The fund seeks maximum 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 invests in US and non-US growth companies, including depositary receipts.

The team focuses on companies that exhibit franchise characteristics, an accelerating profit cycle and are trading at discounts to their estimate of private market value.

In addition, the team looks for companies that are well positioned for long-term growth, which is driven by demand for their products and services.

As part of the security selection process, the team focuses on the global economy in order to find investment opportunities.

Also, 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 portfolio typically has approximately between 40 and 60 holdings.

The fund may invest in developed markets, as well as emerging and less developed markets.

However, the fund may invest in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities.
 

The fund seeks capital appreciation in the long term by investing in small-and mid-size 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 invests in companies located around the globe.

The team relies on a quantamental approach to identify opportunities for capital appreciation in various industries, sectors and geographic 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 manager may allocate a substantial portion of the fund’s net assets to non-U.S. securities, including emerging market issuers.

The team defines an emerging market country is any country to have an emerging market economy. Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products than more developed countries.

Additionally, the fund may use derivatives, including swaps, purchased options, futures and currency forward contracts, to attempt to both increase the return of the fund and to hedge (protect) the value of the fund’s assets.

The fund seeks to provide risk-adjusted total return 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 invests in equity securities or investments that are economically tied to equity securities.

The team focuses on companies that exhibit superior fundamental attributes.

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

When assessing companies, the team also takes into consideration factors such as cash flow generation, profitability, balance sheet metrics, and relative price trends.

As part of the process, the team evaluates the momentum, pricing behavior and chart patterns of each security.

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 equity securities that are economically tied to at least three countries (one of which may be the United States).

Also, the fund invests at least 40% of its net assets in issuers located outside the United States, or, if market conditions are not deemed favorable, invests at least 30% of its net assets in issuers located outside the United States.

The fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign (non-U.S.) issuers.

Additionally, the fund may also engage in securities lending to generate income.

The fund also invests in other investment companies, including exchange-traded funds and derivative instruments.

The fund seeks to provide risk-adjusted total return 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 invests in equity securities or investments that are economically tied to equity securities.

The team focuses on companies that exhibit superior fundamental attributes.

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

When assessing companies, the team also takes into consideration factors such as cash flow generation, profitability, balance sheet metrics, and relative price trends.

As part of the process, the team evaluates the momentum, pricing behavior and chart patterns of each security.

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 equity securities that are economically tied to at least three countries (one of which may be the United States).

Also, the fund invests at least 40% of its net assets in issuers located outside the United States, or, if market conditions are not deemed favorable, invests at least 30% of its net assets in issuers located outside the United States.

The fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign (non-U.S.) issuers.

Additionally, the fund may also engage in securities lending to generate income.

The fund also invests in other investment companies, including exchange-traded funds and derivative instruments.

The fund seeks to provide risk-adjusted total return 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 invests in equity securities or investments that are economically tied to equity securities.

The team focuses on companies that exhibit superior fundamental attributes.

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

When assessing companies, the team also takes into consideration factors such as cash flow generation, profitability, balance sheet metrics, and relative price trends.

As part of the process, the team evaluates the momentum, pricing behavior and chart patterns of each security.

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 equity securities that are economically tied to at least three countries (one of which may be the United States).

Also, the fund invests at least 40% of its net assets in issuers located outside the United States, or, if market conditions are not deemed favorable, invests at least 30% of its net assets in issuers located outside the United States.

The fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign (non-U.S.) issuers.

Additionally, the fund may also engage in securities lending to generate income.

The fund also invests in other investment companies, including exchange-traded funds and derivative instruments.

The fund seeks to provide risk-adjusted total return 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 invests in equity securities or investments that are economically tied to equity securities.

The team focuses on companies that exhibit superior fundamental attributes.

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

When assessing companies, the team also takes into consideration factors such as cash flow generation, profitability, balance sheet metrics, and relative price trends.

As part of the process, the team evaluates the momentum, pricing behavior and chart patterns of each security.

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 equity securities that are economically tied to at least three countries (one of which may be the United States).

Also, the fund invests at least 40% of its net assets in issuers located outside the United States, or, if market conditions are not deemed favorable, invests at least 30% of its net assets in issuers located outside the United States.

The fund may invest without limit in U.S. and non-U.S. dollar-denominated securities of U.S. and foreign (non-U.S.) issuers.

Additionally, the fund may also engage in securities lending to generate income.

The fund also invests in other investment companies, including exchange-traded funds and derivative instruments.

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 invests in real assets and securities of companies that derive at least 50% of their profits or revenues from, or commit at least 50% of assets to, real assets and activities related to real assets.

Real assets include any assets that have physical properties, such as energy and natural resources, real estate, basic materials, equipment, utilities and infrastructure, and commodities.

The fund allocates its assets among categories such as domestic and international real estate and securities of companies tied to the real estate industry, utilities and infrastructure, natural resources and commodities, and master limited partnerships).

Also, the fund will invest at least 25% of its net assets in the securities of issuers conducting their principal business activities in the energy and other natural resources groups of industries.

The investment team considers a company to be principally engaged in natural resources industries if the company has the potential for capital appreciation primarily as a result of particular products, technology, patents or other market advantages in natural resource industries.

A portion of the fund’s net assets may also be invested in securities of companies that own, explore, mine, process or otherwise develop natural resources, or supply goods and services to such companies.

The fund may employ a multi-manager investing approach with the aim of reducing volatility and downside risk.

The fund manages assets with the help of sub-advisers, each of which would be responsible for investing its allocated portion of the fund’s assets.

Regardless of whether a multi-manager strategy is employed, the manager will invest all or a portion of the fund’s net assets in shares of one or more exchange-traded funds.

The fund’s assets are allocated between exchange-traded funds and sub-advisers, who may invest the fund’s net assets in securities of issuers located anywhere in the world.

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 at times hold a substantial portion of its assets in cash or cash equivalents.

Additionally, the fund may lend portfolio securities to earn additional income.

The fund is non-diversified and estimates to hold a larger portion of its assets in a smaller number of issuers.
 

The fund seeks capital appreciation in the long term by investing in mid-size 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 Invests in securities of companies that are estimated to trade below their fair values relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to peers.

In addition, the team evaluates a company’s financial condition and industry position, as well as market and economic conditions.

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 invests in domestic and foreign issuers.

The fund has the flexibility to invest in companies with smaller or larger market capitalizations.

The fund seeks capital appreciation in the long term by investing in small- and micro-size 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 invests in securities of foreign and domestic 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 best-in-class growth companies relative to their peers.

Additionally, the fundamental analysis includes evaluating the company, its industry, and its competitors, as well as visiting companies and talking with senior management.

The team also focuses on companies that are lagging in market price for temporary reasons and whose future earnings power is not reflected in their current valuations.

In addition, the team categorizes companies as best-in-class growth, fallen angels, and stalwarts.

According to the team, best-in-class growth refers to high-quality companies with stable growth and having lots of undiscovered opportunities.

In fallen angels, the team looks for growth companies that are mispriced and are trading at below-average valuations but have long-term growth potential.

As far as stalwarts are concerned, the team focuses on companies trading at reasonable valuations which have good growth prospects.

Also, 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 fund invests in securities issued by companies domiciled in each of at least ten countries, including the United States.

Also, the fund will invest a significant portion of its net assets in securities issued by companies that are domiciled outside the United States.

Domicile is determined by where the company is organized, headquartered, or has substantial concentration of assets or revenues.

The fund may invest a significant amount of its net assets in securities issued by companies domiciled in emerging and frontier market countries.

Also, the fund may invest a significant percentage of its assets in a few sectors or regions.

The fund may invest in early stage companies and initial public offerings.

The fund seeks capital appreciation in the long term by investing in small- and micro-size 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 invests in securities of foreign and domestic 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 best-in-class growth companies relative to their peers.

Additionally, the fundamental analysis includes evaluating the company, its industry, and its competitors, as well as visiting companies and talking with senior management.

The team also focuses on companies that are lagging in market price for temporary reasons and whose future earnings power is not reflected in their current valuations.

In addition, the team categorizes companies as best-in-class growth, fallen angels, and stalwarts.

According to the team, best-in-class growth refers to high-quality companies with stable growth and having lots of undiscovered opportunities.

In fallen angels, the team looks for growth companies that are mispriced and are trading at below-average valuations but have long-term growth potential.

As far as stalwarts are concerned, the team focuses on companies trading at reasonable valuations which have good growth prospects.

Also, 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 fund invests in securities issued by companies domiciled in each of at least ten countries, including the United States.

Also, the fund will invest a significant portion of its net assets in securities issued by companies that are domiciled outside the United States.

Domicile is determined by where the company is organized, headquartered, or has substantial concentration of assets or revenues.

The fund may invest a significant amount of its net assets in securities issued by companies domiciled in emerging and frontier market countries.

Also, the fund may invest a significant percentage of its assets in a few sectors or regions.

The fund may invest in early stage companies and initial public offerings.

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 securities of issuers located throughout the world, including non-dollar securities and securities of emerging market issuers.

The team focuses on securities of issuers that meet its impact investing criteria.

According to the team, companies that focus their operations in areas that are likely to address major social and environmental challenges meet its impact investing criteria.

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

Next, the team relies on fundamental analysis to identify attractive investments across economic sectors within both developed and emerging countries.

As part of its fundamental analysis, the team evaluates a company’s industry structure, asset quality, business environment, management quality, balance sheet, income statement, anticipated earnings, growth prospects, revenues and dividends.

Also, 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 fund will invest at least 40% of its net assets in foreign securities of at least three different countries outside the United States.

However, during periods of unfavorable market conditions, the fund may invest at least 30% of its net assets in foreign securities.

Investments are deemed to be foreign if an issuer’s domicile or location of headquarters is in a foreign country, or an issuer derives a significant proportion of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country or has at least 50% of its assets situated in a foreign country.

Also, investments are deemed to be foreign if the principal trading market for a security is located in a foreign country; or it is a foreign currency.

In addition, the fund excludes companies engaged in businesses: such as tobacco, firearms, defense, nuclear, coal, petroleum, alcohol, adult entertainment and gambling.

The fund may also invest in depositary receipts or other securities that are convertible into securities of foreign issuers and could, at times hold a portion of its assets in cash.

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 securities of issuers located throughout the world, including non-dollar securities and securities of emerging market issuers.

The team focuses on securities of issuers that meet its impact investing criteria.

According to the team, companies that focus their operations in areas that are likely to address major social and environmental challenges meet its impact investing criteria.

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

Next, the team relies on fundamental analysis to identify attractive investments across economic sectors within both developed and emerging countries.

As part of its fundamental analysis, the team evaluates a company’s industry structure, asset quality, business environment, management quality, balance sheet, income statement, anticipated earnings, growth prospects, revenues and dividends.

Also, 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 fund will invest at least 40% of its net assets in foreign securities of at least three different countries outside the United States.

However, during periods of unfavorable market conditions, the fund may invest at least 30% of its net assets in foreign securities.

Investments are deemed to be foreign if an issuer’s domicile or location of headquarters is in a foreign country, or an issuer derives a significant proportion of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country or has at least 50% of its assets situated in a foreign country.

Also, investments are deemed to be foreign if the principal trading market for a security is located in a foreign country; or it is a foreign currency.

In addition, the fund excludes companies engaged in businesses: such as tobacco, firearms, defense, nuclear, coal, petroleum, alcohol, adult entertainment and gambling.

The fund may also invest in depositary receipts or other securities that are convertible into securities of foreign issuers and could, at times hold a portion of its assets in cash.

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 securities of issuers located throughout the world, including non-dollar securities and securities of emerging market issuers.

The team focuses on securities of issuers that meet its impact investing criteria.

According to the team, companies that focus their operations in areas that are likely to address major social and environmental challenges meet its impact investing criteria.

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

Next, the team relies on fundamental analysis to identify attractive investments across economic sectors within both developed and emerging countries.

As part of its fundamental analysis, the team evaluates a company’s industry structure, asset quality, business environment, management quality, balance sheet, income statement, anticipated earnings, growth prospects, revenues and dividends.

Also, 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 fund will invest at least 40% of its net assets in foreign securities of at least three different countries outside the United States.

However, during periods of unfavorable market conditions, the fund may invest at least 30% of its net assets in foreign securities.

Investments are deemed to be foreign if an issuer’s domicile or location of headquarters is in a foreign country, or an issuer derives a significant proportion of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country or has at least 50% of its assets situated in a foreign country.

Also, investments are deemed to be foreign if the principal trading market for a security is located in a foreign country; or it is a foreign currency.

In addition, the fund excludes companies engaged in businesses: such as tobacco, firearms, defense, nuclear, coal, petroleum, alcohol, adult entertainment and gambling.

The fund may also invest in depositary receipts or other securities that are convertible into securities of foreign issuers and could, at times hold a portion of its assets in cash.

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 securities of issuers located throughout the world, including non-dollar securities and securities of emerging market issuers.

The team focuses on securities of issuers that meet its impact investing criteria.

According to the team, companies that focus their operations in areas that are likely to address major social and environmental challenges meet its impact investing criteria.

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

Next, the team relies on fundamental analysis to identify attractive investments across economic sectors within both developed and emerging countries.

As part of its fundamental analysis, the team evaluates a company’s industry structure, asset quality, business environment, management quality, balance sheet, income statement, anticipated earnings, growth prospects, revenues and dividends.

Also, 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 fund will invest at least 40% of its net assets in foreign securities of at least three different countries outside the United States.

However, during periods of unfavorable market conditions, the fund may invest at least 30% of its net assets in foreign securities.

Investments are deemed to be foreign if an issuer’s domicile or location of headquarters is in a foreign country, or an issuer derives a significant proportion of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country or has at least 50% of its assets situated in a foreign country.

Also, investments are deemed to be foreign if the principal trading market for a security is located in a foreign country; or it is a foreign currency.

In addition, the fund excludes companies engaged in businesses: such as tobacco, firearms, defense, nuclear, coal, petroleum, alcohol, adult entertainment and gambling.

The fund may also invest in depositary receipts or other securities that are convertible into securities of foreign issuers and could, at times hold a portion of its assets in cash.

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 securities of issuers located throughout the world, including non-dollar securities and securities of emerging market issuers.

The team focuses on securities of issuers that meet its impact investing criteria.

According to the team, companies that focus their operations in areas that are likely to address major social and environmental challenges meet its impact investing criteria.

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

Next, the team relies on fundamental analysis to identify attractive investments across economic sectors within both developed and emerging countries.

As part of its fundamental analysis, the team evaluates a company’s industry structure, asset quality, business environment, management quality, balance sheet, income statement, anticipated earnings, growth prospects, revenues and dividends.

Also, 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 fund will invest at least 40% of its net assets in foreign securities of at least three different countries outside the United States.

However, during periods of unfavorable market conditions, the fund may invest at least 30% of its net assets in foreign securities.

Investments are deemed to be foreign if an issuer’s domicile or location of headquarters is in a foreign country, or an issuer derives a significant proportion of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country or has at least 50% of its assets situated in a foreign country.

Also, investments are deemed to be foreign if the principal trading market for a security is located in a foreign country; or it is a foreign currency.

In addition, the fund excludes companies engaged in businesses: such as tobacco, firearms, defense, nuclear, coal, petroleum, alcohol, adult entertainment and gambling.

The fund may also invest in depositary receipts or other securities that are convertible into securities of foreign issuers and could, at times hold a portion of its assets in cash.

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 securities of issuers located throughout the world, including non-dollar securities and securities of emerging market issuers.

The team focuses on securities of issuers that meet its impact investing criteria.

According to the team, companies that focus their operations in areas that are likely to address major social and environmental challenges meet its impact investing criteria.

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

Next, the team relies on fundamental analysis to identify attractive investments across economic sectors within both developed and emerging countries.

As part of its fundamental analysis, the team evaluates a company’s industry structure, asset quality, business environment, management quality, balance sheet, income statement, anticipated earnings, growth prospects, revenues and dividends.

Also, 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 fund will invest at least 40% of its net assets in foreign securities of at least three different countries outside the United States.

However, during periods of unfavorable market conditions, the fund may invest at least 30% of its net assets in foreign securities.

Investments are deemed to be foreign if an issuer’s domicile or location of headquarters is in a foreign country, or an issuer derives a significant proportion of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country or has at least 50% of its assets situated in a foreign country.

Also, investments are deemed to be foreign if the principal trading market for a security is located in a foreign country; or it is a foreign currency.

In addition, the fund excludes companies engaged in businesses: such as tobacco, firearms, defense, nuclear, coal, petroleum, alcohol, adult entertainment and gambling.

The fund may also invest in depositary receipts or other securities that are convertible into securities of foreign issuers and could, at times hold a portion of its assets in cash.

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 securities of issuers located throughout the world, including non-dollar securities and securities of emerging market issuers.

The team focuses on securities of issuers that meet its impact investing criteria.

According to the team, companies that focus their operations in areas that are likely to address major social and environmental challenges meet its impact investing criteria.

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

Next, the team relies on fundamental analysis to identify attractive investments across economic sectors within both developed and emerging countries.

As part of its fundamental analysis, the team evaluates a company’s industry structure, asset quality, business environment, management quality, balance sheet, income statement, anticipated earnings, growth prospects, revenues and dividends.

Also, 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 fund will invest at least 40% of its net assets in foreign securities of at least three different countries outside the United States.

However, during periods of unfavorable market conditions, the fund may invest at least 30% of its net assets in foreign securities.

Investments are deemed to be foreign if an issuer’s domicile or location of headquarters is in a foreign country, or an issuer derives a significant proportion of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country or has at least 50% of its assets situated in a foreign country.

Also, investments are deemed to be foreign if the principal trading market for a security is located in a foreign country; or it is a foreign currency.

In addition, the fund excludes companies engaged in businesses: such as tobacco, firearms, defense, nuclear, coal, petroleum, alcohol, adult entertainment and gambling.

The fund may also invest in depositary receipts or other securities that are convertible into securities of foreign issuers and could, at times hold a portion of its assets in cash.

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 securities of issuers located throughout the world, including non-dollar securities and securities of emerging market issuers.

The team focuses on securities of issuers that meet its impact investing criteria.

According to the team, companies that focus their operations in areas that are likely to address major social and environmental challenges meet its impact investing criteria.

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

Next, the team relies on fundamental analysis to identify attractive investments across economic sectors within both developed and emerging countries.

As part of its fundamental analysis, the team evaluates a company’s industry structure, asset quality, business environment, management quality, balance sheet, income statement, anticipated earnings, growth prospects, revenues and dividends.

Also, 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 fund will invest at least 40% of its net assets in foreign securities of at least three different countries outside the United States.

However, during periods of unfavorable market conditions, the fund may invest at least 30% of its net assets in foreign securities.

Investments are deemed to be foreign if an issuer’s domicile or location of headquarters is in a foreign country, or an issuer derives a significant proportion of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country or has at least 50% of its assets situated in a foreign country.

Also, investments are deemed to be foreign if the principal trading market for a security is located in a foreign country; or it is a foreign currency.

In addition, the fund excludes companies engaged in businesses: such as tobacco, firearms, defense, nuclear, coal, petroleum, alcohol, adult entertainment and gambling.

The fund may also invest in depositary receipts or other securities that are convertible into securities of foreign issuers and could, at times hold a portion of its assets in cash.

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 securities of issuers located throughout the world, including non-dollar securities and securities of emerging market issuers.

The team focuses on securities of issuers that meet its impact investing criteria.

According to the team, companies that focus their operations in areas that are likely to address major social and environmental challenges meet its impact investing criteria.

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

Next, the team relies on fundamental analysis to identify attractive investments across economic sectors within both developed and emerging countries.

As part of its fundamental analysis, the team evaluates a company’s industry structure, asset quality, business environment, management quality, balance sheet, income statement, anticipated earnings, growth prospects, revenues and dividends.

Also, 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 fund will invest at least 40% of its net assets in foreign securities of at least three different countries outside the United States.

However, during periods of unfavorable market conditions, the fund may invest at least 30% of its net assets in foreign securities.

Investments are deemed to be foreign if an issuer’s domicile or location of headquarters is in a foreign country, or an issuer derives a significant proportion of its revenues or profits from goods produced or sold, investments made, or services performed in a foreign country or has at least 50% of its assets situated in a foreign country.

Also, investments are deemed to be foreign if the principal trading market for a security is located in a foreign country; or it is a foreign currency.

In addition, the fund excludes companies engaged in businesses: such as tobacco, firearms, defense, nuclear, coal, petroleum, alcohol, adult entertainment and gambling.

The fund may also invest in depositary receipts or other securities that are convertible into securities of foreign issuers and could, at times hold a portion of its assets in cash.

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.

The Global Fund invests all of its investable assets in the Global Portfolio, a series of Kinetics Portfolios Trust.

Next, the research team invests significantly in common stocks; exchange traded funds, convertible securities, warrants and other equity securities having the characteristics of common stocks of foreign and U.S. companies listed on publicly traded exchanges.

As part of its fundamental analysis, the team considers a company’s potential to maintain and grow long lived assets, while generating high returns on capital with operating predictability and transparency.

Other factors in consideration include reviewing a company’s balance sheets, corporate revenues, earnings and dividends.

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.

At least 40% of the fund’s net assets will be invested in companies located outside the United States.

In addition, the fund has exposure to at least three countries, which may include the United States.

The fund may invest up to 20% of its net assets in convertible and non-convertible debt securities rated below investment grade, or unrated securities of comparable quality.

Also, the fund may invest up to 100% of its net assets in companies located in emerging markets.

The fund may also invest indirectly in bitcoins exclusively through a Delaware statutory trust, Grayscale Bitcoin Trust.

Additionally, the fund may participate in securities lending arrangements with brokers, dealers, and financial institutions in order to increase the return on its portfolio.

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.

The Global Fund invests all of its investable assets in the Global Portfolio, a series of Kinetics Portfolios Trust.

Next, the research team invests significantly in common stocks; exchange traded funds, convertible securities, warrants and other equity securities having the characteristics of common stocks of foreign and U.S. companies listed on publicly traded exchanges.

As part of its fundamental analysis, the team considers a company’s potential to maintain and grow long lived assets, while generating high returns on capital with operating predictability and transparency.

Other factors in consideration include reviewing a company’s balance sheets, corporate revenues, earnings and dividends.

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.

At least 40% of the fund’s net assets will be invested in companies located outside the United States.

In addition, the fund has exposure to at least three countries, which may include the United States.

The fund may invest up to 20% of its net assets in convertible and non-convertible debt securities rated below investment grade, or unrated securities of comparable quality.

Also, the fund may invest up to 100% of its net assets in companies located in emerging markets.

The fund may also invest indirectly in bitcoins exclusively through a Delaware statutory trust, Grayscale Bitcoin Trust.

Additionally, the fund may participate in securities lending arrangements with brokers, dealers, and financial institutions in order to increase the return on its portfolio.

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.

The Global Fund invests all of its investable assets in the Global Portfolio, a series of Kinetics Portfolios Trust.

Next, the research team invests significantly in common stocks; exchange traded funds, convertible securities, warrants and other equity securities having the characteristics of common stocks of foreign and U.S. companies listed on publicly traded exchanges.

As part of its fundamental analysis, the team considers a company’s potential to maintain and grow long lived assets, while generating high returns on capital with operating predictability and transparency.

Other factors in consideration include reviewing a company’s balance sheets, corporate revenues, earnings and dividends.

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.

At least 40% of the fund’s net assets will be invested in companies located outside the United States.

In addition, the fund has exposure to at least three countries, which may include the United States.

The fund may invest up to 20% of its net assets in convertible and non-convertible debt securities rated below investment grade, or unrated securities of comparable quality.

Also, the fund may invest up to 100% of its net assets in companies located in emerging markets.

The fund may also invest indirectly in bitcoins exclusively through a Delaware statutory trust, Grayscale Bitcoin Trust.

Additionally, the fund may participate in securities lending arrangements with brokers, dealers, and financial institutions in order to increase the return on its portfolio.

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 invests in securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings.

The team considers a spin-off company or a company subject to a corporate restructuring to be any company that has experienced a spin-off distribution of stock of a subsidiary company by its parent company to parent company shareholders.

Also, the team considers an equity carve-out or partial initial public offering in which a parent company sells a percentage of the equity of a subsidiary in a public offering, or the parent company of any such company after the public disclosure of the corporate restructuring.

In addition, the team relies on in-house research to invest in potential spin-off and corporate restructuring companies that have the most favorable risk/reward characteristics.

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 fund will invest in both U.S. and foreign equity stocks.

However, the fund’s investments in foreign equity stocks may be in both developed and emerging markets.

Also, the fund may invest in companies which are financially distressed.

The fund may invest up to 20% of its net assets in companies that may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time.

During a temporary period, the fund may maintain a significant portion of its net assets in cash and securities, generally considered to be cash and cash equivalents, including, high quality, U.S. short-term debt securities and money market instruments.

The fund holds 61.3% of its net assets in the Texas Pacific Land Corporation, which derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales.

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 invests in securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings.

The team considers a spin-off company or a company subject to a corporate restructuring to be any company that has experienced a spin-off distribution of stock of a subsidiary company by its parent company to parent company shareholders.

Also, the team considers an equity carve-out or partial initial public offering in which a parent company sells a percentage of the equity of a subsidiary in a public offering, or the parent company of any such company after the public disclosure of the corporate restructuring.

In addition, the team relies on in-house research to invest in potential spin-off and corporate restructuring companies that have the most favorable risk/reward characteristics.

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 fund will invest in both U.S. and foreign equity stocks.

However, the fund’s investments in foreign equity stocks may be in both developed and emerging markets.

Also, the fund may invest in companies which are financially distressed.

The fund may invest up to 20% of its net assets in companies that may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time.

During a temporary period, the fund may maintain a significant portion of its net assets in cash and securities, generally considered to be cash and cash equivalents, including, high quality, U.S. short-term debt securities and money market instruments.

The fund holds 61.3% of its net assets in the Texas Pacific Land Corporation, which derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales.

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 invests in securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings.

The team considers a spin-off company or a company subject to a corporate restructuring to be any company that has experienced a spin-off distribution of stock of a subsidiary company by its parent company to parent company shareholders.

Also, the team considers an equity carve-out or partial initial public offering in which a parent company sells a percentage of the equity of a subsidiary in a public offering, or the parent company of any such company after the public disclosure of the corporate restructuring.

In addition, the team relies on in-house research to invest in potential spin-off and corporate restructuring companies that have the most favorable risk/reward characteristics.

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 fund will invest in both U.S. and foreign equity stocks.

However, the fund’s investments in foreign equity stocks may be in both developed and emerging markets.

Also, the fund may invest in companies which are financially distressed.

The fund may invest up to 20% of its net assets in companies that may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time.

During a temporary period, the fund may maintain a significant portion of its net assets in cash and securities, generally considered to be cash and cash equivalents, including, high quality, U.S. short-term debt securities and money market instruments.

The fund holds 61.3% of its net assets in the Texas Pacific Land Corporation, which derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales.

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 invests in securities of spin-off companies, companies subject to other forms of corporate restructuring, parents of any such companies, and publicly traded shareholder activist holding companies which, by way of their shareholder ownership in other companies, have caused such other companies to undergo spin-offs and other forms of corporate restructurings.

The team considers a spin-off company or a company subject to a corporate restructuring to be any company that has experienced a spin-off distribution of stock of a subsidiary company by its parent company to parent company shareholders.

Also, the team considers an equity carve-out or partial initial public offering in which a parent company sells a percentage of the equity of a subsidiary in a public offering, or the parent company of any such company after the public disclosure of the corporate restructuring.

In addition, the team relies on in-house research to invest in potential spin-off and corporate restructuring companies that have the most favorable risk/reward characteristics.

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 fund will invest in both U.S. and foreign equity stocks.

However, the fund’s investments in foreign equity stocks may be in both developed and emerging markets.

Also, the fund may invest in companies which are financially distressed.

The fund may invest up to 20% of its net assets in companies that may have the potential to be subject to a spin-off or corporate restructuring within a reasonable period of time.

During a temporary period, the fund may maintain a significant portion of its net assets in cash and securities, generally considered to be cash and cash equivalents, including, high quality, U.S. short-term debt securities and money market instruments.

The fund holds 61.3% of its net assets in the Texas Pacific Land Corporation, which derives most of its income from oil and gas royalty revenue, land easements and water royalties and sales.

The fund seeks capital appreciation 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 invests in U.S. and foreign equity securities, including emerging market 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 exhibiting above average earnings growth potential relative to its peers.

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

The team is not constrained by any particular investment style and therefore, has the flexibility to invest in a combination of growth and value 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.

In addition, the fund invests its net assets across different industries, sectors, countries, and regions, but may invest a significant percentage of its net assets in issuers in a single industry, sector, country, or region.

However, the fund invests its net assets in at least three different countries.

Additionally, the fund invests primarily in securities of companies with small to medium capitalizations, even though it has the flexibility to invest across market capitalizations.

The fund seeks capital appreciation 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 invests in U.S. and foreign equity securities, including emerging market 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 exhibiting above average earnings growth potential relative to its peers.

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

The team is not constrained by any particular investment style and therefore, has the flexibility to invest in a combination of growth and value 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.

In addition, the fund invests its net assets across different industries, sectors, countries, and regions, but may invest a significant percentage of its net assets in issuers in a single industry, sector, country, or region.

However, the fund invests its net assets in at least three different countries.

Additionally, the fund invests primarily in securities of companies with small to medium capitalizations, even though it has the flexibility to invest across market capitalizations.

The fund seeks capital appreciation 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 invests in U.S. and foreign equity securities, including emerging market 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 exhibiting above average earnings growth potential relative to its peers.

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

The team is not constrained by any particular investment style and therefore, has the flexibility to invest in a combination of growth and value 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.

In addition, the fund invests its net assets across different industries, sectors, countries, and regions, but may invest a significant percentage of its net assets in issuers in a single industry, sector, country, or region.

However, the fund invests its net assets in at least three different countries.

Additionally, the fund invests primarily in securities of companies with small to medium capitalizations, even though it has the flexibility to invest across market capitalizations.

The fund seeks capital appreciation 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 invests in U.S. and foreign equity securities, including emerging market 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 exhibiting above average earnings growth potential relative to its peers.

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

The team is not constrained by any particular investment style and therefore, has the flexibility to invest in a combination of growth and value 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.

In addition, the fund invests its net assets across different industries, sectors, countries, and regions, but may invest a significant percentage of its net assets in issuers in a single industry, sector, country, or region.

However, the fund invests its net assets in at least three different countries.

Additionally, the fund invests primarily in securities of companies with small to medium capitalizations, even though it has the flexibility to invest across market capitalizations.

The fund seeks capital appreciation 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 invests in U.S. and foreign equity securities, including emerging market 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 exhibiting above average earnings growth potential relative to its peers.

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

The team is not constrained by any particular investment style and therefore, has the flexibility to invest in a combination of growth and value 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.

In addition, the fund invests its net assets across different industries, sectors, countries, and regions, but may invest a significant percentage of its net assets in issuers in a single industry, sector, country, or region.

However, the fund invests its net assets in at least three different countries.

Additionally, the fund invests primarily in securities of companies with small to medium capitalizations, even though it has the flexibility to invest across market capitalizations.

The fund seeks capital appreciation 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 invests in U.S. and foreign equity securities, including emerging market 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 exhibiting above average earnings growth potential relative to its peers.

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

The team is not constrained by any particular investment style and therefore, has the flexibility to invest in a combination of growth and value 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.

In addition, the fund invests its net assets across different industries, sectors, countries, and regions, but may invest a significant percentage of its net assets in issuers in a single industry, sector, country, or region.

However, the fund invests its net assets in at least three different countries.

Additionally, the fund invests primarily in securities of companies with small to medium capitalizations, even though it has the flexibility to invest across market capitalizations.

The fund seeks capital appreciation 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 invests in U.S. and foreign equity securities, including emerging market 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 exhibiting above average earnings growth potential relative to its peers.

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

The team is not constrained by any particular investment style and therefore, has the flexibility to invest in a combination of growth and value 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.

In addition, the fund invests its net assets across different industries, sectors, countries, and regions, but may invest a significant percentage of its net assets in issuers in a single industry, sector, country, or region.

However, the fund invests its net assets in at least three different countries.

Additionally, the fund invests primarily in securities of companies with small to medium capitalizations, even though it has the flexibility to invest across market capitalizations.

The fund seeks capital appreciation 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 invests in U.S. and foreign equity securities, including emerging market 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 exhibiting above average earnings growth potential relative to its peers.

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

The team is not constrained by any particular investment style and therefore, has the flexibility to invest in a combination of growth and value 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.

In addition, the fund invests its net assets across different industries, sectors, countries, and regions, but may invest a significant percentage of its net assets in issuers in a single industry, sector, country, or region.

However, the fund invests its net assets in at least three different countries.

Additionally, the fund invests primarily in securities of companies with small to medium capitalizations, even though it has the flexibility to invest across market capitalizations.

The fund seeks capital appreciation 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 invests in U.S. and foreign equity securities, including emerging market 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 exhibiting above average earnings growth potential relative to its peers.

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

The team is not constrained by any particular investment style and therefore, has the flexibility to invest in a combination of growth and value 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.

In addition, the fund invests its net assets across different industries, sectors, countries, and regions, but may invest a significant percentage of its net assets in issuers in a single industry, sector, country, or region.

However, the fund invests its net assets in at least three different countries.

Additionally, the fund invests primarily in securities of companies with small to medium capitalizations, even though it has the flexibility to invest across market capitalizations.

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 invests in foreign (including frontier and emerging markets) and domestic common stocks.

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 focuses on well-capitalized companies that are facing near term challenges.

In addition, the team favors companies that are trading at significant discounts to their estimated intrinsic value.

Also, the team prefers companies with balance sheet strength, high quality business models and shareholder-friendly management teams.

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 holds securities of between 15 and 50 issuers, and may have significant exposure to a small number of sectors or industries from time to time.

The fund invests in at least three different countries.

Also, the fund invests at least 40% of its net assets in securities of 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 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 invests in foreign (including frontier and emerging markets) and domestic common stocks.

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 focuses on well-capitalized companies that are facing near term challenges.

In addition, the team favors companies that are trading at significant discounts to their estimated intrinsic value.

Also, the team prefers companies with balance sheet strength, high quality business models and shareholder-friendly management teams.

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 holds securities of between 15 and 50 issuers, and may have significant exposure to a small number of sectors or industries from time to time.

The fund invests in at least three different countries.

Also, the fund invests at least 40% of its net assets in securities of 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 seeks capital appreciation in the long term by investing in small-and mid-size companies outside the United States.

The fund manages assets with the help of six sub-advisers. The fund prefers a multi-manager investing approach with the aim of reducing volatility and downside risk.

The sub-advisers are Dimensional Fund Advisors LP, Champlain Investment Partners, LLC, Martingale Asset Management, L.P., Baillie Gifford Overseas Limited, Polunin Capital Partners Limited, and Acadian Asset Management LLC.

The sub-advisers’ 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 traded on a principal U.S. exchange or U.S. over-the-counter market, and securities of non-U.S. companies in foreign countries, including emerging market countries.

In selecting securities for the portfolio, the research team evaluates securities’ attractiveness by considering factors such as market valuation, corporate management competence and security-specific components of an issuer.

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 securities that may be listed or traded in the form of American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts, or other types of depositary receipts or dual listed securities.

In addition, the fund may also invest in government fixed income securities, exchange-traded funds, real estate investment trusts and REIT-like entities, corporate bonds and a variety of derivatives such as futures, options, and swaps.

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 invests in U.S. and foreign stocks that are estimated to generate lower volatility relative to the global equity market.

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 is diversified across companies located in many different countries and representing many different market sectors and industry groups.

The fund will seek to hedge most of its currency exposure back to the U.S. dollar to reduce overall portfolio volatility.
 

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 invests in U.S. and foreign stocks that are estimated to generate lower volatility relative to the global equity market.

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 is diversified across companies located in many different countries and representing many different market sectors and industry groups.

The fund will seek to hedge most of its currency exposure back to the U.S. dollar to reduce overall portfolio volatility.
 

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 invests in the most compelling domestic, international and emerging market growth companies, regardless of market capitalization or sector.

The team favors companies with balance sheet strength, earnings and management teams with above-average potential for growth.

In addition, the team prefers companies in attractive industries located in countries with growing GDP and a stable political environment.

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 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 invests in the most compelling domestic, international and emerging market growth companies, regardless of market capitalization or sector.

The team favors companies with balance sheet strength, earnings and management teams with above-average potential for growth.

In addition, the team prefers companies in attractive industries located in countries with growing GDP and a stable political environment.

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 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 invests in the most compelling domestic, international and emerging market growth companies, regardless of market capitalization or sector.

The team favors companies with balance sheet strength, earnings and management teams with above-average potential for growth.

In addition, the team prefers companies in attractive industries located in countries with growing GDP and a stable political environment.

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.