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 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.

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 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.