receipts and similar investments.

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

The fund is a feeder fund that invests substantially all of its assets in the Emerging Growth Portfolio, a master portfolio with a substantially identical investment objective and substantially similar investment strategies.

Also, the fund may invest in additional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

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 with durable growth in revenue and earnings that are underappreciated by the market.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team favors companies whose management teams have a track record of successfully executing their strategy and whose business model have sufficient profit potential.

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.

We may invest in any sector and, at times, we may emphasize one or more particular sectors.

The fund invests up to 25% of its net assets in equity securities of foreign issuers through American Depository Receipts and similar investments.

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 companies.

The team considers emerging market companies to include companies that are traded in, have their primary operations in, are domiciled in or derive a majority of their revenue from emerging market countries as defined by the MSCI Emerging Markets Index.

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 quality companies that are trading at discounts to their estimated intrinsic value.

In addition, the team emphasizes companies demonstrating consistent and superior profitability trends over a long period of time.

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

The team prefers high-quality companies exhibiting excellent competitive position, financial strength and profitability, favorable ESG attributes, quality management teams aligned with shareholders’ interests, and growth prospect.

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 have exposure to stocks across any capitalizations and styles and will be diversified across countries and sectors.

The fund seeks total return by investing in companies across any size located in emerging markets.

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 considers emerging market countries to be countries included in the MSCI Emerging Markets Index.

Next, the research team focuses on companies offering durable dividend yields with excellent financial fundamentals.

Other valuation metrics which the team emphasizes are above-average sales and earnings growth, overall financial strength, competitive advantages, and proven management.

In addition, as part of its top-down strategy, the team focuses on the overall economic and market trends in each country.

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

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

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 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 companies exhibiting strong sales and earnings growth potential. The process also evaluates the sustainability of a company’s competitive advantage and management’s ability to create value for shareholders.

Next, the research team looks for companies that have the ability to advance new products or services and operate a business model that is displacing legacy industry incumbents, and/or that are benefitting from changes in demographic, lifestyle, or environmental trends.

In addition, the team focuses on a company’s capital allocation strategy and valuation multiples on the basis of earnings, book value, operating profit margin trends, free cash flow yield, and EV/EBITDA ratio.

The research process also includes meeting with company management as well as a company’s vendors, distributors, competitors and customers. 

The fund has the flexibility to invest up to 25% of its net assets in securities of foreign issuers.

The fund seeks capital appreciation in the long term by investing in mid-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 a significant portion of the fund’s net assets in equity securities.

The research team favors companies that exhibit the potential for superior sales and earnings growth rates with a competitive advantage.

Also, the team focuses on companies with an efficient management team whose interests are aligned with those of shareholders.

In addition, the team prefers innovative companies that encourage disruption utilizing technology to maximize efficiencies, gain pricing advantages, and take market share from competitors.

The team defines innovative companies that have the ability to advance new products or services through investment in research and development, that operate a business model that is displacing legacy industry incumbents, that are pursuing a large unmet need or total available market, and/or that are benefitting from changes in demographic, lifestyle, or environmental trends.

Also, the team assesses how management teams allocate capital in order to drive future cash flow.

Other valuation multiples the team focuses on are based on earnings, book value, operating profit margin trends, enterprise value to EBITDA and free cash flow yield.

In addition to meeting with management, the team also surveys a company’s vendors, distributors, competitors and customers.

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 any sector, and at times may emphasize one or more particular sectors.

Also, the fund invests up to 25% of its net assets in equity securities of foreign issuers through ADRs and similar investments.
 

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 favors companies that exhibit the potential for superior sales and earnings growth rates with a competitive advantage.

Also, the team focuses on companies with an efficient management team whose interests are aligned with those of shareholders.

In addition, the team prefers innovative companies that encourage disruption utilizing technology to maximize efficiencies, gain pricing advantages, and take market share from competitors.

The team defines innovative companies that have the ability to advance new products or services through investment in research and development, that operate a business model that is displacing legacy industry incumbents, that are pursuing a large unmet need or total available market, and/or that are benefitting from changes in demographic, lifestyle, or environmental trends.

Also, the team assesses how management teams allocate capital in order to drive future cash flow.

Other valuation multiples the team focuses on are based on earnings, book value, operating profit margin trends, enterprise value to EBITDA and free cash flow yield.

In addition to meeting with management, the team also surveys a company’s vendors, distributors, competitors and customers.

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 any sector, and at times may emphasize one or more particular sectors.

Also, the fund invests up to 15% of its net assets in equity securities of foreign issuers, including ADRs and similar investments.
 

The fund seeks capital appreciation in the long term 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.

The process utilizes both fundamentally based, bottom-up techniques with top-down, industry and sector analysis to identify global opportunities.

Next, the research team invests in equity securities of global companies.

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.

The team also favors well-managed companies that have flexible balance sheets.

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 the securities of companies located in no fewer than three countries, which may include the U.S., and may invest more than 25% of its net assets in any one country.

Also, the fund may invest up to 10% of its net assets in emerging market equity securities.

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 companies in the benchmark index that demonstrate consistent revenues and earnings growth.

Then the research process is driven by fundamental analysis of one stock at a time. The research team focuses on companies with successful business models executed by competent management teams.

In addition, the team considers companies that are market leaders and creating new markets or are undergoing dynamic change.

As part of its investment process, the team forecasts revenue and earnings revision opportunities for companies that are underappreciated by investors.

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 manager may invest in any sector, and at times emphasize one or more particular sectors.

Additionally, the fund may invest its net assets in securities of foreign issuers through American Depositary Receipts and similar investments.

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 foreign issuers.

The team considers securities of foreign issuers to be securities issued by companies with their principal place of business or principal office or both, in a country other than the U.S.

Also, the team considers securities of foreign issuers to be issued by companies for which the principal securities trading market is a country other than the U.S.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team utilizes top-down factors such as macroeconomic forecasts, real economic growth prospects, fiscal and monetary policy, currency issues, and demographic and political risks.

The portfolio holds both growth and value stocks. For growth investments, the team focuses on companies that have good business franchises, experienced and proven management teams, and accelerating cash flow growth rates.

As part of the value assessment, the team looks for companies that are estimated to trade below their fair values with the presence of near-term catalysts that can change investor perception.

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 30% of its net assets in emerging market equity securities.

Also, the fund invests in securities of at least three different countries including the U.S.

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 highlight undervalued companies whose future earnings growth potential is not reflected in their current market prices.

The research team evaluates companies based on valuation, quality and momentum characteristics.

Next, the team narrows the investable universe to a list of companies on the basis of management strength, products and/or services, competition and risk profile.

The research process leads to a portfolio of approximately 50 securities that are diversified among major economic sectors.

The fund has the flexibility to invest up to 10% of its net assets in equity securities of foreign issuers, including American Depositary Receipts and similar investments.

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 focuses on companies with sustainable revenue and earnings growth potential not yet been recognized by the market.

Next, the research team looks for companies that are market leaders or establishing new markets or are undergoing dynamic change.

In addition, the team uses bottom-up research to identify companies with a track record of successful strategy execution, durable business models, strong financial positions.

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

The sub-advisor’s investment process starts with a list of companies in the benchmark index and the strategy seeks to outperform the benchmark index over a full market cycle of typically three to five years.

However, the sub-advisor focuses on maintaining a risk profile similar to the benchmark index.

Then the investment team constructs a well-diversified portfolio based on the research team recommendations.

The team constructs a portfolio with sector exposures, as well as value and market capitalization characteristics that are relatively consistent with those of the index.

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

The sub-adviser’s investment process seeks to replicate the returns of the benchmark index over a full market cycle.

Next the research team utilizes multiple risk models to evaluate and forecast the risks for all constituents of the benchmark index.

The team utilizes a comprehensive alpha model to assess returns for more than 70 fundamental, technical, and proprietary factors.

Then the manager constructs a diversified portfolio of stocks from a list of companies in the benchmark index exhibiting below average forecasted risk characteristics and lower volatility.

The manager selects securities for the portfolio that offer a higher level of return over a full market cycle.

The fund may invest in any sector, and at times may emphasize one or more particular sectors.

The fund has the flexibility to invest across market capitalizations.

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 companies in the benchmark index that exhibit excellent growth opportunities.

Then the research team focuses on companies that display the potential for superior sales and earnings growth rates, sustainable competitive advantage, and with proven management teams aligned with shareholders’ interests.

The team also looks for companies that are open to innovation and utilize technology to improve efficiencies, gain pricing advantages, and achieve market leadership position.

In addition, the team believes innovative companies have the ability to develop new products or services, operate a business model that is displacing legacy industry incumbents, that are pursuing a large unmet need or total available market, and/or that are benefitting from changes in demographic, lifestyle, or environmental trends.

The research process identifies companies with future earnings potential that are mispriced and seeks to exploit those discrepancies.

The investment team also focuses on the strategy of capital allocation of companies and valuation methodologies such as earnings and book value multiples, operating profit margin trends, enterprise value to EBITDA and free cash flow yield.

The team also meets with management, and surveys a company’s vendors, distributors, competitors and customers.

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 manager may invest in any sector, and at times may emphasize one or more particular sectors.

Additionally, the fund may invest its net assets in securities of foreign issuers through American Depositary Receipts and similar investments.

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 highlight companies in the benchmark index that are lagging in market price for temporary reasons and trading at a significant discount to their estimated private market value.

The research process starts with a determination of a company’s private market valuation. Next, the research team carries out a fundamental analysis of a company’s cash flows, asset valuations, competitive situation and industry specific factors.

Then the team evaluates the company’s management strength, financial health, and growth potential in determining a company’s private market valuation.

The team also meets company management, and focuses on the long-term strategic direction of the company.

Then the manager constructs a portfolio of stocks companies that demonstrate attractive, long-term growth prospects.

The fund focuses on underpriced companies with superior business models and the ability of management to fully exploit the business model.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including American Depositary Receipts.

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.

The process utilizes both top-down macroeconomic analysis and bottom-up stock selection.

Next, the research team invests in foreign securities, including American Depositary Receipts and similar investments, which are typically denominated in non-U.S. currencies, and may also invest in U.S. securities.

The team invests a significant portion of the fund’s net assets in companies related to precious metals.

Also, the team defines precious metals companies as those that are engaged in, or which receive at least 50% of their revenues from the exploration, development, mining, processing, or dealing in gold or other precious metals and minerals, including, but not limited to, silver, platinum, and diamonds.

In the top-down macroeconomic analysis, the team focuses on  geopolitical risks, the relative strength of the U.S. dollar, jewelry demand, inflation expectations, the seasonality of gold, investment demand and relative valuation levels.

As part of the bottom-up analysis, the team looks for higher quality precious metals companies that are positioned to improve their relative value over 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 fund invests up to 40% of its net assets in emerging market equity securities.

Also, the fund may invest up to 25% of its net assets in debt securities linked to precious metals and common or preferred stocks of subsidiaries of the fund that invest directly or indirectly in precious metals and minerals.

In addition, the fund may invest in equity securities of a wholly owned subsidiary of the fund set up in the Cayman Islands that may invest directly in precious metals or minerals.

While the fund has the flexibility to invest in precious metals companies domiciled in any jurisdiction in the world, the fund may concentrate its investments in a limited number of countries.

The fund is also considered to be non-diversified.
 

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 focuses on companies with sustainable revenue and earnings growth potential not yet been recognized by the market.

Next, the research team looks for companies that are market leaders or establishing new markets or are undergoing dynamic change.

In addition, the team uses bottom-up research to identify companies having a successful strategy execution and strong business models.

The fund has the flexibility to invest in any sector, and at times emphasize one or more particular sectors.

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 underpriced and demonstrating attractive growth prospects.

As part of its analysis, the team relies on a company’s private market valuation.

In addition, the team evaluates a company’s cash flows, asset valuations, and competitive factors.

The team also assesses the company’s management strength, financial health, and growth potential in determining a company’s private market valuation.

Also, the team meets company management, and even focuses on the long-term strategic direction of the company.

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 in the long term by investing in small-size companies in the United States.

The fund is a feeder fund that invests substantially all of its assets in the Small Company Growth Portfolio, a master portfolio with a substantially identical investment objective and substantially similar investment strategies.

Also, the fund may invest in additional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

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.

In selecting securities for the portfolio, the team focuses on companies where the prospects for rapid earnings growth (Discovery phase) or significant change (Rediscovery phase) are not reflected in the current stock price.

Companies that fit into the Discovery phase are those with rapid long-term (3-5 year) earnings growth prospects.

Companies that fit into the Rediscovery phase are those that have the prospect for sharply accelerating near-term earnings (next 12-18 months), or companies trading at discounts to their underlying asset value.

As part of the research, the team meets with the management of several hundred companies each year and conducts independent external research.

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.

Additionally, the fund invests in equity securities of foreign issuers through American Depository Receipts and similar investments.

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

The fund is a feeder fund that invests substantially all of its assets in the Small Company Value Portfolio, a master portfolio with a substantially identical investment objective and substantially similar investment strategies.

Also, the fund may invest in additional master portfolios, in other Wells Fargo Funds, or directly in a portfolio of securities.

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 that are trading at discounts to their estimated intrinsic values.

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 three core alpha drivers, such as value, quality partner, and contrarian.

First, the team favors attractively-valued companies that are priced at a discount relative to peers and the company’s own historic valuation metrics.

Second, the team also seeks companies with management teams whose interests are aligned with those of shareholders and also, demonstrating favorable cash flow generating capabilities.

In addition, he team prefers companies that have the management, business model, products and resources to drive organic growth.

Lastly, the team looks for companies that are in a unique position for value creation, but are overlooked by investors.

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 in the long term by investing in mid-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 a significant portion of the fund’s net assets in equity securities.

The team focuses on companies that are estimated to trade below their fair values, but have the potential for above average capital appreciation with below average risk.

In addition, the team prefers companies with favorable reward-to-risk ratios and a long-term competitive advantage.

Additionally, the team looks for companies that are lagging in market price, or are undergoing reorganization or other corporate action that may create above-average price appreciation.

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 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 focuses on companies that are estimated to trade below their fair values, but have the potential for above average capital appreciation with below average risk.

The team prefers companies with favorable reward-to-risk ratios and a long-term competitive advantage.

Additionally, the team looks for companies that are lagging in market price, or are undergoing reorganization or other corporate action that may create above-average price appreciation.

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 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 securities of global technology companies.

The investment team defines technology companies as those with revenues primarily generated by technology products and services, such as computer, software, communications equipment and services, semi-conductor, health care, biotechnology, defense and aerospace, energy equipment and services, nanotechnology, electric manufacturing services and others.

Next, the research team evaluates the fundamental value and growth prospects of individual companies.

The team then focuses on technology companies that are estimated to have above-average rates of growth and superior capital appreciation potential.

In addition, the team develops forecasts of economic growth, inflation, and interest rates to identify regions and individual countries that are likely to offer the best investment opportunities.

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 has the flexibility to invest up to 50% of its net assets in securities of foreign issuers, including up to 15% of its net assets in securities of emerging markets issuers.

Additionally, the fund is also considered to be non-diversified.

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.

The process employs a fund of funds strategy and invests in various affiliated and unaffiliated mutual funds and exchange-traded funds (Underlying Funds).

The Underlying Funds employ different and complementary investment styles to provide potential for growth.

Next, the research team invests in equity securities (through investment in Underlying Funds).

As part of the quantitative analysis, the team relies on proprietary asset allocation models, which employ various valuation techniques.

However, qualitative judgments are made based on assessments of factors, such as economic conditions, corporate earnings, monetary policy, market valuations, investor sentiment, and market technicals.

In addition, the team incorporates a futures overlay strategy that contains two specific risk management components, namely Volatility Management Overlay (VMO) and Put Replication Overlay (PRO).

The Volatility Management Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.

The Put Replication Overlay is a structured hedging component designed to buffer the fund against portfolio losses.

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.

Additionally, the fund may invest up to 20% of its net assets in bond or alternative-style asset classes (through investment in Underlying Funds)

The fund seeks total return by investing in companies across any size in the United States.

The sub-adviser’s investment process is designed to invest in securities of utility and telecommunications companies.

The investment team defines utility companies as those companies that provide basic services such as water, sewage, electricity generation, transmission and distribution, and the transmission and distribution of natural gas.

According to the team, examples of telecommunication companies may include cable and satellite companies, interactive media providers, communication equipment manufacturers and providers, telecommunication services companies, telecommunication REITs, and providers of broadcasting services.

Next, the research team focuses on dividend-paying companies that are estimated to pay and increase dividends consistently.

Then the team assesses a company’s cash flow analysis, debt levels, quality of company management team, relative and absolute valuation levels, and dividend yield.

The team also evaluates a company’s dividend yield, dividend growth potential and market capitalization.

In addition, the team reviews company fundamentals, such as valuation, earnings growth and financial condition to identify companies with consistent dividends and the potential for moderate dividend growth.

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 may also invest in securities of foreign issuers including ADRs.

Additionally, the fund is also considered to be non-diversified.