The fund seeks capital appreciation and dividend income by investing in real estate companies around the world.

The fund considers for investment all real estate companies including developers, operators and managers of properties, Real Estate Investment Trusts.

The fund considers investment opportunities primarily in the developed regions of North America, Europe and Asia and may invest in emerging markets.

The investment process is primarily driven by fundamental research of one company at a time across all real estate sectors. The research considers trends in real estate development and supply and demand characteristics across several sectors including office, industrial, retail, residential, education and healthcare and technology.

The team also looks at the quality of the portfolio held by the company, cash flow growth and relative valuations with peers.

The fund favors large and well established real estate companies with high quality portfolios of properties.

The fund seeks primarily capital appreciation and secondarily current income 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 the securities of U.S. and non-U.S. infrastructure-related issuers.

According to the team, an infrastructure-related issuer has at least 50% of its assets consisting of infrastructure assets or 50% of its gross income or net profits attributable to or derived, directly or indirectly, from the ownership, management, construction, development, operation, utilization or financing of infrastructure assets.

Examples of infrastructure assets include transportation assets, utility assets, and social assets.

In addition, the fund maintains no less than 40% of its net assets in the securities of issuers located outside of the United States.

Also, the fund will allocate its net assets among issuers located in no fewer than three different countries, one of which may be the United States.

The fund considers an issuer to be located in a country if the issuer is organized under the laws of the country or maintains its principal place of business in that country, or the issuer's securities are traded principally in the country.

Additionally, the fund considers an issuer to be located in a country if during the issuer's most recent fiscal year, such issuer derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or has at least 50% of its assets in that country.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team relies on fundamental analysis to evaluate companies on the basis of quality and price.

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 concentrates its investments in infrastructure-related issuers.

Also, the fund may invest without limitation in the securities of foreign issuers that are publicly traded in the United States or on foreign exchanges, including securities of emerging market issuers, and in depositary receipts.
 

The fund seeks primarily capital appreciation and secondarily current income 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 the securities of U.S. and non-U.S. infrastructure-related issuers.

According to the team, an infrastructure-related issuer has at least 50% of its assets consisting of infrastructure assets or 50% of its gross income or net profits attributable to or derived, directly or indirectly, from the ownership, management, construction, development, operation, utilization or financing of infrastructure assets.

Examples of infrastructure assets include transportation assets, utility assets, and social assets.

In addition, the fund maintains no less than 40% of its net assets in the securities of issuers located outside of the United States.

Also, the fund will allocate its net assets among issuers located in no fewer than three different countries, one of which may be the United States.

The fund considers an issuer to be located in a country if the issuer is organized under the laws of the country or maintains its principal place of business in that country, or the issuer's securities are traded principally in the country.

Additionally, the fund considers an issuer to be located in a country if during the issuer's most recent fiscal year, such issuer derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in the country or has at least 50% of its assets in that country.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team relies on fundamental analysis to evaluate companies on the basis of quality and price.

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 concentrates its investments in infrastructure-related issuers.

Also, the fund may invest without limitation in the securities of foreign issuers that are publicly traded in the United States or on foreign exchanges, including securities of emerging market issuers, and in depositary receipts.
 

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

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

Next, the research team invests in securities of U.S. and non-U.S. companies, including those in emerging markets, listed on a national securities exchange, or foreign equivalent.

In addition, the team focuses on companies that have a majority of their assets invested in or exposed to private companies or have as their stated intention to have a majority of their assets invested in or exposed to private companies.

Also, the team considers derivatives, including options, futures, forwards, swap agreements and participation notes, that otherwise have the economic characteristics of Listed Private Equity Companies.

Listed Private Equity Companies may include, among others, business development companies, investment holding companies, publicly traded limited partnership interests (common units), publicly traded venture capital funds, and publicly traded venture capital trusts.

Other Listed Private Equity Companies may include publicly traded private equity funds, publicly traded private equity investment trusts, publicly traded closed-end funds, publicly traded financial institutions.

In selecting securities for the portfolio, the research team focuses on valuation multiples such as book value, sales, and earnings, as well as return on equity and balance sheet analysis.

In addition, the team screens company management, including management turnover.

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 looks to allocate the portfolio directly and indirectly amongst industry sectors, geographic locations, stage of investment and the year in which the private equity firm or fund makes a commitment or an investment in a fund, asset or business (vintage year).

The fund will typically invest in securities issued by companies domiciled in at least three countries, including the United States.

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

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

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

Next, the research team invests in securities of U.S. and non-U.S. companies, including those in emerging markets, listed on a national securities exchange, or foreign equivalent.

In addition, the team focuses on companies that have a majority of their assets invested in or exposed to private companies or have as their stated intention to have a majority of their assets invested in or exposed to private companies.

Also, the team considers derivatives, including options, futures, forwards, swap agreements and participation notes, that otherwise have the economic characteristics of Listed Private Equity Companies.

Listed Private Equity Companies may include, among others, business development companies, investment holding companies, publicly traded limited partnership interests (common units), publicly traded venture capital funds, and publicly traded venture capital trusts.

Other Listed Private Equity Companies may include publicly traded private equity funds, publicly traded private equity investment trusts, publicly traded closed-end funds, publicly traded financial institutions.

In selecting securities for the portfolio, the research team focuses on valuation multiples such as book value, sales, and earnings, as well as return on equity and balance sheet analysis.

In addition, the team screens company management, including management turnover.

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 looks to allocate the portfolio directly and indirectly amongst industry sectors, geographic locations, stage of investment and the year in which the private equity firm or fund makes a commitment or an investment in a fund, asset or business (vintage year).

The fund will typically invest in securities issued by companies domiciled in at least three countries, including the United States.

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

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

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

Next, the research team invests in securities of U.S. and non-U.S. companies, including those in emerging markets, listed on a national securities exchange, or foreign equivalent.

In addition, the team focuses on companies that have a majority of their assets invested in or exposed to private companies or have as their stated intention to have a majority of their assets invested in or exposed to private companies.

Also, the team considers derivatives, including options, futures, forwards, swap agreements and participation notes, that otherwise have the economic characteristics of Listed Private Equity Companies.

Listed Private Equity Companies may include, among others, business development companies, investment holding companies, publicly traded limited partnership interests (common units), publicly traded venture capital funds, and publicly traded venture capital trusts.

Other Listed Private Equity Companies may include publicly traded private equity funds, publicly traded private equity investment trusts, publicly traded closed-end funds, publicly traded financial institutions.

In selecting securities for the portfolio, the research team focuses on valuation multiples such as book value, sales, and earnings, as well as return on equity and balance sheet analysis.

In addition, the team screens company management, including management turnover.

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 looks to allocate the portfolio directly and indirectly amongst industry sectors, geographic locations, stage of investment and the year in which the private equity firm or fund makes a commitment or an investment in a fund, asset or business (vintage year).

The fund will typically invest in securities issued by companies domiciled in at least three countries, including the United States.

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

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

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

Next, the research team invests in securities of U.S. and non-U.S. companies, including those in emerging markets, listed on a national securities exchange, or foreign equivalent.

In addition, the team focuses on companies that have a majority of their assets invested in or exposed to private companies or have as their stated intention to have a majority of their assets invested in or exposed to private companies.

Also, the team considers derivatives, including options, futures, forwards, swap agreements and participation notes, that otherwise have the economic characteristics of Listed Private Equity Companies.

Listed Private Equity Companies may include, among others, business development companies, investment holding companies, publicly traded limited partnership interests (common units), publicly traded venture capital funds, and publicly traded venture capital trusts.

Other Listed Private Equity Companies may include publicly traded private equity funds, publicly traded private equity investment trusts, publicly traded closed-end funds, publicly traded financial institutions.

In selecting securities for the portfolio, the research team focuses on valuation multiples such as book value, sales, and earnings, as well as return on equity and balance sheet analysis.

In addition, the team screens company management, including management turnover.

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 looks to allocate the portfolio directly and indirectly amongst industry sectors, geographic locations, stage of investment and the year in which the private equity firm or fund makes a commitment or an investment in a fund, asset or business (vintage year).

The fund will typically invest in securities issued by companies domiciled in at least three countries, including the United States.

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

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

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

Next, the research team invests in securities of U.S. and non-U.S. companies, including those in emerging markets, listed on a national securities exchange, or foreign equivalent.

In addition, the team focuses on companies that have a majority of their assets invested in or exposed to private companies or have as their stated intention to have a majority of their assets invested in or exposed to private companies.

Also, the team considers derivatives, including options, futures, forwards, swap agreements and participation notes, that otherwise have the economic characteristics of Listed Private Equity Companies.

Listed Private Equity Companies may include, among others, business development companies, investment holding companies, publicly traded limited partnership interests (common units), publicly traded venture capital funds, and publicly traded venture capital trusts.

Other Listed Private Equity Companies may include publicly traded private equity funds, publicly traded private equity investment trusts, publicly traded closed-end funds, publicly traded financial institutions.

In selecting securities for the portfolio, the research team focuses on valuation multiples such as book value, sales, and earnings, as well as return on equity and balance sheet analysis.

In addition, the team screens company management, including management turnover.

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 looks to allocate the portfolio directly and indirectly amongst industry sectors, geographic locations, stage of investment and the year in which the private equity firm or fund makes a commitment or an investment in a fund, asset or business (vintage year).

The fund will typically invest in securities issued by companies domiciled in at least three countries, including the United States.

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

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 domestic and foreign equity securities of transformational innovation companies.

The team defines transformational innovation companies as those with divisions that primarily focus on developing or benefitting from new products, services, technologies or advancements that disrupt, or are expected to disrupt, existing markets or processes.

The types of transformational innovation companies that the team invests in are those relating to genomics (Genomic Revolution Research), autonomous technology and robotics (Autonomous Technology and Robotics Research), shared technology and the internet (Next Generation Internet Research), or financial services (FinTech Innovation Research.

Genomic Revolution Research focuses on extending and enhancing the quality of human, and other, life.

Autonomous Technology and Robotics Research focuses on technological improvements and advancements in automation and manufacturing, energy, transportation and artificial intelligence.

Next Generation Internet Research focuses on developments in the global technology infrastructure, including hardware, software and the shift to mobile devices.

FinTech Innovation Research focuses on innovations in the financial sector including payment technologies, lending methods, currencies and business analytics.

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 foreign equity securities that are in both developed and emerging markets.

Also, the fund invests in American Depositary Receipts and securities sold on foreign exchanges and securities denominated in foreign currencies when purchasing foreign equities.

Additionally, the fund at times may invest in shares of other investment companies, including money market funds and exchange-traded funds.

The fund may lend its securities to broker-dealers and other institutions to earn additional income.

Also, the fund is non-diversified, which means that it may invest a high percentage of its assets in a limited 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 domestic and foreign equity securities of transformational innovation companies.

The team defines transformational innovation companies as those with divisions that primarily focus on developing or benefitting from new products, services, technologies or advancements that disrupt, or are expected to disrupt, existing markets or processes.

The types of transformational innovation companies that the team invests in are those relating to genomics (Genomic Revolution Research), autonomous technology and robotics (Autonomous Technology and Robotics Research), shared technology and the internet (Next Generation Internet Research), or financial services (FinTech Innovation Research.

Genomic Revolution Research focuses on extending and enhancing the quality of human, and other, life.

Autonomous Technology and Robotics Research focuses on technological improvements and advancements in automation and manufacturing, energy, transportation and artificial intelligence.

Next Generation Internet Research focuses on developments in the global technology infrastructure, including hardware, software and the shift to mobile devices.

FinTech Innovation Research focuses on innovations in the financial sector including payment technologies, lending methods, currencies and business analytics.

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 foreign equity securities that are in both developed and emerging markets.

Also, the fund invests in American Depositary Receipts and securities sold on foreign exchanges and securities denominated in foreign currencies when purchasing foreign equities.

Additionally, the fund at times may invest in shares of other investment companies, including money market funds and exchange-traded funds.

The fund may lend its securities to broker-dealers and other institutions to earn additional income.

Also, the fund is non-diversified, which means that it may invest a high percentage of its assets in a limited 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 domestic and foreign equity securities of transformational innovation companies.

The team defines transformational innovation companies as those with divisions that primarily focus on developing or benefitting from new products, services, technologies or advancements that disrupt, or are expected to disrupt, existing markets or processes.

The types of transformational innovation companies that the team invests in are those relating to genomics (Genomic Revolution Research), autonomous technology and robotics (Autonomous Technology and Robotics Research), shared technology and the internet (Next Generation Internet Research), or financial services (FinTech Innovation Research.

Genomic Revolution Research focuses on extending and enhancing the quality of human, and other, life.

Autonomous Technology and Robotics Research focuses on technological improvements and advancements in automation and manufacturing, energy, transportation and artificial intelligence.

Next Generation Internet Research focuses on developments in the global technology infrastructure, including hardware, software and the shift to mobile devices.

FinTech Innovation Research focuses on innovations in the financial sector including payment technologies, lending methods, currencies and business analytics.

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 foreign equity securities that are in both developed and emerging markets.

Also, the fund invests in American Depositary Receipts and securities sold on foreign exchanges and securities denominated in foreign currencies when purchasing foreign equities.

Additionally, the fund at times may invest in shares of other investment companies, including money market funds and exchange-traded funds.

The fund may lend its securities to broker-dealers and other institutions to earn additional income.

Also, the fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of issuers.

The fund seeks total return 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 securities of companies that are engaged in mining, processing, fabricating, distributing, exploring for or otherwise dealing in gold.

In selecting securities for the portfolio, the research team relies on a multi-step process.

First, the team ranks stocks from most attractive to least attractive based on measures, such as valuation, quality, and sentiment.

Second, the team narrows the investable universe to a list of companies that provide the optimal balance between risk and estimated return.

Finally, the team reviews factors such as risk management, transaction costs, and liquidity management.

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 total return 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 securities of companies that are engaged in mining, processing, fabricating, distributing, exploring for or otherwise dealing in gold.

In selecting securities for the portfolio, the research team relies on a multi-step process.

First, the team ranks stocks from most attractive to least attractive based on measures, such as valuation, quality, and sentiment.

Second, the team narrows the investable universe to a list of companies that provide the optimal balance between risk and estimated return.

Finally, the team reviews factors such as risk management, transaction costs, and liquidity management.

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 total return 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 securities of companies that are engaged in mining, processing, fabricating, distributing, exploring for or otherwise dealing in gold.

In selecting securities for the portfolio, the research team relies on a multi-step process.

First, the team ranks stocks from most attractive to least attractive based on measures, such as valuation, quality, and sentiment.

Second, the team narrows the investable universe to a list of companies that provide the optimal balance between risk and estimated return.

Finally, the team reviews factors such as risk management, transaction costs, and liquidity management.

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 total return 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 securities of companies that are engaged in mining, processing, fabricating, distributing, exploring for or otherwise dealing in gold.

In selecting securities for the portfolio, the research team relies on a multi-step process.

First, the team ranks stocks from most attractive to least attractive based on measures, such as valuation, quality, and sentiment.

Second, the team narrows the investable universe to a list of companies that provide the optimal balance between risk and estimated return.

Finally, the team reviews factors such as risk management, transaction costs, and liquidity management.

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 total return 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 securities of companies that are engaged in mining, processing, fabricating, distributing, exploring for or otherwise dealing in gold.

In selecting securities for the portfolio, the research team relies on a multi-step process.

First, the team ranks stocks from most attractive to least attractive based on measures, such as valuation, quality, and sentiment.

Second, the team narrows the investable universe to a list of companies that provide the optimal balance between risk and estimated return.

Finally, the team reviews factors such as risk management, transaction costs, and liquidity management.

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 high total investment return 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 securities issued by real estate investment trusts and other companies engaged in the real estate industry.

The team considers a company to be engaged in the real estate industry if at least 50% of its revenues or 50% of the market value of its assets at the time the securities are purchased by the fund are attributed to the ownership, construction, management or sale of real estate.

In addition, the team favors companies with the potential for stock price appreciation and durable growth of cash flow.

As part of the process, the team relies on top down fundamental analysis of property sectors and geographic regions, and bottom up fundamental stock research.

Additionally, the team places particular emphasis on property sector research.

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

The fund invests in securities of companies located in developed countries world-wide (including the United States), but may also invest in emerging markets.

Also, the fund will invest at least 30% of its net assets in securities of issuers located outside the United States.

The fund will allocate its assets among at least three different countries (one of which may be the United States).

The fund seeks high total investment return 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 securities issued by real estate investment trusts and other companies engaged in the real estate industry.

The team considers a company to be engaged in the real estate industry if at least 50% of its revenues or 50% of the market value of its assets at the time the securities are purchased by the fund are attributed to the ownership, construction, management or sale of real estate.

In addition, the team favors companies with the potential for stock price appreciation and durable growth of cash flow.

As part of the process, the team relies on top down fundamental analysis of property sectors and geographic regions, and bottom up fundamental stock research.

Additionally, the team places particular emphasis on property sector research.

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

The fund invests in securities of companies located in developed countries world-wide (including the United States), but may also invest in emerging markets.

Also, the fund will invest at least 30% of its net assets in securities of issuers located outside the United States.

The fund will allocate its assets among at least three different countries (one of which may be the United States).

The fund seeks high total investment return 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 securities issued by real estate investment trusts and other companies engaged in the real estate industry.

The team considers a company to be engaged in the real estate industry if at least 50% of its revenues or 50% of the market value of its assets at the time the securities are purchased by the fund are attributed to the ownership, construction, management or sale of real estate.

In addition, the team favors companies with the potential for stock price appreciation and durable growth of cash flow.

As part of the process, the team relies on top down fundamental analysis of property sectors and geographic regions, and bottom up fundamental stock research.

Additionally, the team places particular emphasis on property sector research.

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

The fund invests in securities of companies located in developed countries world-wide (including the United States), but may also invest in emerging markets.

Also, the fund will invest at least 30% of its net assets in securities of issuers located outside the United States.

The fund will allocate its assets among at least three different countries (one of which may be the United States).

The fund seeks high total investment return 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 securities issued by real estate investment trusts and other companies engaged in the real estate industry.

The team considers a company to be engaged in the real estate industry if at least 50% of its revenues or 50% of the market value of its assets at the time the securities are purchased by the fund are attributed to the ownership, construction, management or sale of real estate.

In addition, the team favors companies with the potential for stock price appreciation and durable growth of cash flow.

As part of the process, the team relies on top down fundamental analysis of property sectors and geographic regions, and bottom up fundamental stock research.

Additionally, the team places particular emphasis on property sector research.

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

The fund invests in securities of companies located in developed countries world-wide (including the United States), but may also invest in emerging markets.

Also, the fund will invest at least 30% of its net assets in securities of issuers located outside the United States.

The fund will allocate its assets among at least three different countries (one of which may be the United States).

The fund seeks high total investment return 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 securities issued by real estate investment trusts and other companies engaged in the real estate industry.

The team considers a company to be engaged in the real estate industry if at least 50% of its revenues or 50% of the market value of its assets at the time the securities are purchased by the fund are attributed to the ownership, construction, management or sale of real estate.

In addition, the team favors companies with the potential for stock price appreciation and durable growth of cash flow.

As part of the process, the team relies on top down fundamental analysis of property sectors and geographic regions, and bottom up fundamental stock research.

Additionally, the team places particular emphasis on property sector research.

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

The fund invests in securities of companies located in developed countries world-wide (including the United States), but may also invest in emerging markets.

Also, the fund will invest at least 30% of its net assets in securities of issuers located outside the United States.

The fund will allocate its assets among at least three different countries (one of which may be the United States).

The fund seeks high total investment return 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 securities issued by real estate investment trusts and other companies engaged in the real estate industry.

The team considers a company to be engaged in the real estate industry if at least 50% of its revenues or 50% of the market value of its assets at the time the securities are purchased by the fund are attributed to the ownership, construction, management or sale of real estate.

In addition, the team favors companies with the potential for stock price appreciation and durable growth of cash flow.

As part of the process, the team relies on top down fundamental analysis of property sectors and geographic regions, and bottom up fundamental stock research.

Additionally, the team places particular emphasis on property sector research.

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

The fund invests in securities of companies located in developed countries world-wide (including the United States), but may also invest in emerging markets.

Also, the fund will invest at least 30% of its net assets in securities of issuers located outside the United States.

The fund will allocate its assets among at least three different countries (one of which may be the United States).

The fund seeks high total investment return 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 securities issued by real estate investment trusts and other companies engaged in the real estate industry.

The team considers a company to be engaged in the real estate industry if at least 50% of its revenues or 50% of the market value of its assets at the time the securities are purchased by the fund are attributed to the ownership, construction, management or sale of real estate.

In addition, the team favors companies with the potential for stock price appreciation and durable growth of cash flow.

As part of the process, the team relies on top down fundamental analysis of property sectors and geographic regions, and bottom up fundamental stock research.

Additionally, the team places particular emphasis on property sector research.

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

The fund invests in securities of companies located in developed countries world-wide (including the United States), but may also invest in emerging markets.

Also, the fund will invest at least 30% of its net assets in securities of issuers located outside the United States.

The fund will allocate its assets among at least three different countries (one of which may be the United States).

The fund seeks high total investment return 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 securities issued by real estate investment trusts and other companies engaged in the real estate industry.

The team considers a company to be engaged in the real estate industry if at least 50% of its revenues or 50% of the market value of its assets at the time the securities are purchased by the fund are attributed to the ownership, construction, management or sale of real estate.

In addition, the team favors companies with the potential for stock price appreciation and durable growth of cash flow.

As part of the process, the team relies on top down fundamental analysis of property sectors and geographic regions, and bottom up fundamental stock research.

Additionally, the team places particular emphasis on property sector research.

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

The fund invests in securities of companies located in developed countries world-wide (including the United States), but may also invest in emerging markets.

Also, the fund will invest at least 30% of its net assets in securities of issuers located outside the United States.

The fund will allocate its assets among at least three different countries (one of which may be the United States).

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 global energy and natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable, electrical and telecommunications utilities).

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 more than 25% of its net assets in energy or natural resources companies.

Also, the fund may invest without limit in companies located anywhere in the world and will generally invest in at least three countries and in companies tied economically to a number of countries.

The fund invests primarily in developed markets, but may also invest in emerging markets.

Additionally, the fund is a non-diversified fund, which means that it can invest more of its assets in fewer issuers than a diversified fund.

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 global energy and natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable, electrical and telecommunications utilities).

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 more than 25% of its net assets in energy or natural resources companies.

Also, the fund may invest without limit in companies located anywhere in the world and will generally invest in at least three countries and in companies tied economically to a number of countries.

The fund invests primarily in developed markets, but may also invest in emerging markets.

Additionally, the fund is a non-diversified fund, which means that it can invest more of its assets in fewer issuers than a diversified fund.

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 global energy and natural resources companies and companies in associated businesses, as well as utilities (such as gas, water, cable, electrical and telecommunications utilities).

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 more than 25% of its net assets in energy or natural resources companies.

Also, the fund may invest without limit in companies located anywhere in the world and will generally invest in at least three countries and in companies tied economically to a number of countries.

The fund invests primarily in developed markets, but may also invest in emerging markets.

Additionally, the fund is a non-diversified fund, which means that it can invest more of its assets in fewer issuers than a diversified fund.

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 domestic and foreign companies with substantial natural resource assets, or in securities the value of which is related to the market value of some natural resource asset.

Natural resource assets include materials with economic value that are derived from natural sources, either directly or indirectly, such as precious metals, ferrous and nonferrous metals, strategic metals, water, hydrocarbons, timber land, underdeveloped real property and agricultural products.

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 both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated in both U.S. dollars and foreign currencies.

The fund prefers companies in a variety of natural resource related sectors, such as energy, chemicals, oil, gas, paper, mining, steel or agricultural products.

In addition, the fund will concentrate its investments in one or more issuers in the natural resources related industries.

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 domestic and foreign companies with substantial natural resource assets, or in securities the value of which is related to the market value of some natural resource asset.

Natural resource assets include materials with economic value that are derived from natural sources, either directly or indirectly, such as precious metals, ferrous and nonferrous metals, strategic metals, water, hydrocarbons, timber land, underdeveloped real property and agricultural products.

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 both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated in both U.S. dollars and foreign currencies.

The fund prefers companies in a variety of natural resource related sectors, such as energy, chemicals, oil, gas, paper, mining, steel or agricultural products.

In addition, the fund will concentrate its investments in one or more issuers in the natural resources related industries.

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 domestic and foreign companies with substantial natural resource assets, or in securities the value of which is related to the market value of some natural resource asset.

Natural resource assets include materials with economic value that are derived from natural sources, either directly or indirectly, such as precious metals, ferrous and nonferrous metals, strategic metals, water, hydrocarbons, timber land, underdeveloped real property and agricultural products.

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 both U.S. and non-U.S. companies, including companies located in emerging markets, and in securities denominated in both U.S. dollars and foreign currencies.

The fund prefers companies in a variety of natural resource related sectors, such as energy, chemicals, oil, gas, paper, mining, steel or agricultural products.

In addition, the fund will concentrate its investments in one or more issuers in the natural resources related industries.

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 issued by U.S. and non-U.S. technology companies.

Technology companies may include software, IT consulting, IT services, interactive home entertainment, interactive media and services, networking equipment, and telecom services,.

Other examples of technology companies would be communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and components, semiconductors and semiconductor equipment, and internet and direct marketing retail.

In selecting securities for the portfolio, the research team focuses on companies that demonstrate accelerated and durable growth potential from the development, advancement and use of technology.

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

The fund may invest in both developed and emerging markets.

From time to time the fund may invest in shares of companies through initial public offerings.

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 issued by U.S. and non-U.S. technology companies.

Technology companies may include software, IT consulting, IT services, interactive home entertainment, interactive media and services, networking equipment, and telecom services,.

Other examples of technology companies would be communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and components, semiconductors and semiconductor equipment, and internet and direct marketing retail.

In selecting securities for the portfolio, the research team focuses on companies that demonstrate accelerated and durable growth potential from the development, advancement and use of technology.

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

The fund may invest in both developed and emerging markets.

From time to time the fund may invest in shares of companies through initial public offerings.

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 issued by U.S. and non-U.S. technology companies.

Technology companies may include software, IT consulting, IT services, interactive home entertainment, interactive media and services, networking equipment, and telecom services,.

Other examples of technology companies would be communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and components, semiconductors and semiconductor equipment, and internet and direct marketing retail.

In selecting securities for the portfolio, the research team focuses on companies that demonstrate accelerated and durable growth potential from the development, advancement and use of technology.

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

The fund may invest in both developed and emerging markets.

From time to time the fund may invest in shares of companies through initial public offerings.

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 issued by U.S. and non-U.S. technology companies.

Technology companies may include software, IT consulting, IT services, interactive home entertainment, interactive media and services, networking equipment, and telecom services,.

Other examples of technology companies would be communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and components, semiconductors and semiconductor equipment, and internet and direct marketing retail.

In selecting securities for the portfolio, the research team focuses on companies that demonstrate accelerated and durable growth potential from the development, advancement and use of technology.

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

The fund may invest in both developed and emerging markets.

From time to time the fund may invest in shares of companies through initial public offerings.

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 issued by U.S. and non-U.S. technology companies.

Technology companies may include software, IT consulting, IT services, interactive home entertainment, interactive media and services, networking equipment, and telecom services,.

Other examples of technology companies would be communications equipment, technology hardware, storage and peripherals, electronic equipment, instruments and components, semiconductors and semiconductor equipment, and internet and direct marketing retail.

In selecting securities for the portfolio, the research team focuses on companies that demonstrate accelerated and durable growth potential from the development, advancement and use of technology.

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

The fund may invest in both developed and emerging markets.

From time to time the fund may invest in shares of companies through initial public offerings.

The fund seeks total return 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 infrastructure companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team considers an issuer to be in a foreign market if the issuer is organized under the laws of that country, or derives at least 50% of its revenues or profits from goods produced or sold, investments made, services performed, or has at least 50% of its assets located within that country.

Generally, the fund seeks to invest in securities of infrastructure companies in the United States and in at least three countries outside the United States.

The fund defines an infrastructure company as any company that derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets.

Infrastructure assets include toll roads, bridges and tunnels, airports, seaports, electricity generation and transmission and distribution lines, gathering, treating, processing, fractionation, transportation and storage of hydrocarbon products, water and sewage treatment and distribution pipelines, communication towers and satellites; and railroads.

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 an assessment of a company’s general financial condition, its competitive positioning and management strength, as well as industry characteristics.

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

The fund may also invest up to 25% of its net assets in energy-infrastructure companies organized as master limited partnerships.

The fund may invest up to 20% of its net assets in fixed income securities, including below-investment grade rated securities.

Additionally, the fund may invest up to 20% of its net assets in fixed income securities, including obligations of the U.S. Government, floating rate loans and money-market instruments.

The fund may invest up to 25% of its net assets in publicly traded securities of infrastructure companies, whose primary operations or principal trading market is in an emerging market.

In addition, the fund may invest up to 15% of its net assets in securities deemed illiquid.

The fund seeks total return 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 infrastructure companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team considers an issuer to be in a foreign market if the issuer is organized under the laws of that country, or derives at least 50% of its revenues or profits from goods produced or sold, investments made, services performed, or has at least 50% of its assets located within that country.

Generally, the fund seeks to invest in securities of infrastructure companies in the United States and in at least three countries outside the United States.

The fund defines an infrastructure company as any company that derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets.

Infrastructure assets include toll roads, bridges and tunnels, airports, seaports, electricity generation and transmission and distribution lines, gathering, treating, processing, fractionation, transportation and storage of hydrocarbon products, water and sewage treatment and distribution pipelines, communication towers and satellites; and railroads.

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 an assessment of a company’s general financial condition, its competitive positioning and management strength, as well as industry characteristics.

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

The fund may also invest up to 25% of its net assets in energy-infrastructure companies organized as master limited partnerships.

The fund may invest up to 20% of its net assets in fixed income securities, including below-investment grade rated securities.

Additionally, the fund may invest up to 20% of its net assets in fixed income securities, including obligations of the U.S. Government, floating rate loans and money-market instruments.

The fund may invest up to 25% of its net assets in publicly traded securities of infrastructure companies, whose primary operations or principal trading market is in an emerging market.

In addition, the fund may invest up to 15% of its net assets in securities deemed illiquid.

The fund seeks total return 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 infrastructure companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team considers an issuer to be in a foreign market if the issuer is organized under the laws of that country, or derives at least 50% of its revenues or profits from goods produced or sold, investments made, services performed, or has at least 50% of its assets located within that country.

Generally, the fund seeks to invest in securities of infrastructure companies in the United States and in at least three countries outside the United States.

The fund defines an infrastructure company as any company that derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets.

Infrastructure assets include toll roads, bridges and tunnels, airports, seaports, electricity generation and transmission and distribution lines, gathering, treating, processing, fractionation, transportation and storage of hydrocarbon products, water and sewage treatment and distribution pipelines, communication towers and satellites; and railroads.

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 an assessment of a company’s general financial condition, its competitive positioning and management strength, as well as industry characteristics.

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

The fund may also invest up to 25% of its net assets in energy-infrastructure companies organized as master limited partnerships.

The fund may invest up to 20% of its net assets in fixed income securities, including below-investment grade rated securities.

Additionally, the fund may invest up to 20% of its net assets in fixed income securities, including obligations of the U.S. Government, floating rate loans and money-market instruments.

The fund may invest up to 25% of its net assets in publicly traded securities of infrastructure companies, whose primary operations or principal trading market is in an emerging market.

In addition, the fund may invest up to 15% of its net assets in securities deemed illiquid.

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

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

Next, the research team focuses on securities of real estate companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team defines a real estate company as any company that derives at least 50% of its revenues from the ownership, operation, development, construction, financing, management or sale of commercial, industrial or residential real estate and similar activities, or invests at least 50% of its assets in such real estate.

The research process is driven by fundamental analysis of one stock at a time. Also, the research team focuses on companies that are mispriced for temporary reasons, as well as values of assets and cash flows of companies.

In selecting securities for the portfolio, the team relies on proprietary research which includes an assessment of a company’s general financial condition, its competitive positioning and management strength, as well as industry characteristics.

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

The fund may invest up to 25% of its net assets in publicly traded securities of real estate companies, whose primary operations or principal trading market is in an emerging market.

Additionally, the fund may invest in securities of foreign companies in the form of American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts.

The fund may invest up to 15% of its net assets in securities deemed illiquid.

In addition, the fund may also invest up to 20% of its net assets in fixed income securities, including obligations of the U.S. Government, floating rate loans, money-market instruments, and below-investment grade rated securities.

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

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

Next, the research team focuses on securities of real estate companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team defines a real estate company as any company that derives at least 50% of its revenues from the ownership, operation, development, construction, financing, management or sale of commercial, industrial or residential real estate and similar activities, or invests at least 50% of its assets in such real estate.

The research process is driven by fundamental analysis of one stock at a time. Also, the research team focuses on companies that are mispriced for temporary reasons, as well as values of assets and cash flows of companies.

In selecting securities for the portfolio, the team relies on proprietary research which includes an assessment of a company’s general financial condition, its competitive positioning and management strength, as well as industry characteristics.

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

The fund may invest up to 25% of its net assets in publicly traded securities of real estate companies, whose primary operations or principal trading market is in an emerging market.

Additionally, the fund may invest in securities of foreign companies in the form of American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts.

The fund may invest up to 15% of its net assets in securities deemed illiquid.

In addition, the fund may also invest up to 20% of its net assets in fixed income securities, including obligations of the U.S. Government, floating rate loans, money-market instruments, and below-investment grade rated securities.

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

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

Next, the research team focuses on securities of real estate companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team defines a real estate company as any company that derives at least 50% of its revenues from the ownership, operation, development, construction, financing, management or sale of commercial, industrial or residential real estate and similar activities, or invests at least 50% of its assets in such real estate.

The research process is driven by fundamental analysis of one stock at a time. Also, the research team focuses on companies that are mispriced for temporary reasons, as well as values of assets and cash flows of companies.

In selecting securities for the portfolio, the team relies on proprietary research which includes an assessment of a company’s general financial condition, its competitive positioning and management strength, as well as industry characteristics.

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

The fund may invest up to 25% of its net assets in publicly traded securities of real estate companies, whose primary operations or principal trading market is in an emerging market.

Additionally, the fund may invest in securities of foreign companies in the form of American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts.

The fund may invest up to 15% of its net assets in securities deemed illiquid.

In addition, the fund may also invest up to 20% of its net assets in fixed income securities, including obligations of the U.S. Government, floating rate loans, money-market instruments, and below-investment grade rated securities.

The fund seeks to track the performance of the benchmark index before fees and expenses by investing in companies across any size outside the United States.

The passively managed fund is designed to track as closely as possible the Calvert Global Energy Research Index.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

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

Next, the research team focuses on securities of U.S. and non-U.S. companies whose main business is sustainable energy solutions or that are significantly involved in the sustainable energy solutions industry.

The team invests more than 25% of the fund’s net assets in the sustainable energy solutions industry.

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.

Also, the fund invests up to 3% of its net assets in High Social Impact Investments that provide financing to address global energy challenges

The fund may invest in American Depositary Receipts and Global Depositary Receipts.

Additionally, the fund may also lend its securities.

The fund seeks to track the performance of the benchmark index before fees and expenses by investing in companies across any size outside the United States.

The passively managed fund is designed to track as closely as possible the Calvert Global Energy Research Index.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

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

Next, the research team focuses on securities of U.S. and non-U.S. companies whose main business is sustainable energy solutions or that are significantly involved in the sustainable energy solutions industry.

The team invests more than 25% of the fund’s net assets in the sustainable energy solutions industry.

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.

Also, the fund invests up to 3% of its net assets in High Social Impact Investments that provide financing to address global energy challenges

The fund may invest in American Depositary Receipts and Global Depositary Receipts.

Additionally, the fund may also lend its securities.

The fund seeks to track the performance of the benchmark index before fees and expenses by investing in companies across any size outside the United States.

The passively managed fund is designed to track as closely as possible the Calvert Global Energy Research Index.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

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

Next, the research team focuses on securities of U.S. and non-U.S. companies whose main business is sustainable energy solutions or that are significantly involved in the sustainable energy solutions industry.

The team invests more than 25% of the fund’s net assets in the sustainable energy solutions industry.

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.

Also, the fund invests up to 3% of its net assets in High Social Impact Investments that provide financing to address global energy challenges

The fund may invest in American Depositary Receipts and Global Depositary Receipts.

Additionally, the fund may also lend its securities.

The fund seeks to track the performance of the benchmark index before fees and expenses by investing in companies across any size outside the United States.

The passively managed fund is designed to track as closely as possible the Calvert Global Water Research Index.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

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

Next, the research team focuses on securities of U.S. and non-U.S. companies whose main business is in the water industry or that are significantly involved in water-related services or technologies.

The team invests more than 25% of the fund’s net assets n the water industry.

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.

Also, the fund invests up to 3% of its net assets in High Social Impact Investments that provide financing to address global water challenges.

The fund may invest in American Depositary Receipts and Global Depositary Receipts.

Additionally, the fund may also lend its securities.

The fund seeks to track the performance of the benchmark index before fees and expenses by investing in companies across any size outside the United States.

The passively managed fund is designed to track as closely as possible the Calvert Global Water Research Index.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

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

Next, the research team focuses on securities of U.S. and non-U.S. companies whose main business is in the water industry or that are significantly involved in water-related services or technologies.

The team invests more than 25% of the fund’s net assets n the water industry.

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.

Also, the fund invests up to 3% of its net assets in High Social Impact Investments that provide financing to address global water challenges.

The fund may invest in American Depositary Receipts and Global Depositary Receipts.

Additionally, the fund may also lend its securities.

The fund seeks to track the performance of the benchmark index before fees and expenses by investing in companies across any size outside the United States.

The passively managed fund is designed to track as closely as possible the Calvert Global Water Research Index.

The fund seeks to replicate the composition of the benchmark index, holding each security in approximately the same proportion as its weighting in the Index.

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

Next, the research team focuses on securities of U.S. and non-U.S. companies whose main business is in the water industry or that are significantly involved in water-related services or technologies.

The team invests more than 25% of the fund’s net assets n the water industry.

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.

Also, the fund invests up to 3% of its net assets in High Social Impact Investments that provide financing to address global water challenges.

The fund may invest in American Depositary Receipts and Global Depositary Receipts.

Additionally, the fund may also lend its securities.

The fund seeks growth and income 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 a wide range of energy-related financial instruments issued in the U.S. and markets around the world. 

Energy-related financial instruments may include foreign and domestic securities of issuers that derive more than fifty percent of their assets, revenue or income from activities related to the exploration, extraction, mining, research, development, conservation, refinement, production, transfer, transmission, and transportation of conventional, alternative, renewable and sustainable energy sources, as well as utilities, petrochemicals, plastics, and suppliers and servicers to such industries.

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%, but may invest up to 100%, of its net assets in the securities of issuers organized or having their principal place of business outside the U.S. or doing a substantial amount of business outside the U.S.

The fund will consider an issuer to be doing a substantial amount of business outside the U.S. if it derives more than fifty percent of its assets, revenue or income outside of the U.S. or is an international focused ETF or ETN.

Also, the fund invests in issuers from at least three different countries.

The fund may also invest in pooled investment vehicles, including other registered investment companies ETNs and ETFs, including leveraged and inverse ETFs.

Additionally, the fund may invest in fixed income securities of any credit quality and maturity, including those of defaulted/distressed issuers.

Also, the fund’s energy-related financial instruments may include sponsored and unsponsored ADRs and GDRs.

The fund may also invest in commodity-linked derivative instruments, commodity futures, options on commodity future contracts, and investment vehicles that focus on commodities such as ETFs that invest in commodities, commodity options and futures.

The fund seeks growth and income 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 a wide range of energy-related financial instruments issued in the U.S. and markets around the world. 

Energy-related financial instruments may include foreign and domestic securities of issuers that derive more than fifty percent of their assets, revenue or income from activities related to the exploration, extraction, mining, research, development, conservation, refinement, production, transfer, transmission, and transportation of conventional, alternative, renewable and sustainable energy sources, as well as utilities, petrochemicals, plastics, and suppliers and servicers to such industries.

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%, but may invest up to 100%, of its net assets in the securities of issuers organized or having their principal place of business outside the U.S. or doing a substantial amount of business outside the U.S.

The fund will consider an issuer to be doing a substantial amount of business outside the U.S. if it derives more than fifty percent of its assets, revenue or income outside of the U.S. or is an international focused ETF or ETN.

Also, the fund invests in issuers from at least three different countries.

The fund may also invest in pooled investment vehicles, including other registered investment companies ETNs and ETFs, including leveraged and inverse ETFs.

Additionally, the fund may invest in fixed income securities of any credit quality and maturity, including those of defaulted/distressed issuers.

Also, the fund’s energy-related financial instruments may include sponsored and unsponsored ADRs and GDRs.

The fund may also invest in commodity-linked derivative instruments, commodity futures, options on commodity future contracts, and investment vehicles that focus on commodities such as ETFs that invest in commodities, commodity options and futures.

The fund seeks growth and income 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 a wide range of energy-related financial instruments issued in the U.S. and markets around the world. 

Energy-related financial instruments may include foreign and domestic securities of issuers that derive more than fifty percent of their assets, revenue or income from activities related to the exploration, extraction, mining, research, development, conservation, refinement, production, transfer, transmission, and transportation of conventional, alternative, renewable and sustainable energy sources, as well as utilities, petrochemicals, plastics, and suppliers and servicers to such industries.

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%, but may invest up to 100%, of its net assets in the securities of issuers organized or having their principal place of business outside the U.S. or doing a substantial amount of business outside the U.S.

The fund will consider an issuer to be doing a substantial amount of business outside the U.S. if it derives more than fifty percent of its assets, revenue or income outside of the U.S. or is an international focused ETF or ETN.

Also, the fund invests in issuers from at least three different countries.

The fund may also invest in pooled investment vehicles, including other registered investment companies ETNs and ETFs, including leveraged and inverse ETFs.

Additionally, the fund may invest in fixed income securities of any credit quality and maturity, including those of defaulted/distressed issuers.

Also, the fund’s energy-related financial instruments may include sponsored and unsponsored ADRs and GDRs.

The fund may also invest in commodity-linked derivative instruments, commodity futures, options on commodity future contracts, and investment vehicles that focus on commodities such as ETFs that invest in commodities, commodity options and futures.

The fund seeks growth and income 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 a wide range of energy-related financial instruments issued in the U.S. and markets around the world. 

Energy-related financial instruments may include foreign and domestic securities of issuers that derive more than fifty percent of their assets, revenue or income from activities related to the exploration, extraction, mining, research, development, conservation, refinement, production, transfer, transmission, and transportation of conventional, alternative, renewable and sustainable energy sources, as well as utilities, petrochemicals, plastics, and suppliers and servicers to such industries.

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%, but may invest up to 100%, of its net assets in the securities of issuers organized or having their principal place of business outside the U.S. or doing a substantial amount of business outside the U.S.

The fund will consider an issuer to be doing a substantial amount of business outside the U.S. if it derives more than fifty percent of its assets, revenue or income outside of the U.S. or is an international focused ETF or ETN.

Also, the fund invests in issuers from at least three different countries.

The fund may also invest in pooled investment vehicles, including other registered investment companies ETNs and ETFs, including leveraged and inverse ETFs.

Additionally, the fund may invest in fixed income securities of any credit quality and maturity, including those of defaulted/distressed issuers.

Also, the fund’s energy-related financial instruments may include sponsored and unsponsored ADRs and GDRs.

The fund may also invest in commodity-linked derivative instruments, commodity futures, options on commodity future contracts, and investment vehicles that focus on commodities such as ETFs that invest in commodities, commodity options and futures.

The fund seeks capital appreciation in the long term and current income 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 securities issued by U.S. and foreign (non-U.S.) infrastructure-related companies.

According to the team, an infrastructure-related company has at least 50% of its assets consisting of infrastructure assets, or 50% of its gross income or net profits attributable to, or derived (directly or indirectly) from the ownership, management, construction, development, operation, use, creation or financing of infrastructure assets.

Infrastructure assets include transportation assets, utility assets and social assets.

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 factors such as a company’s operations, risk profile, growth expectations and valuation.

In addition, the team utilizes an Economic Value Added framework to select investments. The team believes markets often undervalue or overvalue a company’s ability to create or destroy wealth. The framework seeks to identify and exploit these investment opportunities.

As part of the process, the team evaluates a company’s ability to generate favorable returns, market position and expertise, brand value, pricing power, financial strength, profit margin changes, and return on capital improvement.

Other factors in consideration are a company’s durability of revenue growth, ability to generate cash flow, management teams that are aligned with shareholders’ interests, dividends or current income, market share gains, innovation and reinvestment, and corporate governance.

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.

Also, the fund will invest at least 40% of its net assets in securities of companies organized or located in at least three non-U.S. countries.

The fund may also engage in transactions in foreign currencies.

Additionally, the fund’s investments in securities of foreign issuers may include sponsored or unsponsored depositary receipts, such as American Depositary Receipts and Global Depositary Receipts.

The fund seeks capital appreciation in the long term and current income 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 securities issued by U.S. and foreign (non-U.S.) infrastructure-related companies.

According to the team, an infrastructure-related company has at least 50% of its assets consisting of infrastructure assets, or 50% of its gross income or net profits attributable to, or derived (directly or indirectly) from the ownership, management, construction, development, operation, use, creation or financing of infrastructure assets.

Infrastructure assets include transportation assets, utility assets and social assets.

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 factors such as a company’s operations, risk profile, growth expectations and valuation.

In addition, the team utilizes an Economic Value Added framework to select investments. The team believes markets often undervalue or overvalue a company’s ability to create or destroy wealth. The framework seeks to identify and exploit these investment opportunities.

As part of the process, the team evaluates a company’s ability to generate favorable returns, market position and expertise, brand value, pricing power, financial strength, profit margin changes, and return on capital improvement.

Other factors in consideration are a company’s durability of revenue growth, ability to generate cash flow, management teams that are aligned with shareholders’ interests, dividends or current income, market share gains, innovation and reinvestment, and corporate governance.

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.

Also, the fund will invest at least 40% of its net assets in securities of companies organized or located in at least three non-U.S. countries.

The fund may also engage in transactions in foreign currencies.

Additionally, the fund’s investments in securities of foreign issuers may include sponsored or unsponsored depositary receipts, such as American Depositary Receipts and Global Depositary Receipts.

The fund seeks income and capital appreciation 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 i issued by companies that are engaged in the infrastructure business and other investments with similar economic characteristics.

The team considers companies to be engaged in the infrastructure business if at least 50% or more of their assets, income, sales or profits are committed to, derived from or related to, the construction, renovation, ownership, development, financing, management or operation of infrastructure assets or the provision of raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets include physical structures, networks, developments and projects that communities and economies require to function and grow, including transportation-related infrastructure, energy-related infrastructure, water and sewage infrastructure, communications infrastructure, and social services-related infrastructure and other resources and services necessary for the construction and maintenance of infrastructure assets.

In selecting securities for the portfolio, the research team focuses on companies with sustainable cash flows over the .long term.

The team also focuses on companies that are attractively valued relative to other companies in the same industry or 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 holds approximately 30 to 60 holdings.

The fund may invest a significant portion of its net assets in foreign securities.

Also, the fund will invest in assets that are tied economically to a minimum of three countries (which may include the United States).

Additionally, the fund will invest a substantial portion (at least 40%, unless market conditions are deemed to be unfavorable, in which case at least 30%) of its assets in investments tied economically to countries outside of the United States.

The fund may invest up to 20% of its  net assets in securities of companies located in countries with developing or emerging markets.
 

The fund seeks income and capital appreciation 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 i issued by companies that are engaged in the infrastructure business and other investments with similar economic characteristics.

The team considers companies to be engaged in the infrastructure business if at least 50% or more of their assets, income, sales or profits are committed to, derived from or related to, the construction, renovation, ownership, development, financing, management or operation of infrastructure assets or the provision of raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets include physical structures, networks, developments and projects that communities and economies require to function and grow, including transportation-related infrastructure, energy-related infrastructure, water and sewage infrastructure, communications infrastructure, and social services-related infrastructure and other resources and services necessary for the construction and maintenance of infrastructure assets.

In selecting securities for the portfolio, the research team focuses on companies with sustainable cash flows over the .long term.

The team also focuses on companies that are attractively valued relative to other companies in the same industry or 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 holds approximately 30 to 60 holdings.

The fund may invest a significant portion of its net assets in foreign securities.

Also, the fund will invest in assets that are tied economically to a minimum of three countries (which may include the United States).

Additionally, the fund will invest a substantial portion (at least 40%, unless market conditions are deemed to be unfavorable, in which case at least 30%) of its assets in investments tied economically to countries outside of the United States.

The fund may invest up to 20% of its  net assets in securities of companies located in countries with developing or emerging markets.
 

The fund seeks income and capital appreciation 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 i issued by companies that are engaged in the infrastructure business and other investments with similar economic characteristics.

The team considers companies to be engaged in the infrastructure business if at least 50% or more of their assets, income, sales or profits are committed to, derived from or related to, the construction, renovation, ownership, development, financing, management or operation of infrastructure assets or the provision of raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets include physical structures, networks, developments and projects that communities and economies require to function and grow, including transportation-related infrastructure, energy-related infrastructure, water and sewage infrastructure, communications infrastructure, and social services-related infrastructure and other resources and services necessary for the construction and maintenance of infrastructure assets.

In selecting securities for the portfolio, the research team focuses on companies with sustainable cash flows over the .long term.

The team also focuses on companies that are attractively valued relative to other companies in the same industry or 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 holds approximately 30 to 60 holdings.

The fund may invest a significant portion of its net assets in foreign securities.

Also, the fund will invest in assets that are tied economically to a minimum of three countries (which may include the United States).

Additionally, the fund will invest a substantial portion (at least 40%, unless market conditions are deemed to be unfavorable, in which case at least 30%) of its assets in investments tied economically to countries outside of the United States.

The fund may invest up to 20% of its  net assets in securities of companies located in countries with developing or emerging markets.
 

The fund seeks total return by investing in companies outside the United States.

The fund manages assets with the help of two sub-advisers namely, Cohen & Steers Asia Limited, and Cohen & Steers UK Limited.

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 U.S. and non-U.S. securities issued by infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, marine ports, telecommunications companies and other infrastructure companies.

Infrastructure companies are companies that derive at least 50% of their revenues from, or have at least 50% of their assets committed to, the management, ownership, operation, construction, development, servicing or financing of assets used in connection with the generation, production, transmission, sale or distribution of electric energy, natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, coal or other energy sources.

Also, the team considers infrastructure companies as companies that are involved in the distribution, purification and treatment of water, provision of communications services, or the provision of transportation services.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that have the potential to provide an attractive total return through a combination of current income and capital appreciation.

The team evaluates each company on the basis of valuation multiples such as cash flow, earnings, and  book values as well as earnings growth rate, and dividend yield.

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 in infrastructure companies primarily in developed countries, but may invest in securities of infrastructure companies domiciled in emerging market countries.

Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.

The fund may invest in infrastructure securities that in certain instances are structured as Real Estate Investment Trusts.

Additionally, the fund may invest up to 20% of its net assets in below investment grade securities.

The fund seeks total return by investing in companies outside the United States.

The fund manages assets with the help of two sub-advisers namely, Cohen & Steers Asia Limited, and Cohen & Steers UK Limited.

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 U.S. and non-U.S. securities issued by infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, marine ports, telecommunications companies and other infrastructure companies.

Infrastructure companies are companies that derive at least 50% of their revenues from, or have at least 50% of their assets committed to, the management, ownership, operation, construction, development, servicing or financing of assets used in connection with the generation, production, transmission, sale or distribution of electric energy, natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, coal or other energy sources.

Also, the team considers infrastructure companies as companies that are involved in the distribution, purification and treatment of water, provision of communications services, or the provision of transportation services.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that have the potential to provide an attractive total return through a combination of current income and capital appreciation.

The team evaluates each company on the basis of valuation multiples such as cash flow, earnings, and  book values as well as earnings growth rate, and dividend yield.

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 in infrastructure companies primarily in developed countries, but may invest in securities of infrastructure companies domiciled in emerging market countries.

Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.

The fund may invest in infrastructure securities that in certain instances are structured as Real Estate Investment Trusts.

Additionally, the fund may invest up to 20% of its net assets in below investment grade securities.

The fund seeks total return by investing in companies outside the United States.

The fund manages assets with the help of two sub-advisers namely, Cohen & Steers Asia Limited, and Cohen & Steers UK Limited.

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 U.S. and non-U.S. securities issued by infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, marine ports, telecommunications companies and other infrastructure companies.

Infrastructure companies are companies that derive at least 50% of their revenues from, or have at least 50% of their assets committed to, the management, ownership, operation, construction, development, servicing or financing of assets used in connection with the generation, production, transmission, sale or distribution of electric energy, natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, coal or other energy sources.

Also, the team considers infrastructure companies as companies that are involved in the distribution, purification and treatment of water, provision of communications services, or the provision of transportation services.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that have the potential to provide an attractive total return through a combination of current income and capital appreciation.

The team evaluates each company on the basis of valuation multiples such as cash flow, earnings, and  book values as well as earnings growth rate, and dividend yield.

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 in infrastructure companies primarily in developed countries, but may invest in securities of infrastructure companies domiciled in emerging market countries.

Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.

The fund may invest in infrastructure securities that in certain instances are structured as Real Estate Investment Trusts.

Additionally, the fund may invest up to 20% of its net assets in below investment grade securities.

The fund seeks total return by investing in companies outside the United States.

The fund manages assets with the help of two sub-advisers namely, Cohen & Steers Asia Limited, and Cohen & Steers UK Limited.

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 U.S. and non-U.S. securities issued by infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, marine ports, telecommunications companies and other infrastructure companies.

Infrastructure companies are companies that derive at least 50% of their revenues from, or have at least 50% of their assets committed to, the management, ownership, operation, construction, development, servicing or financing of assets used in connection with the generation, production, transmission, sale or distribution of electric energy, natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, coal or other energy sources.

Also, the team considers infrastructure companies as companies that are involved in the distribution, purification and treatment of water, provision of communications services, or the provision of transportation services.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that have the potential to provide an attractive total return through a combination of current income and capital appreciation.

The team evaluates each company on the basis of valuation multiples such as cash flow, earnings, and  book values as well as earnings growth rate, and dividend yield.

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 in infrastructure companies primarily in developed countries, but may invest in securities of infrastructure companies domiciled in emerging market countries.

Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.

The fund may invest in infrastructure securities that in certain instances are structured as Real Estate Investment Trusts.

Additionally, the fund may invest up to 20% of its net assets in below investment grade securities.

The fund seeks total return by investing in companies outside the United States.

The fund manages assets with the help of two sub-advisers namely, Cohen & Steers Asia Limited, and Cohen & Steers UK Limited.

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 U.S. and non-U.S. securities issued by infrastructure companies, which consist of utilities, pipelines, toll roads, airports, railroads, marine ports, telecommunications companies and other infrastructure companies.

Infrastructure companies are companies that derive at least 50% of their revenues from, or have at least 50% of their assets committed to, the management, ownership, operation, construction, development, servicing or financing of assets used in connection with the generation, production, transmission, sale or distribution of electric energy, natural gas, natural gas liquids (including propane), crude oil, refined petroleum products, coal or other energy sources.

Also, the team considers infrastructure companies as companies that are involved in the distribution, purification and treatment of water, provision of communications services, or the provision of transportation services.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that have the potential to provide an attractive total return through a combination of current income and capital appreciation.

The team evaluates each company on the basis of valuation multiples such as cash flow, earnings, and  book values as well as earnings growth rate, and dividend yield.

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 in infrastructure companies primarily in developed countries, but may invest in securities of infrastructure companies domiciled in emerging market countries.

Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.

The fund may invest in infrastructure securities that in certain instances are structured as Real Estate Investment Trusts.

Additionally, the fund may invest up to 20% of its net assets in below investment grade securities.

The fund seeks total return by investing in companies outside the United States.

The fund manages assets with the help of two sub-advisers namely, Cohen & Steers Asia Limited, and Cohen & Steers UK Limited.

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 issued by U.S. and non-U.S. real estate companies, including real estate investment trusts and similar REIT-like entities.

According to the team, a real estate company is one that derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land, or has at least 50% of its assets invested in such real estate.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates securities based on price-to-net asset value, cash flow multiple/growth ratios and a dividend discount mode

As part of the process, the team assesses the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength, and corporate structure.

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 manager allocates the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries).

When investing, the fund considers a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. as doing a substantial amount of business outside the U.S.

The non-U.S. companies in which the fund invests may include those domiciled in emerging market countries.

Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.

The fund may also invest in securities of foreign companies in the form of American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts.

The fund seeks total return by investing in companies outside the United States.

The fund manages assets with the help of two sub-advisers namely, Cohen & Steers Asia Limited, and Cohen & Steers UK Limited.

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 issued by U.S. and non-U.S. real estate companies, including real estate investment trusts and similar REIT-like entities.

According to the team, a real estate company is one that derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land, or has at least 50% of its assets invested in such real estate.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates securities based on price-to-net asset value, cash flow multiple/growth ratios and a dividend discount mode

As part of the process, the team assesses the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength, and corporate structure.

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 manager allocates the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries).

When investing, the fund considers a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. as doing a substantial amount of business outside the U.S.

The non-U.S. companies in which the fund invests may include those domiciled in emerging market countries.

Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.

The fund may also invest in securities of foreign companies in the form of American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts.

The fund seeks total return by investing in companies outside the United States.

The fund manages assets with the help of two sub-advisers namely, Cohen & Steers Asia Limited, and Cohen & Steers UK Limited.

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 issued by U.S. and non-U.S. real estate companies, including real estate investment trusts and similar REIT-like entities.

According to the team, a real estate company is one that derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land, or has at least 50% of its assets invested in such real estate.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates securities based on price-to-net asset value, cash flow multiple/growth ratios and a dividend discount mode

As part of the process, the team assesses the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength, and corporate structure.

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 manager allocates the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries).

When investing, the fund considers a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. as doing a substantial amount of business outside the U.S.

The non-U.S. companies in which the fund invests may include those domiciled in emerging market countries.

Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.

The fund may also invest in securities of foreign companies in the form of American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts.

The fund seeks total return by investing in companies outside the United States.

The fund manages assets with the help of two sub-advisers namely, Cohen & Steers Asia Limited, and Cohen & Steers UK Limited.

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 issued by U.S. and non-U.S. real estate companies, including real estate investment trusts and similar REIT-like entities.

According to the team, a real estate company is one that derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land, or has at least 50% of its assets invested in such real estate.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates securities based on price-to-net asset value, cash flow multiple/growth ratios and a dividend discount mode

As part of the process, the team assesses the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength, and corporate structure.

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 manager allocates the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries).

When investing, the fund considers a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. as doing a substantial amount of business outside the U.S.

The non-U.S. companies in which the fund invests may include those domiciled in emerging market countries.

Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.

The fund may also invest in securities of foreign companies in the form of American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts.

The fund seeks total return by investing in companies outside the United States.

The fund manages assets with the help of two sub-advisers namely, Cohen & Steers Asia Limited, and Cohen & Steers UK Limited.

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 issued by U.S. and non-U.S. real estate companies, including real estate investment trusts and similar REIT-like entities.

According to the team, a real estate company is one that derives at least 50% of its revenue from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate and land, or has at least 50% of its assets invested in such real estate.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates securities based on price-to-net asset value, cash flow multiple/growth ratios and a dividend discount mode

As part of the process, the team assesses the commercial real estate supply and demand dynamics, management, strategy, property quality, financial strength, and corporate structure.

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 manager allocates the fund’s net assets among various regions and countries, including the United States (but in no less than three different countries).

When investing, the fund considers a company that derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. as doing a substantial amount of business outside the U.S.

The non-U.S. companies in which the fund invests may include those domiciled in emerging market countries.

Typically, emerging markets are in countries that are in the process of industrialization, with lower gross national products per capita than more developed countries.

The fund may also invest in securities of foreign companies in the form of American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts.

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 securities of technology companies that may benefit from technological improvements, advancements or developments.

Technology companies include companies in technology-related industries or sectors, such as the information technology, communications, healthcare, media, consumer electronics, semi-conductor, internet commerce and advertising, environmental, aerospace and defense industries and sectors.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, companies that have been formed under the laws of non-U.S. countries, or foreign currencies.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue or profits from business outside the U.S. or has at least 50% of its sales or assets outside the U.S.

In addition, the team prefers companies that have the potential for long-term growth.

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 at least 25% of the value of its net assets in the securities of issuers conducting their principal business activities in the technology and related group of industries.

Additionally, the fund may invest directly in foreign securities or indirectly through depositary receipts.

The fund has the flexibility to invest across market capitalizations but may invest a significant amount of its assets in smaller companies.

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 securities of technology companies that may benefit from technological improvements, advancements or developments.

Technology companies include companies in technology-related industries or sectors, such as the information technology, communications, healthcare, media, consumer electronics, semi-conductor, internet commerce and advertising, environmental, aerospace and defense industries and sectors.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, companies that have been formed under the laws of non-U.S. countries, or foreign currencies.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue or profits from business outside the U.S. or has at least 50% of its sales or assets outside the U.S.

In addition, the team prefers companies that have the potential for long-term growth.

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 at least 25% of the value of its net assets in the securities of issuers conducting their principal business activities in the technology and related group of industries.

Additionally, the fund may invest directly in foreign securities or indirectly through depositary receipts.

The fund has the flexibility to invest across market capitalizations but may invest a significant amount of its assets in smaller companies.

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 securities of technology companies that may benefit from technological improvements, advancements or developments.

Technology companies include companies in technology-related industries or sectors, such as the information technology, communications, healthcare, media, consumer electronics, semi-conductor, internet commerce and advertising, environmental, aerospace and defense industries and sectors.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, companies that have been formed under the laws of non-U.S. countries, or foreign currencies.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue or profits from business outside the U.S. or has at least 50% of its sales or assets outside the U.S.

In addition, the team prefers companies that have the potential for long-term growth.

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 at least 25% of the value of its net assets in the securities of issuers conducting their principal business activities in the technology and related group of industries.

Additionally, the fund may invest directly in foreign securities or indirectly through depositary receipts.

The fund has the flexibility to invest across market capitalizations but may invest a significant amount of its assets in smaller companies.

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 securities of technology companies that may benefit from technological improvements, advancements or developments.

Technology companies include companies in technology-related industries or sectors, such as the information technology, communications, healthcare, media, consumer electronics, semi-conductor, internet commerce and advertising, environmental, aerospace and defense industries and sectors.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, companies that have been formed under the laws of non-U.S. countries, or foreign currencies.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue or profits from business outside the U.S. or has at least 50% of its sales or assets outside the U.S.

In addition, the team prefers companies that have the potential for long-term growth.

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 at least 25% of the value of its net assets in the securities of issuers conducting their principal business activities in the technology and related group of industries.

Additionally, the fund may invest directly in foreign securities or indirectly through depositary receipts.

The fund has the flexibility to invest across market capitalizations but may invest a significant amount of its assets in smaller companies.

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 securities of technology companies that may benefit from technological improvements, advancements or developments.

Technology companies include companies in technology-related industries or sectors, such as the information technology, communications, healthcare, media, consumer electronics, semi-conductor, internet commerce and advertising, environmental, aerospace and defense industries and sectors.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, companies that have been formed under the laws of non-U.S. countries, or foreign currencies.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue or profits from business outside the U.S. or has at least 50% of its sales or assets outside the U.S.

In addition, the team prefers companies that have the potential for long-term growth.

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 at least 25% of the value of its net assets in the securities of issuers conducting their principal business activities in the technology and related group of industries.

Additionally, the fund may invest directly in foreign securities or indirectly through depositary receipts.

The fund has the flexibility to invest across market capitalizations but may invest a significant amount of its assets in smaller companies.

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 securities of technology companies that may benefit from technological improvements, advancements or developments.

Technology companies include companies in technology-related industries or sectors, such as the information technology, communications, healthcare, media, consumer electronics, semi-conductor, internet commerce and advertising, environmental, aerospace and defense industries and sectors.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, companies that have been formed under the laws of non-U.S. countries, or foreign currencies.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue or profits from business outside the U.S. or has at least 50% of its sales or assets outside the U.S.

In addition, the team prefers companies that have the potential for long-term growth.

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 at least 25% of the value of its net assets in the securities of issuers conducting their principal business activities in the technology and related group of industries.

Additionally, the fund may invest directly in foreign securities or indirectly through depositary receipts.

The fund has the flexibility to invest across market capitalizations but may invest a significant amount of its assets in smaller companies.

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 U.S. and non-U.S. companies with business operations in technology and technology-related industries.

Technology-related companies are those companies that use technology extensively to improve their business processes and applications.

The technology industry comprises information technology and communications, as well as medical, environmental and biotechnology.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, or have been formed under the laws of non-U.S. countries.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S.

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

The fund may invest in securities of companies domiciled in any country, and also, generally invests in several countries in different geographic regions
Additionally, the fund may invest in all types of securities, many of which will be denominated in currencies other than the U.S. dollar.

The fund also may invest up to 20% of its net assets in preferred stock and investment-grade or comparable quality debt securities.

Also, the fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund.

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 U.S. and non-U.S. companies with business operations in technology and technology-related industries.

Technology-related companies are those companies that use technology extensively to improve their business processes and applications.

The technology industry comprises information technology and communications, as well as medical, environmental and biotechnology.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, or have been formed under the laws of non-U.S. countries.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S.

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

The fund may invest in securities of companies domiciled in any country, and also, generally invests in several countries in different geographic regions
Additionally, the fund may invest in all types of securities, many of which will be denominated in currencies other than the U.S. dollar.

The fund also may invest up to 20% of its net assets in preferred stock and investment-grade or comparable quality debt securities.

Also, the fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund.

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 U.S. and non-U.S. companies with business operations in technology and technology-related industries.

Technology-related companies are those companies that use technology extensively to improve their business processes and applications.

The technology industry comprises information technology and communications, as well as medical, environmental and biotechnology.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, or have been formed under the laws of non-U.S. countries.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S.

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

The fund may invest in securities of companies domiciled in any country, and also, generally invests in several countries in different geographic regions
Additionally, the fund may invest in all types of securities, many of which will be denominated in currencies other than the U.S. dollar.

The fund also may invest up to 20% of its net assets in preferred stock and investment-grade or comparable quality debt securities.

Also, the fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund.

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 U.S. and non-U.S. companies with business operations in technology and technology-related industries.

Technology-related companies are those companies that use technology extensively to improve their business processes and applications.

The technology industry comprises information technology and communications, as well as medical, environmental and biotechnology.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, or have been formed under the laws of non-U.S. countries.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S.

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

The fund may invest in securities of companies domiciled in any country, and also, generally invests in several countries in different geographic regions
Additionally, the fund may invest in all types of securities, many of which will be denominated in currencies other than the U.S. dollar.

The fund also may invest up to 20% of its net assets in preferred stock and investment-grade or comparable quality debt securities.

Also, the fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund.

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 U.S. and non-U.S. companies with business operations in technology and technology-related industries.

Technology-related companies are those companies that use technology extensively to improve their business processes and applications.

The technology industry comprises information technology and communications, as well as medical, environmental and biotechnology.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, or have been formed under the laws of non-U.S. countries.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S.

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

The fund may invest in securities of companies domiciled in any country, and also, generally invests in several countries in different geographic regions
Additionally, the fund may invest in all types of securities, many of which will be denominated in currencies other than the U.S. dollar.

The fund also may invest up to 20% of its net assets in preferred stock and investment-grade or comparable quality debt securities.

Also, the fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund.

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 U.S. and non-U.S. companies with business operations in technology and technology-related industries.

Technology-related companies are those companies that use technology extensively to improve their business processes and applications.

The technology industry comprises information technology and communications, as well as medical, environmental and biotechnology.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, or have been formed under the laws of non-U.S. countries.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S.

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

The fund may invest in securities of companies domiciled in any country, and also, generally invests in several countries in different geographic regions
Additionally, the fund may invest in all types of securities, many of which will be denominated in currencies other than the U.S. dollar.

The fund also may invest up to 20% of its net assets in preferred stock and investment-grade or comparable quality debt securities.

Also, the fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund.

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 U.S. and non-U.S. companies with business operations in technology and technology-related industries.

Technology-related companies are those companies that use technology extensively to improve their business processes and applications.

The technology industry comprises information technology and communications, as well as medical, environmental and biotechnology.

The research team invests at least 40% of the fund’s net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S.

This may also include companies that have their securities traded on non-U.S. exchanges, or have been formed under the laws of non-U.S. countries.

The team considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S.

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

The fund may invest in securities of companies domiciled in any country, and also, generally invests in several countries in different geographic regions
Additionally, the fund may invest in all types of securities, many of which will be denominated in currencies other than the U.S. dollar.

The fund also may invest up to 20% of its net assets in preferred stock and investment-grade or comparable quality debt securities.

Also, the fund is non-diversified, which means that it can invest a greater percentage of its assets in the securities of fewer issuers than can a diversified fund.

The fund seeks capital appreciation in the long term and current income 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 issuers in real estate and related industries.

In selecting securities for the portfolio, the research team focuses on companies with capital appreciation and earnings growth potential, durable franchise value, and interest or dividend income.

The team also considers the price of a security relative to its peers.

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

The fund may invest in emerging market countries, and in securities denominated in any currency.

Also, the fund invests in equity securities as well as in the debt securities of companies in real estate industries.

In addition, the fund may invest in depositary receipts, including American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts.

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

The fund invests its net assets in the DFA Real Estate Securities Portfolio, DFA International Real Estate Securities Portfolio (the Underlying Funds), and/or directly in securities of companies in the real estate industry.

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

The fund manages assets with the help of two sub-advisers namely Dimensional Fund Advisors Ltd. and DFA Australia Limited.

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 focuses on securities of U.S. and non-U.S. companies in the real estate industry, with a focus on real estate investment trusts or REIT-like entities.

The team considers a company to be principally engaged in the real estate industry if the company derives at least 50% of its revenue or profits from the ownership, management, development, construction, or sale of residential, commercial, industrial, or other real estate.

Also, the team considers a company that has at least 50% of the value of its assets invested in residential, commercial, industrial, or other real estate, or is organized as a REIT or REIT-like entity.

Next, the research team employs a market capitalization weighted approach to invest in companies principally engaged in the real estate industry in its designated market.

Also, the team evaluates companies on factors such as free float, momentum, trading strategies, liquidity, size, relative price, and profitability.

In assessing relative price, the team relies on valuation multiples such as cash flow or earnings.

However, in assessing profitability, the team considers ratios of earnings or profits from operations relative to book value or assets.

Also, the fund and Underlying Funds may lend their portfolio securities to generate additional income.

The fund seeks total return in the long term and current income by investing in companies outside the United States.

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

Next, the research team focuses on Infrastructure Investments. Infrastructure Investments include any assets or projects that support the operation, function, growth or development of a community or economy.

The infrastructure assets in which the fund invests include assets related to transportation, transportation equipment, electric utilities and power, energy, communication networks and equipment, water and sewage treatment, social infrastructure, metals, and mining.

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

The fund may invest in Infrastructure Investments in the United States or in foreign countries, including emerging market countries. However, the fund generally seeks to invest principally in instruments denominated in U.S. dollars.

Additionally, the fund may invest more than 50% of its net assets in investment grade investments and unrated instruments to be of comparable credit quality.

The fund seeks total return in the long term and current income by investing in companies outside the United States.

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

Next, the research team focuses on Infrastructure Investments. Infrastructure Investments include any assets or projects that support the operation, function, growth or development of a community or economy.

The infrastructure assets in which the fund invests include assets related to transportation, transportation equipment, electric utilities and power, energy, communication networks and equipment, water and sewage treatment, social infrastructure, metals, and mining.

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

The fund may invest in Infrastructure Investments in the United States or in foreign countries, including emerging market countries. However, the fund generally seeks to invest principally in instruments denominated in U.S. dollars.

Additionally, the fund may invest more than 50% of its net assets in investment grade investments and unrated instruments to be of comparable credit quality.

The fund seeks capital appreciation and current income by investing in companies principally engaged in the real estate sector.

The sub-adviser considers investment opportunities primarily in the developed regions of North America, Europe and Asia and may invest in emerging markets.

The investment process is primarily driven by fundamental research of one company at a time across all real estate sectors. The research considers trends in real estate development and supply and demand characteristics across several sectors including office, industrial, retail, residential, education and healthcare and technology.

The team also looks at the quality of the portfolio held by the company, cash flow growth and relative valuations with peers.

The fund favors large and well established real estate companies with high quality portfolios of properties.

The fund seeks capital appreciation and current income by investing in companies principally engaged in the real estate sector.

The sub-adviser considers investment opportunities primarily in the developed regions of North America, Europe and Asia and may invest in emerging markets.

The investment process is primarily driven by fundamental research of one company at a time across all real estate sectors. The research considers trends in real estate development and supply and demand characteristics across several sectors including office, industrial, retail, residential, education and healthcare and technology.

The team also looks at the quality of the portfolio held by the company, cash flow growth and relative valuations with peers.

The fund favors large and well established real estate companies with high quality portfolios of properties.

The fund seeks capital appreciation and current income by investing in companies principally engaged in the real estate sector.

The sub-adviser considers investment opportunities primarily in the developed regions of North America, Europe and Asia and may invest in emerging markets.

The investment process is primarily driven by fundamental research of one company at a time across all real estate sectors. The research considers trends in real estate development and supply and demand characteristics across several sectors including office, industrial, retail, residential, education and healthcare and technology.

The team also looks at the quality of the portfolio held by the company, cash flow growth and relative valuations with peers.

The fund favors large and well established real estate companies with high quality portfolios of properties.

The fund seeks capital appreciation and current income by investing in companies principally engaged in the real estate sector.

The sub-adviser considers investment opportunities primarily in the developed regions of North America, Europe and Asia and may invest in emerging markets.

The investment process is primarily driven by fundamental research of one company at a time across all real estate sectors. The research considers trends in real estate development and supply and demand characteristics across several sectors including office, industrial, retail, residential, education and healthcare and technology.

The team also looks at the quality of the portfolio held by the company, cash flow growth and relative valuations with peers.

The fund favors large and well established real estate companies with high quality portfolios of properties.

The fund seeks capital appreciation by investing in companies engaged in natural resource exploration and development or both and companies providing technology, services, and products related to natural resources.

The fund researches companies with the help of fundamental analysis, frequent management contacts, and development track record. The fund favors market leaders in their sectors with strong financial positions.

The fund has the flexibility to invest across all market capitalizations and international and emerging markets.

The fund seeks capital appreciation by investing in companies engaged in natural resource exploration and development or both and companies providing technology, services, and products related to natural resources.

The fund researches companies with the help of fundamental analysis, frequent management contacts, and development track record. The fund favors market leaders in their sectors with strong financial positions.

The fund has the flexibility to invest across all market capitalizations and international and emerging markets.

The fund seeks capital appreciation by investing in companies engaged in natural resource exploration and development or both and companies providing technology, services, and products related to natural resources.

The fund researches companies with the help of fundamental analysis, frequent management contacts, and development track record. The fund favors market leaders in their sectors with strong financial positions.

The fund has the flexibility to invest across all market capitalizations and international and emerging markets.

The fund seeks capital appreciation by investing in companies engaged in natural resource exploration and development or both and companies providing technology, services, and products related to natural resources.

The fund researches companies with the help of fundamental analysis, frequent management contacts, and development track record. The fund favors market leaders in their sectors with strong financial positions.

The fund has the flexibility to invest across all market capitalizations and international and emerging markets.

The fund seeks total return including capital appreciation and current income by investing in companies that own and/or operate physical infrastructure.

The investment process looks for companies around the world that own and/or operate physical infrastructure that support global economic growth. Some of the examples of infrastructure include energy pipeline network, communication towers, ports, electric energy producers or network operators, and bridges and tunnel operators.

The fund looks for companies in each region of the world that offer superior risk-reward profile and favors companies that are estimated to create shareholder value in the longer-term.

The fund seeks total return including capital appreciation and current income by investing in companies that own and/or operate physical infrastructure.

The investment process looks for companies around the world that own and/or operate physical infrastructure that support global economic growth. Some of the examples of infrastructure include energy pipeline network, communication towers, ports, electric energy producers or network operators, and bridges and tunnel operators.

The fund looks for companies in each region of the world that offer superior risk-reward profile and favors companies that are estimated to create shareholder value in the longer-term.

The fund seeks total return including capital appreciation and current income by investing in companies that own and/or operate physical infrastructure.

The investment process looks for companies around the world that own and/or operate physical infrastructure that support global economic growth. Some of the examples of infrastructure include energy pipeline network, communication towers, ports, electric energy producers or network operators, and bridges and tunnel operators.

The fund looks for companies in each region of the world that offer superior risk-reward profile and favors companies that are estimated to create shareholder value in the longer-term.

The fund seeks total return including capital appreciation and current income by investing in companies that own and/or operate physical infrastructure.

The investment process looks for companies around the world that own and/or operate physical infrastructure that support global economic growth. Some of the examples of infrastructure include energy pipeline network, communication towers, ports, electric energy producers or network operators, and bridges and tunnel operators.

The fund looks for companies in each region of the world that offer superior risk-reward profile and favors companies that are estimated to create shareholder value in the longer-term.

The fund seeks total return including capital appreciation and current income by investing in companies that own and/or operate physical infrastructure.

The investment process looks for companies around the world that own and/or operate physical infrastructure that support global economic growth. Some of the examples of infrastructure include energy pipeline network, communication towers, ports, electric energy producers or network operators, and bridges and tunnel operators.

The fund looks for companies in each region of the world that offer superior risk-reward profile and favors companies that are estimated to create shareholder value in the longer-term.

The fund seeks total return including capital appreciation and current income by investing in companies that own and/or operate physical infrastructure.

The investment process looks for companies around the world that own and/or operate physical infrastructure that support global economic growth. Some of the examples of infrastructure include energy pipeline network, communication towers, ports, electric energy producers or network operators, and bridges and tunnel operators.

The fund looks for companies in each region of the world that offer superior risk-reward profile and favors companies that are estimated to create shareholder value in the longer-term.

The fund seeks to generate total return including income by investing in equity or debt securities issued by real estate companies around the world.

The investment process starts with macro-economic analysis and arrives at regional asset allocation based on investment climate, regulatory and political trends and economic growth outlook.

The research team then looks for investment opportunities in individual countries based on the supply and demand characteristics in each country across all classes of real estate including residential, commercial, retail, industrial, healthcare and technology.

The fund looks for companies with positive or improving fundamentals, high quality portfolios and financially strong operators.

The fund favors real estate investment trusts for their liquidity and pass through income to shareholders.

The fund seeks to generate total return including income by investing in equity or debt securities issued by real estate companies around the world.

The investment process starts with macro-economic analysis and arrives at regional asset allocation based on investment climate, regulatory and political trends and economic growth outlook.

The research team then looks for investment opportunities in individual countries based on the supply and demand characteristics in each country across all classes of real estate including residential, commercial, retail, industrial, healthcare and technology.

The fund looks for companies with positive or improving fundamentals, high quality portfolios and financially strong operators.

The fund favors real estate investment trusts for their liquidity and pass through income to shareholders.

The fund seeks to generate total return including income by investing in equity or debt securities issued by real estate companies around the world.

The investment process starts with macro-economic analysis and arrives at regional asset allocation based on investment climate, regulatory and political trends and economic growth outlook.

The research team then looks for investment opportunities in individual countries based on the supply and demand characteristics in each country across all classes of real estate including residential, commercial, retail, industrial, healthcare and technology.

The fund looks for companies with positive or improving fundamentals, high quality portfolios and financially strong operators.

The fund favors real estate investment trusts for their liquidity and pass through income to shareholders.

The fund seeks to generate total return including income by investing in equity or debt securities issued by real estate companies around the world.

The investment process starts with macro-economic analysis and arrives at regional asset allocation based on investment climate, regulatory and political trends and economic growth outlook.

The research team then looks for investment opportunities in individual countries based on the supply and demand characteristics in each country across all classes of real estate including residential, commercial, retail, industrial, healthcare and technology.

The fund looks for companies with positive or improving fundamentals, high quality portfolios and financially strong operators.

The fund favors real estate investment trusts for their liquidity and pass through income to shareholders.

The fund seeks to generate total return including income by investing in equity or debt securities issued by real estate companies around the world.

The investment process starts with macro-economic analysis and arrives at regional asset allocation based on investment climate, regulatory and political trends and economic growth outlook.

The research team then looks for investment opportunities in individual countries based on the supply and demand characteristics in each country across all classes of real estate including residential, commercial, retail, industrial, healthcare and technology.

The fund looks for companies with positive or improving fundamentals, high quality portfolios and financially strong operators.

The fund favors real estate investment trusts for their liquidity and pass through income to shareholders.

The fund seeks to generate total return including income by investing in equity or debt securities issued by real estate companies around the world.

The investment process starts with macro-economic analysis and arrives at regional asset allocation based on investment climate, regulatory and political trends and economic growth outlook.

The research team then looks for investment opportunities in individual countries based on the supply and demand characteristics in each country across all classes of real estate including residential, commercial, retail, industrial, healthcare and technology.

The fund looks for companies with positive or improving fundamentals, high quality portfolios and financially strong operators.

The fund favors real estate investment trusts for their liquidity and pass through income to shareholders.

The fund seeks total return in excess of inflation by investing in companies outside the United States.

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

Next, the research team invests in a combination of investments that offer exposure to real assets.

The fund seeks exposure to real assets categories such as real estate, commodities, natural resource related equities, infrastructure, gold and other precious metals, master limited partnerships, Treasury Inflation-Protected Securities and other fixed income securities.

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 generally invests between 25% and 75% of its net assets in securities of foreign issuers, including up to 10% of fund assets in issuers located in countries with new or emerging markets.

In addition, the fund may invest up to 10% of its net assets in affiliated and unaffiliated exchange-traded funds and may also invest in certain other securities, including fixed income securities, and derivative instruments, including gold futures contracts and other commodity-linked futures.

Additionally, the fund may invest up to 25% of its net assets in a wholly owned subsidiary formed under the laws of the Cayman Islands (the Subsidiary).

Generally, the Subsidiary will invest in commodity-linked derivative instruments (including, but not limited to, futures contracts, options, and total return swaps) and fixed income instruments, some of which may serve as margin or collateral for the Subsidiary’s derivatives positions.

The fund invests in companies around the world active in health science, production and distribution of medical products and drugs.

The investment process takes advantage of three contributing global trends; rising income, ageing population, and increasingly rapid innovation cycle. The fundamental research driven process looks for companies that are estimated to gain markets, developing new products that extends medical care to a new group of patients and/or have competitive and financial advantage in developing new products and services.

The globally diversified funds hold between 55 and 70 stocks and top 10 holdings account for about 40% of total assets. Geographically, the fund allocates about 66% investments in the U.S. and 27% in Europe and the rest in Asia.

The fund invests in companies around the world active in health science, production and distribution of medical products and drugs.

The investment process takes advantage of three contributing global trends; rising income, ageing population, and increasingly rapid innovation cycle. The fundamental research driven process looks for companies that are estimated to gain markets, developing new products that extends medical care to a new group of patients and/or have competitive and financial advantage in developing new products and services.

The globally diversified funds hold between 55 and 70 stocks and top 10 holdings account for about 40% of total assets. Geographically, the fund allocates about 66% investments in the U.S. and 27% in Europe and the rest in Asia.

The fund invests in companies around the world active in health science, production and distribution of medical products and drugs.

The investment process takes advantage of three contributing global trends; rising income, ageing population, and increasingly rapid innovation cycle. The fundamental research driven process looks for companies that are estimated to gain markets, developing new products that extends medical care to a new group of patients and/or have competitive and financial advantage in developing new products and services.

The globally diversified funds hold between 55 and 70 stocks and top 10 holdings account for about 40% of total assets. Geographically, the fund allocates about 66% investments in the U.S. and 27% in Europe and the rest in Asia.

The fund invests in companies around the world active in health science, production and distribution of medical products and drugs.

The investment process takes advantage of three contributing global trends; rising income, ageing population, and increasingly rapid innovation cycle. The fundamental research driven process looks for companies that are estimated to gain markets, developing new products that extends medical care to a new group of patients and/or have competitive and financial advantage in developing new products and services.

The globally diversified funds hold between 55 and 70 stocks and top 10 holdings account for about 40% of total assets. Geographically, the fund allocates about 66% investments in the U.S. and 27% in Europe and the rest in Asia.

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

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

Next, the research team focuses on the securities of gold companies located in Europe and the Pacific Rim.

The team defines securities of gold companies as equity securities of companies that derive at least 50% of gross revenue or profit from mining, processing, or dealing and investing in gold, as well as companies whose primary business is exploring for gold or that provide services to the gold industry.

The team considers a company to be located in Europe or the Pacific Rim if the company is organized under the laws of a country that is a part of Europe or the Pacific Rim or has its principal office in a country that is part of Europe or the Pacific Rim.

Also, the team considers a company to be located in Europe or the Pacific Rim if at the time of investment, the company derived a significant portion of its total revenues during its most recent completed fiscal year from business activities in Europe or the Pacific Rim.

In addition, the team looks for companies that are traded principally on stock exchanges or over the-counter markets in Europe or the Pacific Rim.

In selecting securities for the portfolio, the research team focuses on companies that are trading at attractive prices that can be held for a long time horizon.

The team also focuses on companies in the gold or other precious metals sector that are lagging in market price relative to their book value or earnings, or at a discount to future book value.

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.

Also, the fund invests in shares of exchange-traded funds and closed end funds that invest in gold bullion.

The fund will invest primarily in non-U.S. companies, as well as in American and Global Depository Receipts.

Additionally, the fund may invest up to 20% of its net assets in the equity securities of other precious metals companies, such as silver, platinum and palladium companies.

Also, the fund may invest up to 15% of its net assets in private placements and other restricted securities.
 

The fund seeks capital appreciation 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 securities issued throughout the world.

The team focuses on companies principally engaged in the energy, metals, and agriculture group of industries.

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 allocates investments across different countries and regions.
 

The fund seeks capital appreciation 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 securities issued throughout the world.

The team focuses on companies principally engaged in the energy, metals, and agriculture group of industries.

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 allocates investments across different countries and regions.
 

The fund seeks capital appreciation 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 securities issued throughout the world.

The team focuses on companies principally engaged in the energy, metals, and agriculture group of industries.

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 allocates investments across different countries and regions.
 

The fund seeks capital appreciation 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 securities issued throughout the world.

The team focuses on companies principally engaged in the energy, metals, and agriculture group of industries.

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 allocates investments across different countries and regions.
 

The fund seeks capital appreciation 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 securities issued throughout the world.

The team focuses on companies principally engaged in the energy, metals, and agriculture group of industries.

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 allocates investments across different countries and regions.
 

The fund seeks capital appreciation 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 securities issued throughout the world, including the United States.

The team focuses on securities of companies principally engaged in the real estate industry and other real estate related investments.

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 allocates investments across different countries and regions.

The fund seeks capital appreciation 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 securities issued throughout the world, including the United States.

The team focuses on securities of companies principally engaged in the real estate industry and other real estate related investments.

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 allocates investments across different countries and regions.

The fund seeks capital appreciation 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 securities issued throughout the world, including the United States.

The team focuses on securities of companies principally engaged in the real estate industry and other real estate related investments.

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 allocates investments across different countries and regions.

The fund seeks capital appreciation 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 securities issued throughout the world, including the United States.

The team focuses on securities of companies principally engaged in the real estate industry and other real estate related investments.

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 allocates investments across different countries and regions.

The fund seeks capital appreciation 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 companies engaged in exploration, mining, processing, or dealing in gold, or to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals. 

The team invests significantly in securities of companies principally engaged in gold-related activities, and in gold bullion or coins.

Additionally, the team invests in other precious metals, instruments whose value is linked to the price of precious metals, and securities of companies that manufacture and distribute precious metal and mineral products (such as jewelry, watches, and metal foil and leaf) and companies that invest in other companies engaged in gold and other precious metal and mineral-related activities.

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 seeks capital appreciation 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 companies engaged in exploration, mining, processing, or dealing in gold, or to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals. 

The team invests significantly in securities of companies principally engaged in gold-related activities, and in gold bullion or coins.

Additionally, the team invests in other precious metals, instruments whose value is linked to the price of precious metals, and securities of companies that manufacture and distribute precious metal and mineral products (such as jewelry, watches, and metal foil and leaf) and companies that invest in other companies engaged in gold and other precious metal and mineral-related activities.

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 seeks capital appreciation 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 companies engaged in exploration, mining, processing, or dealing in gold, or to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals. 

The team invests significantly in securities of companies principally engaged in gold-related activities, and in gold bullion or coins.

Additionally, the team invests in other precious metals, instruments whose value is linked to the price of precious metals, and securities of companies that manufacture and distribute precious metal and mineral products (such as jewelry, watches, and metal foil and leaf) and companies that invest in other companies engaged in gold and other precious metal and mineral-related activities.

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 seeks capital appreciation 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 companies engaged in exploration, mining, processing, or dealing in gold, or to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals. 

The team invests significantly in securities of companies principally engaged in gold-related activities, and in gold bullion or coins.

Additionally, the team invests in other precious metals, instruments whose value is linked to the price of precious metals, and securities of companies that manufacture and distribute precious metal and mineral products (such as jewelry, watches, and metal foil and leaf) and companies that invest in other companies engaged in gold and other precious metal and mineral-related activities.

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 seeks capital appreciation 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 companies engaged in exploration, mining, processing, or dealing in gold, or to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals. 

The team invests significantly in securities of companies principally engaged in gold-related activities, and in gold bullion or coins.

Additionally, the team invests in other precious metals, instruments whose value is linked to the price of precious metals, and securities of companies that manufacture and distribute precious metal and mineral products (such as jewelry, watches, and metal foil and leaf) and companies that invest in other companies engaged in gold and other precious metal and mineral-related activities.

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 seeks capital appreciation 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 securities issued throughout the world.

The team focuses on companies principally engaged in the energy, metals, and agriculture group of industries.

Also, the team seeks to uncover inefficiencies within the investable universe.

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 allocates investments across different countries and regions.

The fund seeks capital appreciation 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 companies engaged in exploration, mining, processing, or dealing in gold, or to a lesser degree, in silver, platinum, diamonds, or other precious metals and minerals.

The team invests significantly in securities of companies principally engaged in gold-related activities, and in gold bullion or coins.

Additionally, the team invests in other precious metals, instruments whose value is linked to the price of precious metals, and securities of companies that manufacture and distribute precious metal and mineral products (such as jewelry, watches, and metal foil and leaf).

Also, the team favors companies that invest in other companies engaged in gold and other precious metal and mineral-related activities.

The team seeks to uncover inefficiencies within the investable universe.

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.

Additionally, the fund may invest up to 25% of its net assets in gold and other precious metals through a wholly-owned subsidiary organized under the laws of the Cayman Islands.
 

The fund seeks capital appreciation 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 companies engaged in the research, development, manufacture, sale, or distribution of pharmaceuticals and drugs of all types.

The team focuses on companies whose duration, sustainability, as well as growth rates of cash flows are mispriced.

In selecting securities for the portfolio, the research team favors stocks demonstrating above-average growth potential over the long-term trading at below-average valuations.

The research process is driven by fundamental analysis of one stock at a time. As part of the process, the team evaluates drug portfolios and pipelines.

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 seeks to provide investors the opportunity to participate in the investment characteristics of gold 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 gold and/or securities and debt instruments directly related to gold or issuers principally engaged in the gold industry, including securities of gold mining finance companies as well as operating companies with long-, medium- or short-life mines.

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 significantly in the securities of one or more issuers.

The fund may invest up to 20% of its net assets in equity and debt instruments unrelated to gold or the gold industry.

Also, the fund may allocate a substantial amount of its net assets to foreign investments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts).

The fund may also invest in fixed income instruments, short-term debt instruments, other precious metals, and futures contracts related to precious metals.

The fund is a non-diversified fund, and invests overall in a smaller number of issuers than a diversified fund.

Additionally, the fund may invest up to 25% of its net assets through a special purpose trading subsidiary (the Subsidiary). The Subsidiary is a wholly-owned and controlled subsidiary of the fund, organized under the laws of the Cayman Islands as an exempted company.

Generally, the Subsidiary will invest in commodities and related instruments, primarily gold bullion and other precious metals and related futures contracts. 
 

The fund seeks to provide investors the opportunity to participate in the investment characteristics of gold 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 gold and/or securities and debt instruments directly related to gold or issuers principally engaged in the gold industry, including securities of gold mining finance companies as well as operating companies with long-, medium- or short-life mines.

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 significantly in the securities of one or more issuers.

The fund may invest up to 20% of its net assets in equity and debt instruments unrelated to gold or the gold industry.

Also, the fund may allocate a substantial amount of its net assets to foreign investments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts).

The fund may also invest in fixed income instruments, short-term debt instruments, other precious metals, and futures contracts related to precious metals.

The fund is a non-diversified fund, and invests overall in a smaller number of issuers than a diversified fund.

Additionally, the fund may invest up to 25% of its net assets through a special purpose trading subsidiary (the Subsidiary). The Subsidiary is a wholly-owned and controlled subsidiary of the fund, organized under the laws of the Cayman Islands as an exempted company.

Generally, the Subsidiary will invest in commodities and related instruments, primarily gold bullion and other precious metals and related futures contracts. 
 

The fund seeks to provide investors the opportunity to participate in the investment characteristics of gold 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 gold and/or securities and debt instruments directly related to gold or issuers principally engaged in the gold industry, including securities of gold mining finance companies as well as operating companies with long-, medium- or short-life mines.

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 significantly in the securities of one or more issuers.

The fund may invest up to 20% of its net assets in equity and debt instruments unrelated to gold or the gold industry.

Also, the fund may allocate a substantial amount of its net assets to foreign investments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts).

The fund may also invest in fixed income instruments, short-term debt instruments, other precious metals, and futures contracts related to precious metals.

The fund is a non-diversified fund, and invests overall in a smaller number of issuers than a diversified fund.

Additionally, the fund may invest up to 25% of its net assets through a special purpose trading subsidiary (the Subsidiary). The Subsidiary is a wholly-owned and controlled subsidiary of the fund, organized under the laws of the Cayman Islands as an exempted company.

Generally, the Subsidiary will invest in commodities and related instruments, primarily gold bullion and other precious metals and related futures contracts. 
 

The fund seeks to provide investors the opportunity to participate in the investment characteristics of gold 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 gold and/or securities and debt instruments directly related to gold or issuers principally engaged in the gold industry, including securities of gold mining finance companies as well as operating companies with long-, medium- or short-life mines.

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 significantly in the securities of one or more issuers.

The fund may invest up to 20% of its net assets in equity and debt instruments unrelated to gold or the gold industry.

Also, the fund may allocate a substantial amount of its net assets to foreign investments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts).

The fund may also invest in fixed income instruments, short-term debt instruments, other precious metals, and futures contracts related to precious metals.

The fund is a non-diversified fund, and invests overall in a smaller number of issuers than a diversified fund.

Additionally, the fund may invest up to 25% of its net assets through a special purpose trading subsidiary (the Subsidiary). The Subsidiary is a wholly-owned and controlled subsidiary of the fund, organized under the laws of the Cayman Islands as an exempted company.

Generally, the Subsidiary will invest in commodities and related instruments, primarily gold bullion and other precious metals and related futures contracts. 
 

The fund seeks to provide investors the opportunity to participate in the investment characteristics of gold 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 gold and/or securities and debt instruments directly related to gold or issuers principally engaged in the gold industry, including securities of gold mining finance companies as well as operating companies with long-, medium- or short-life mines.

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 significantly in the securities of one or more issuers.

The fund may invest up to 20% of its net assets in equity and debt instruments unrelated to gold or the gold industry.

Also, the fund may allocate a substantial amount of its net assets to foreign investments (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts).

The fund may also invest in fixed income instruments, short-term debt instruments, other precious metals, and futures contracts related to precious metals.

The fund is a non-diversified fund, and invests overall in a smaller number of issuers than a diversified fund.

Additionally, the fund may invest up to 25% of its net assets through a special purpose trading subsidiary (the Subsidiary). The Subsidiary is a wholly-owned and controlled subsidiary of the fund, organized under the laws of the Cayman Islands as an exempted company.

Generally, the Subsidiary will invest in commodities and related instruments, primarily gold bullion and other precious metals and related futures contracts. 
 

The fund seeks capital appreciation and inflation-protected income 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 infrastructure companies listed on a domestic or foreign exchange, throughout the world, including the United States.

The team defines infrastructure companies as those companies that derive at least 65% of their operating earnings from the ownership or operation of infrastructure assets.

Also, the team defines infrastructure assets as the physical structures, networks and systems of transportation, energy, water, waste, and communication.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that are mispriced.

In addition, the team prefers companies which have high barriers to entry, superior pricing power, durable growth and predictable cash flows.

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 at least 40% of its net assets, or if conditions are not favorable, invests at least 30% of its net assets, in publicly traded securities of infrastructure companies whose primary operations or principal trading market is in a foreign market.

The fund has the flexibility to maintain exposure to securities of infrastructure companies in the United States and in at least three countries outside the United States.

The infrastructure securities in which the fund typically invests are within sectors such as oil and gas storage and transportation, airport services, highways and rail tracks, marine ports and services, and multi/electric/gas/water utilities.

The fund may invest up to 75% of its net assets in depositary receipts, such as American Depositary Receipts, European Depositary Receipts and Global Depositary Receipts

The fund may also invest in stapled securities to gain exposure to infrastructure companies in Australia.

Additionally, the fund may invest up to 30% of its net assets in real estate investment trusts and up to 20% of its net assets in limited partnerships and master limited partnerships listed on a domestic or foreign exchange.

The fund will invest more than 25% of its net assets in the securities issued by companies operating in the infrastructure industry.

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 alternative energy and alternative energy technology companies, both U.S. and international.

Alternative energy includes energy generated through solar, hydrogen, wind, geothermal, hydroelectric, tidal, biofuel, and biomass.

Alternative energy technologies include technologies that enable energies to be tapped, stored, or transported, such as fuel cells; services or technologies that conserve or enable more efficient utilization of energy; and technologies that help minimize harmful emissions from existing energy sources, such as helping reduce carbon emissions.

In selecting securities for the portfolio, the research team focuses on companies whose intrinsic value exceeds its current market price

When assessing a company’s intrinsic value, the team considers factors such as strength of technology, breadth of product line, barriers to entry, the competitive environment, product development, marketing acumen, and management strength and vision.

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 from time to time, invest a substantial portion of its assets in cash or cash equivalents.

Additionally, the fund is non-diversified, which means that it invests in fewer companies than a diversified fund.

The fund seeks primarily capital appreciation and secondarily current income 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 gold and precious metals operation companies.

Gold and precious metals operation companies include companies that mine, process, or deal in gold or other precious metals, such as silver, platinum, and palladium, including mining finance and exploration companies as well as operating companies with long- or medium-life mines.

In addition, the team prefers companies with low cost reserves and experienced management teams with established track records.

The team focuses on companies with long life production profiles, expandable resource bases, and active exploration programs that can potentially drive future reserve and production growth.

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 buy securities of gold and precious metals operation companies located anywhere in the world and in general invests predominantly in non-U.S. companies.

Also, the fund invests in American, Global and European Depositary Receipts.

The fund is a non-diversified fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and may invest overall in a smaller number of issuers than a diversified fund.

The fund seeks primarily capital appreciation and secondarily current income 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 gold and precious metals operation companies.

Gold and precious metals operation companies include companies that mine, process, or deal in gold or other precious metals, such as silver, platinum, and palladium, including mining finance and exploration companies as well as operating companies with long- or medium-life mines.

In addition, the team prefers companies with low cost reserves and experienced management teams with established track records.

The team focuses on companies with long life production profiles, expandable resource bases, and active exploration programs that can potentially drive future reserve and production growth.

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 buy securities of gold and precious metals operation companies located anywhere in the world and in general invests predominantly in non-U.S. companies.

Also, the fund invests in American, Global and European Depositary Receipts.

The fund is a non-diversified fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and may invest overall in a smaller number of issuers than a diversified fund.

The fund seeks primarily capital appreciation and secondarily current income 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 gold and precious metals operation companies.

Gold and precious metals operation companies include companies that mine, process, or deal in gold or other precious metals, such as silver, platinum, and palladium, including mining finance and exploration companies as well as operating companies with long- or medium-life mines.

In addition, the team prefers companies with low cost reserves and experienced management teams with established track records.

The team focuses on companies with long life production profiles, expandable resource bases, and active exploration programs that can potentially drive future reserve and production growth.

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 buy securities of gold and precious metals operation companies located anywhere in the world and in general invests predominantly in non-U.S. companies.

Also, the fund invests in American, Global and European Depositary Receipts.

The fund is a non-diversified fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and may invest overall in a smaller number of issuers than a diversified fund.

The fund seeks primarily capital appreciation and secondarily current income 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 gold and precious metals operation companies.

Gold and precious metals operation companies include companies that mine, process, or deal in gold or other precious metals, such as silver, platinum, and palladium, including mining finance and exploration companies as well as operating companies with long- or medium-life mines.

In addition, the team prefers companies with low cost reserves and experienced management teams with established track records.

The team focuses on companies with long life production profiles, expandable resource bases, and active exploration programs that can potentially drive future reserve and production growth.

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 buy securities of gold and precious metals operation companies located anywhere in the world and in general invests predominantly in non-U.S. companies.

Also, the fund invests in American, Global and European Depositary Receipts.

The fund is a non-diversified fund, which means it generally invests a greater portion of its assets in the securities of one or more issuers and may invest overall in a smaller number of issuers than a diversified fund.

The fund seeks primarily capital appreciation and secondarily income 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 financial services companies.

The team focuses on companies that are trading at discounts to their estimated intrinsic value, which may include foreign securities.

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.

From time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

Additionally, the fund has the flexibility to invest in foreign securities without limit.

The fund also invests in merger arbitrage securities and securities of distressed companies.

The fund seeks primarily capital appreciation and secondarily income 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 financial services companies.

The team focuses on companies that are trading at discounts to their estimated intrinsic value, which may include foreign securities.

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.

From time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

Additionally, the fund has the flexibility to invest in foreign securities without limit.

The fund also invests in merger arbitrage securities and securities of distressed companies.

The fund seeks primarily capital appreciation and secondarily income 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 financial services companies.

The team focuses on companies that are trading at discounts to their estimated intrinsic value, which may include foreign securities.

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.

From time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

Additionally, the fund has the flexibility to invest in foreign securities without limit.

The fund also invests in merger arbitrage securities and securities of distressed companies.

The fund seeks primarily capital appreciation and secondarily income 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 financial services companies.

The team focuses on companies that are trading at discounts to their estimated intrinsic value, which may include foreign securities.

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.

From time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

Additionally, the fund has the flexibility to invest in foreign securities without limit.

The fund also invests in merger arbitrage securities and securities of distressed companies.

The fund seeks high total return by investing in small-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 in the natural resources sector.

According to the team, the natural resources sector includes companies that own, produce, refine, process, transport and market natural resources and companies that provide related services.

The sector includes industries such as integrated oil, oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services and technology.

Other industries in the natural resources sector include base metal production, forest products, farming products, paper products, chemicals, building materials, coal, alternative energy sources and environmental services.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that can produce durable earnings and cash flow growth or the potential to generate income.

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 may also invest up to 20% of its net assets in equity or debt securities of any type of issuer.

The fund may also buy American Depositary Receipts.

The fund seeks high total return by investing in small-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 in the natural resources sector.

According to the team, the natural resources sector includes companies that own, produce, refine, process, transport and market natural resources and companies that provide related services.

The sector includes industries such as integrated oil, oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services and technology.

Other industries in the natural resources sector include base metal production, forest products, farming products, paper products, chemicals, building materials, coal, alternative energy sources and environmental services.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that can produce durable earnings and cash flow growth or the potential to generate income.

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 may also invest up to 20% of its net assets in equity or debt securities of any type of issuer.

The fund may also buy American Depositary Receipts.

The fund seeks high total return by investing in small-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 in the natural resources sector.

According to the team, the natural resources sector includes companies that own, produce, refine, process, transport and market natural resources and companies that provide related services.

The sector includes industries such as integrated oil, oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services and technology.

Other industries in the natural resources sector include base metal production, forest products, farming products, paper products, chemicals, building materials, coal, alternative energy sources and environmental services.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that can produce durable earnings and cash flow growth or the potential to generate income.

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 may also invest up to 20% of its net assets in equity or debt securities of any type of issuer.

The fund may also buy American Depositary Receipts.

The fund seeks high total return by investing in small-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 in the natural resources sector.

According to the team, the natural resources sector includes companies that own, produce, refine, process, transport and market natural resources and companies that provide related services.

The sector includes industries such as integrated oil, oil and gas exploration and production, gold and other precious metals, steel and iron ore production, energy services and technology.

Other industries in the natural resources sector include base metal production, forest products, farming products, paper products, chemicals, building materials, coal, alternative energy sources and environmental services.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that can produce durable earnings and cash flow growth or the potential to generate income.

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 may also invest up to 20% of its net assets in equity or debt securities of any type of issuer.

The fund may also buy American Depositary Receipts.

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

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

Next, the research team Invests in securities of infrastructure companies, such as utilities, toll roads, airports, ports and communications companies.

The team prefers infrastructure companies that have an appropriate capital structure, are likely to generate reliable income streams and benefit from inflation protection.

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 will generally consist of 80 to 100 companies.

The fund will invest in both U.S. and non-U.S. companies.

With respect to its non-U.S. investments, the fund invests in companies located in developed countries but may also invest in emerging markets.

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 infrastructure companies, such as utilities, toll roads, airports, ports and communications companies.

The team prefers infrastructure companies that have an appropriate capital structure, are likely to generate reliable income streams and benefit from inflation protection.

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 will generally consist of 80 to 100 companies.

The fund will invest in both U.S. and non-U.S. companies.

With respect to its non-U.S. investments, the fund invests in companies located in developed countries but may also invest in emerging markets.

The fund seeks attractive risk-adjusted returns 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 infrastructure companies.

The team prefers infrastructure companies that have an appropriate capital structure, are likely to generate reliable income streams and benefit from inflation protection.

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 will generally consist of 20 to 40 companies.

Additionally, the fund will invest in both U.S. and non-U.S. companies.

With respect to its non-U.S. investments, the fund invests in companies located in developed countries but may also invest in emerging markets.

The fund will typically hold up to 20% of its assets in cash and cash equivalents.

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 focuses on securities of companies principally engaged in the group of industries comprising the financial services sector.

The team considers a company to be principally engaged in the group of industries comprising the financial services sector if it devotes a significant portion of its assets to, or derives a significant portion of its revenues from, providing financial services.

Such services include commercial, consumer, and specialized banking and financing, asset management, publicly-traded, government sponsored financial enterprises, insurance, and accountancy.

Other services may include mortgage REITs, brokerage, securities exchanges and electronic trading platforms, financial data, technology, and analysis, and financial transaction and other financial processing services.

The team favors companies that are trading at discounts to their estimate of private market value.

In addition, the team prefers well-managed companies with financial strength.

The team also considers factors such as price, earnings estimations, track record of earnings and price, balance sheet characteristics, and perceived management skills.

As part of the process, the team considers changes in economic and political outlooks as well as individual corporate developments.

Further, the team seeks to identify the presence of a near-term catalyst, such as industry developments, regulatory changes, changes in management, sale or spin-off of a division, or the development of a profitable new business.

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.

As a fundamental policy, the fund may invest at least 25% of its net assets in the securities of companies principally engaged in the group of industries comprising the financial services sector.

Also, the fund invests in securities of issuers, or related investments thereof, located in at least three countries.

The fund may invest in issuers in foreign countries, including countries with developed or emerging markets.

Additionally, the fund invests at least 40% of its total net assets in securities of non-U.S. issuers or related investments thereof.

The fund may invest in non-U.S. equity securities through depositary receipts, including American Depositary Receipts, European Depositary Receipts, Global Depositary Receipts and other similar global instruments.

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

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

Next, the research team focuses on securities of foreign and domestic issuers principally engaged in gold related activities and gold bullion.

In selecting securities for the portfolio, the research team focuses on companies that are estimated to trade below their fair values demonstrating growth prospects.

Other factors in considered include capitalization per ounce of gold production, capitalization per ounce of recoverable reserves, quality of management, and the issuer’s ability to create shareholder wealth.

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

Additionally, the fund estimates that a significant portion of its net assets may be invested in securities of foreign issuers, including those located in emerging markets.
 

The fund seeks total return 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 the equities of companies in the natural resources sector.

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 total return 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 the equities of companies in the natural resources sector.

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 to maximize total return 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 natural resources companies and other investments that provide economic exposure to natural resources or natural resources companies.

Natural resources companies are U.S. and foreign companies that may own, explore, develop, produce, refine, transport, or market natural resources or that provide related equipment, infrastructure, or services.

Natural resources include energy commodities, such as oil, natural gas, coal and uranium; precious metals, such as gold, silver, platinum, palladium and rhodium; diamond; base metals, such as copper, lead and zinc; ferrous metals; agricultural commodities; and fertilizer commodities, such as potash, phosphate and nitrogen.

In selecting securities for the portfolio, the research team combines both top-down and bottoms-up analysis.

For the top-down analysis, the team utilizes its proprietary supply and demand models to form an outlook for a given commodity.

As part of the bottoms-up analysis, the team calculates an estimate of intrinsic value for the investment.

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 hold both U.S. and foreign securities (including emerging market securities).

Also, the fund may invest in derivatives, including long and short positions in futures and options.

At times, the fund may invest in registered investment companies and ETFs.

In addition, the fund may purchase securities issued in private placements and initial public offerings.

The fund also may participate in initial public offerings, as well as invest in debt securities of natural resources companies.
 

The fund seeks to maximize total return 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 natural resources companies and other investments that provide economic exposure to natural resources or natural resources companies.

Natural resources companies are U.S. and foreign companies that may own, explore, develop, produce, refine, transport, or market natural resources or that provide related equipment, infrastructure, or services.

Natural resources include energy commodities, such as oil, natural gas, coal and uranium; precious metals, such as gold, silver, platinum, palladium and rhodium; diamond; base metals, such as copper, lead and zinc; ferrous metals; agricultural commodities; and fertilizer commodities, such as potash, phosphate and nitrogen.

In selecting securities for the portfolio, the research team combines both top-down and bottoms-up analysis.

For the top-down analysis, the team utilizes its proprietary supply and demand models to form an outlook for a given commodity.

As part of the bottoms-up analysis, the team calculates an estimate of intrinsic value for the investment.

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 hold both U.S. and foreign securities (including emerging market securities).

Also, the fund may invest in derivatives, including long and short positions in futures and options.

At times, the fund may invest in registered investment companies and ETFs.

In addition, the fund may purchase securities issued in private placements and initial public offerings.

The fund also may participate in initial public offerings, as well as invest in debt securities of natural resources companies.
 

The fund seeks to mirror gold price without the physical storage costs and avoid tax expenses linked to commodity fund.

About 75% of the fund’s assets are allocated to short term U.S. government bonds and investment grade fixed income corporate notes. The rest of the fund’s asset is invested in gold bullion ETFs and derivatives

The fund’s structure allows investors to report as 1099 tax reporting and avoid capital gain tax treatment of a commodity fund (60% for long term or 40% for short term) or holding physical bullion which accrues 28% fixed rate.

The fund seeks to mirror gold price without the physical storage costs and avoid tax expenses linked to commodity fund.

About 75% of the fund’s assets are allocated to short term U.S. government bonds and investment grade fixed income corporate notes. The rest of the fund’s asset is invested in gold bullion ETFs and derivatives

The fund’s structure allows investors to report as 1099 tax reporting and avoid capital gain tax treatment of a commodity fund (60% for long term or 40% for short term) or holding physical bullion which accrues 28% fixed rate.

The fund seeks total return 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 issuers that are engaged in or related to the infrastructure group of industries (infrastructure companies).

An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets.

Also, the team considers an issuer is engaged in or related to the infrastructure group of industries if it provides the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets include utilities, energy, transportation, real estate, media, telecommunications and capital goods.

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

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 the securities of infrastructure companies that are economically tied to at least three countries, including the United States.

Also, the fund will invest in the securities of infrastructure companies that are economically tied to developed countries in North America and Europe.

In addition, the fund may also invest in the securities of infrastructure companies that are economically tied to countries with emerging markets or economies.

The fund may invest in real estate investment trusts, and may also invest up to 20% of its net assets in master limited partnerships and up to 20% of its net assets in issuers that are not infrastructure companies.

Also, the fund is non-diversified, which means it may invest a larger percentage of its assets in fewer issuers than a diversified fund.

The fund seeks total return 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 issuers that are engaged in or related to the infrastructure group of industries (infrastructure companies).

An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets.

Also, the team considers an issuer is engaged in or related to the infrastructure group of industries if it provides the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets include utilities, energy, transportation, real estate, media, telecommunications and capital goods.

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

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 the securities of infrastructure companies that are economically tied to at least three countries, including the United States.

Also, the fund will invest in the securities of infrastructure companies that are economically tied to developed countries in North America and Europe.

In addition, the fund may also invest in the securities of infrastructure companies that are economically tied to countries with emerging markets or economies.

The fund may invest in real estate investment trusts, and may also invest up to 20% of its net assets in master limited partnerships and up to 20% of its net assets in issuers that are not infrastructure companies.

Also, the fund is non-diversified, which means it may invest a larger percentage of its assets in fewer issuers than a diversified fund.

The fund seeks total return 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 issuers that are engaged in or related to the infrastructure group of industries (infrastructure companies).

An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets.

Also, the team considers an issuer is engaged in or related to the infrastructure group of industries if it provides the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets include utilities, energy, transportation, real estate, media, telecommunications and capital goods.

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

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 the securities of infrastructure companies that are economically tied to at least three countries, including the United States.

Also, the fund will invest in the securities of infrastructure companies that are economically tied to developed countries in North America and Europe.

In addition, the fund may also invest in the securities of infrastructure companies that are economically tied to countries with emerging markets or economies.

The fund may invest in real estate investment trusts, and may also invest up to 20% of its net assets in master limited partnerships and up to 20% of its net assets in issuers that are not infrastructure companies.

Also, the fund is non-diversified, which means it may invest a larger percentage of its assets in fewer issuers than a diversified fund.

The fund seeks total return 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 issuers that are engaged in or related to the infrastructure group of industries (infrastructure companies).

An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets.

Also, the team considers an issuer is engaged in or related to the infrastructure group of industries if it provides the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets include utilities, energy, transportation, real estate, media, telecommunications and capital goods.

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

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 the securities of infrastructure companies that are economically tied to at least three countries, including the United States.

Also, the fund will invest in the securities of infrastructure companies that are economically tied to developed countries in North America and Europe.

In addition, the fund may also invest in the securities of infrastructure companies that are economically tied to countries with emerging markets or economies.

The fund may invest in real estate investment trusts, and may also invest up to 20% of its net assets in master limited partnerships and up to 20% of its net assets in issuers that are not infrastructure companies.

Also, the fund is non-diversified, which means it may invest a larger percentage of its assets in fewer issuers than a diversified fund.

The fund seeks total return 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 issuers that are engaged in or related to the infrastructure group of industries (infrastructure companies).

An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets.

Also, the team considers an issuer is engaged in or related to the infrastructure group of industries if it provides the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets include utilities, energy, transportation, real estate, media, telecommunications and capital goods.

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

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 the securities of infrastructure companies that are economically tied to at least three countries, including the United States.

Also, the fund will invest in the securities of infrastructure companies that are economically tied to developed countries in North America and Europe.

In addition, the fund may also invest in the securities of infrastructure companies that are economically tied to countries with emerging markets or economies.

The fund may invest in real estate investment trusts, and may also invest up to 20% of its net assets in master limited partnerships and up to 20% of its net assets in issuers that are not infrastructure companies.

Also, the fund is non-diversified, which means it may invest a larger percentage of its assets in fewer issuers than a diversified fund.

The fund seeks total return 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 issuers that are engaged in or related to the infrastructure group of industries (infrastructure companies).

An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets.

Also, the team considers an issuer is engaged in or related to the infrastructure group of industries if it provides the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets include utilities, energy, transportation, real estate, media, telecommunications and capital goods.

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

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 the securities of infrastructure companies that are economically tied to at least three countries, including the United States.

Also, the fund will invest in the securities of infrastructure companies that are economically tied to developed countries in North America and Europe.

In addition, the fund may also invest in the securities of infrastructure companies that are economically tied to countries with emerging markets or economies.

The fund may invest in real estate investment trusts, and may also invest up to 20% of its net assets in master limited partnerships and up to 20% of its net assets in issuers that are not infrastructure companies.

Also, the fund is non-diversified, which means it may invest a larger percentage of its assets in fewer issuers than a diversified fund.

The fund seeks total return 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 issuers that are engaged in or related to the infrastructure group of industries (infrastructure companies).

An issuer is engaged in or related to the infrastructure group of industries if it is involved in the ownership, development, construction, renovation, financing, management, sale or operation of infrastructure assets.

Also, the team considers an issuer is engaged in or related to the infrastructure group of industries if it provides the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets include utilities, energy, transportation, real estate, media, telecommunications and capital goods.

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

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 the securities of infrastructure companies that are economically tied to at least three countries, including the United States.

Also, the fund will invest in the securities of infrastructure companies that are economically tied to developed countries in North America and Europe.

In addition, the fund may also invest in the securities of infrastructure companies that are economically tied to countries with emerging markets or economies.

The fund may invest in real estate investment trusts, and may also invest up to 20% of its net assets in master limited partnerships and up to 20% of its net assets in issuers that are not infrastructure companies.

Also, the fund is non-diversified, which means it may invest a larger percentage of its assets in fewer issuers than a diversified fund.

The fund seeks total return 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 issuers that are primarily engaged in or related to the real estate industry within and outside the United States

 An issuer is primarily engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein.

Real estate industry companies may include real estate investment trusts, REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry.

The team focuses on companies that can achieve durable growth in cash flow and dividend paying capability over time.

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 in securities of real estate industry companies that are economically tied to at least three countries, including the United States.

Generally, the fund invests in securities of real estate industry companies that are economically tied to the United States, Japan, the United Kingdom, Australia, Hong Kong, Singapore, Canada and Continental Europe.

In addition, the fund may invest in securities of real estate industry companies that are economically tied to countries with emerging markets or economies, including Central American, South American, African, Middle Eastern, and certain Asian and Eastern European countries.

The fund may also invest up to 20% of its net assets in issuers that are not real estate industry companies, or fixed income investments, such as government, corporate and bank debt obligations.

The fund seeks total return 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 issuers that are primarily engaged in or related to the real estate industry within and outside the United States

 An issuer is primarily engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein.

Real estate industry companies may include real estate investment trusts, REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry.

The team focuses on companies that can achieve durable growth in cash flow and dividend paying capability over time.

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 in securities of real estate industry companies that are economically tied to at least three countries, including the United States.

Generally, the fund invests in securities of real estate industry companies that are economically tied to the United States, Japan, the United Kingdom, Australia, Hong Kong, Singapore, Canada and Continental Europe.

In addition, the fund may invest in securities of real estate industry companies that are economically tied to countries with emerging markets or economies, including Central American, South American, African, Middle Eastern, and certain Asian and Eastern European countries.

The fund may also invest up to 20% of its net assets in issuers that are not real estate industry companies, or fixed income investments, such as government, corporate and bank debt obligations.

The fund seeks total return 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 issuers that are primarily engaged in or related to the real estate industry within and outside the United States

 An issuer is primarily engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein.

Real estate industry companies may include real estate investment trusts, REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry.

The team focuses on companies that can achieve durable growth in cash flow and dividend paying capability over time.

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 in securities of real estate industry companies that are economically tied to at least three countries, including the United States.

Generally, the fund invests in securities of real estate industry companies that are economically tied to the United States, Japan, the United Kingdom, Australia, Hong Kong, Singapore, Canada and Continental Europe.

In addition, the fund may invest in securities of real estate industry companies that are economically tied to countries with emerging markets or economies, including Central American, South American, African, Middle Eastern, and certain Asian and Eastern European countries.

The fund may also invest up to 20% of its net assets in issuers that are not real estate industry companies, or fixed income investments, such as government, corporate and bank debt obligations.

The fund seeks total return 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 issuers that are primarily engaged in or related to the real estate industry within and outside the United States

 An issuer is primarily engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein.

Real estate industry companies may include real estate investment trusts, REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry.

The team focuses on companies that can achieve durable growth in cash flow and dividend paying capability over time.

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 in securities of real estate industry companies that are economically tied to at least three countries, including the United States.

Generally, the fund invests in securities of real estate industry companies that are economically tied to the United States, Japan, the United Kingdom, Australia, Hong Kong, Singapore, Canada and Continental Europe.

In addition, the fund may invest in securities of real estate industry companies that are economically tied to countries with emerging markets or economies, including Central American, South American, African, Middle Eastern, and certain Asian and Eastern European countries.

The fund may also invest up to 20% of its net assets in issuers that are not real estate industry companies, or fixed income investments, such as government, corporate and bank debt obligations.

The fund seeks total return 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 issuers that are primarily engaged in or related to the real estate industry within and outside the United States

 An issuer is primarily engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein.

Real estate industry companies may include real estate investment trusts, REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry.

The team focuses on companies that can achieve durable growth in cash flow and dividend paying capability over time.

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 in securities of real estate industry companies that are economically tied to at least three countries, including the United States.

Generally, the fund invests in securities of real estate industry companies that are economically tied to the United States, Japan, the United Kingdom, Australia, Hong Kong, Singapore, Canada and Continental Europe.

In addition, the fund may invest in securities of real estate industry companies that are economically tied to countries with emerging markets or economies, including Central American, South American, African, Middle Eastern, and certain Asian and Eastern European countries.

The fund may also invest up to 20% of its net assets in issuers that are not real estate industry companies, or fixed income investments, such as government, corporate and bank debt obligations.

The fund seeks total return 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 issuers that are primarily engaged in or related to the real estate industry within and outside the United States

 An issuer is primarily engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein.

Real estate industry companies may include real estate investment trusts, REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry.

The team focuses on companies that can achieve durable growth in cash flow and dividend paying capability over time.

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 in securities of real estate industry companies that are economically tied to at least three countries, including the United States.

Generally, the fund invests in securities of real estate industry companies that are economically tied to the United States, Japan, the United Kingdom, Australia, Hong Kong, Singapore, Canada and Continental Europe.

In addition, the fund may invest in securities of real estate industry companies that are economically tied to countries with emerging markets or economies, including Central American, South American, African, Middle Eastern, and certain Asian and Eastern European countries.

The fund may also invest up to 20% of its net assets in issuers that are not real estate industry companies, or fixed income investments, such as government, corporate and bank debt obligations.

The fund seeks total return 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 issuers that are primarily engaged in or related to the real estate industry within and outside the United States

 An issuer is primarily engaged in or related to the real estate industry if it derives at least 50% of its gross revenues or net profits from the ownership, development, construction, financing, management or sale of commercial, industrial or residential real estate or interests therein.

Real estate industry companies may include real estate investment trusts, REIT-like structures, or real estate operating companies whose businesses and services are related to the real estate industry.

The team focuses on companies that can achieve durable growth in cash flow and dividend paying capability over time.

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 in securities of real estate industry companies that are economically tied to at least three countries, including the United States.

Generally, the fund invests in securities of real estate industry companies that are economically tied to the United States, Japan, the United Kingdom, Australia, Hong Kong, Singapore, Canada and Continental Europe.

In addition, the fund may invest in securities of real estate industry companies that are economically tied to countries with emerging markets or economies, including Central American, South American, African, Middle Eastern, and certain Asian and Eastern European countries.

The fund may also invest up to 20% of its net assets in issuers that are not real estate industry companies, or fixed income investments, such as government, corporate and bank debt obligations.

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

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

The fund manages assets with the help of two sub-advisers namely RREEF America L.L.C. and Heitman Real Estate Securities 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 real estate investment trusts and other real estate related companies.

The team defines a real estate related company as one that derives at least 50% of its revenue from, or has at least 50% of the value of its assets in, real estate, including the ownership, construction, management or sale of real estate.

In addition, the team favors companies that have the potential to provide superior returns and a record of paying dividends.

The team also prefers companies that demonstrate the potential for stock price appreciation.

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

The manager will allocate the fund’s net assets among no less than three countries.

The fund may at times be more concentrated in particular sub-sectors of the real estate industry, such as apartments, retail, hotels, offices, industrial, health care and others, depending on market conditions.

Additionally, the fund will invest significantly in securities of non-U.S. issuers.

An issuer is considered to be from the country where it is headquartered or incorporated, where the majority of its assets are located or where it generates the majority of its operating income.

Furthermore, the fund may invest its uninvested cash in high-quality, short-term debt securities, or in the GuideStone Funds Money Market Fund.

However, the fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention as being in the alcohol, tobacco, gambling, pornography or abortion industries.

Also, the fund may not invest in any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

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

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

The fund manages assets with the help of two sub-advisers namely RREEF America L.L.C. and Heitman Real Estate Securities 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 real estate investment trusts and other real estate related companies.

The team defines a real estate related company as one that derives at least 50% of its revenue from, or has at least 50% of the value of its assets in, real estate, including the ownership, construction, management or sale of real estate.

In addition, the team favors companies that have the potential to provide superior returns and a record of paying dividends.

The team also prefers companies that demonstrate the potential for stock price appreciation.

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

The manager will allocate the fund’s net assets among no less than three countries.

The fund may at times be more concentrated in particular sub-sectors of the real estate industry, such as apartments, retail, hotels, offices, industrial, health care and others, depending on market conditions.

Additionally, the fund will invest significantly in securities of non-U.S. issuers.

An issuer is considered to be from the country where it is headquartered or incorporated, where the majority of its assets are located or where it generates the majority of its operating income.

Furthermore, the fund may invest its uninvested cash in high-quality, short-term debt securities, or in the GuideStone Funds Money Market Fund.

However, the fund may not invest in any company that is publicly recognized, as determined by GuideStone Financial Resources of the Southern Baptist Convention as being in the alcohol, tobacco, gambling, pornography or abortion industries.

Also, the fund may not invest in any company whose products, services or activities are publicly recognized as being incompatible with the moral and ethical posture of GuideStone Financial Resources.

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 securities of alternative energy companies (both U.S. and non-U.S.).

The team focuses on a particular group of companies that are considered to be Sustainable Energy companies.

According to the team, Sustainable Energy companies are companies that generate, produce or provide alternative or renewable sources of energy, or that produce, generate, transport, or deliver energy applications in a way that makes alternative or renewable energy more efficient or accessible or reduces the use of environmentally depletive energy resources.

In selecting securities for the portfolio, the research team assesses a company’s business and business prospects, market capitalization, the valuation of the company, its dividend history, and its ratio of debt to equity.

The team also considers how the company’s business relates to sustainable characteristics like growth or development of alternative or renewable energy.

Next, the team narrows the investable universe on the basis of characteristics such as Generation, Installation, Displacement, and Electrification.

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 normally holds around 30 positions of approximately equal weight, but the portfolio may vary over time, and may have as few as 25 holdings, or may hold securities in 75 or more companies.

The fund may invest in companies economically tied to U.S. and to foreign countries, including, potentially, companies domiciled or traded in emerging markets, including China.

Additionally, the fund has the flexibility to take temporary defensive positions in cash and cash equivalents, including money market funds, to respond to adverse market, economic, political or other conditions.

The fund will invest in alternative energy companies including companies that generate power through solar, wind, hydroelectric, tidal wave, geothermal, biomass or biofuels.

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 both U.S. and non-U.S. companies principally engaged in the production, exploration or discovery, or distribution of energy including the research and development or production of alternative energy sources.

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 normally holds around 30 positions of approximately equal weight, but the portfolio may vary over time, and may have as few as 25 holdings, or may hold securities in 75 or more companies.

The fund will invest in companies economically tied to U.S. and to foreign countries, including, potentially, companies domiciled or traded in emerging markets.

However, the fund may invest 40% of its net assets in global securities.

According to the investment team, global securities are securities issued by companies with significant business activities outside the U.S.

Additionally, the fund has the flexibility to take temporary defensive positions in cash and cash equivalents, including money market funds, to respond to adverse market, economic, political or other conditions.

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 health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

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 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

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 health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

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 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

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 health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

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 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

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 health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

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 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

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 health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

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 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

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 health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

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 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

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 health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

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 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

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 health care-related companies worldwide.

The team focuses on health-related companies, including companies in the pharmaceuticals, biotechnology, medical delivery, medical products, medical services, managed health care, health information services and emerging health-related subsectors.

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 25% of its net assets, in industries such as pharmaceuticals and biotechnology, medical products and health services.

Also, the fund will invest in securities of issuers located in a number of different countries throughout the world, including the United States.

However, the fund has no limit on the amount of assets that may be invested in each country.

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

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

Next, the research team invests in equity securities of U.S. and non-U.S. infrastructure-related companies and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers a company to be an infrastructure-related company if it derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets, which include the physical structures, networks and systems of transportation, energy, water and sewage, and communication.

Examples of infrastructure assets include transportation assets, utility assets and social assets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates and ranks potential investments.

The team favors companies demonstrating consistent cash flow growth, positive earnings revisions, relatively attractive multiples to cash flow and assets to price, durable dividends, and favorable investor reception relative to peers.

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 companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in infrastructure-related companies organized as master limited partnerships.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts and futures contracts.

The fund is non-diversified, which means that it can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can.

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

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

Next, the research team invests in equity securities of U.S. and non-U.S. infrastructure-related companies and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers a company to be an infrastructure-related company if it derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets, which include the physical structures, networks and systems of transportation, energy, water and sewage, and communication.

Examples of infrastructure assets include transportation assets, utility assets and social assets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates and ranks potential investments.

The team favors companies demonstrating consistent cash flow growth, positive earnings revisions, relatively attractive multiples to cash flow and assets to price, durable dividends, and favorable investor reception relative to peers.

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 companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in infrastructure-related companies organized as master limited partnerships.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts and futures contracts.

The fund is non-diversified, which means that it can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can.

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

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

Next, the research team invests in equity securities of U.S. and non-U.S. infrastructure-related companies and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers a company to be an infrastructure-related company if it derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets, which include the physical structures, networks and systems of transportation, energy, water and sewage, and communication.

Examples of infrastructure assets include transportation assets, utility assets and social assets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates and ranks potential investments.

The team favors companies demonstrating consistent cash flow growth, positive earnings revisions, relatively attractive multiples to cash flow and assets to price, durable dividends, and favorable investor reception relative to peers.

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 companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in infrastructure-related companies organized as master limited partnerships.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts and futures contracts.

The fund is non-diversified, which means that it can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can.

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

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

Next, the research team invests in equity securities of U.S. and non-U.S. infrastructure-related companies and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers a company to be an infrastructure-related company if it derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets, which include the physical structures, networks and systems of transportation, energy, water and sewage, and communication.

Examples of infrastructure assets include transportation assets, utility assets and social assets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates and ranks potential investments.

The team favors companies demonstrating consistent cash flow growth, positive earnings revisions, relatively attractive multiples to cash flow and assets to price, durable dividends, and favorable investor reception relative to peers.

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 companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in infrastructure-related companies organized as master limited partnerships.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts and futures contracts.

The fund is non-diversified, which means that it can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can.

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

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

Next, the research team invests in equity securities of U.S. and non-U.S. infrastructure-related companies and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers a company to be an infrastructure-related company if it derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets, which include the physical structures, networks and systems of transportation, energy, water and sewage, and communication.

Examples of infrastructure assets include transportation assets, utility assets and social assets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates and ranks potential investments.

The team favors companies demonstrating consistent cash flow growth, positive earnings revisions, relatively attractive multiples to cash flow and assets to price, durable dividends, and favorable investor reception relative to peers.

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 companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in infrastructure-related companies organized as master limited partnerships.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts and futures contracts.

The fund is non-diversified, which means that it can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can.

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

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

Next, the research team invests in equity securities of U.S. and non-U.S. infrastructure-related companies and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers a company to be an infrastructure-related company if it derives at least 50% of its revenue or profits from the ownership or operation of infrastructure assets, which include the physical structures, networks and systems of transportation, energy, water and sewage, and communication.

Examples of infrastructure assets include transportation assets, utility assets and social assets.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team evaluates and ranks potential investments.

The team favors companies demonstrating consistent cash flow growth, positive earnings revisions, relatively attractive multiples to cash flow and assets to price, durable dividends, and favorable investor reception relative to peers.

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 companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in infrastructure-related companies organized as master limited partnerships.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts and futures contracts.

The fund is non-diversified, which means that it can invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can.

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

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

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

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having quality underlying properties, capable management teams, and attractive valuations.

Other factors in consideration include cash flow consistency and growth, dividend yield, dividend coverage and growth, and cash flow and assets to price multiples.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in China A shares, and may also invest in debt securities of domestic and foreign issuers.

Additionally, the fund may invest up to 10% of its net assets in non-investment grade debt securities of real estate and real estate-related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

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

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

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

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having quality underlying properties, capable management teams, and attractive valuations.

Other factors in consideration include cash flow consistency and growth, dividend yield, dividend coverage and growth, and cash flow and assets to price multiples.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in China A shares, and may also invest in debt securities of domestic and foreign issuers.

Additionally, the fund may invest up to 10% of its net assets in non-investment grade debt securities of real estate and real estate-related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

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

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

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

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having quality underlying properties, capable management teams, and attractive valuations.

Other factors in consideration include cash flow consistency and growth, dividend yield, dividend coverage and growth, and cash flow and assets to price multiples.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in China A shares, and may also invest in debt securities of domestic and foreign issuers.

Additionally, the fund may invest up to 10% of its net assets in non-investment grade debt securities of real estate and real estate-related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

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

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

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

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having quality underlying properties, capable management teams, and attractive valuations.

Other factors in consideration include cash flow consistency and growth, dividend yield, dividend coverage and growth, and cash flow and assets to price multiples.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in China A shares, and may also invest in debt securities of domestic and foreign issuers.

Additionally, the fund may invest up to 10% of its net assets in non-investment grade debt securities of real estate and real estate-related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

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

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

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

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having quality underlying properties, capable management teams, and attractive valuations.

Other factors in consideration include cash flow consistency and growth, dividend yield, dividend coverage and growth, and cash flow and assets to price multiples.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in China A shares, and may also invest in debt securities of domestic and foreign issuers.

Additionally, the fund may invest up to 10% of its net assets in non-investment grade debt securities of real estate and real estate-related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

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

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

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

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having quality underlying properties, capable management teams, and attractive valuations.

Other factors in consideration include cash flow consistency and growth, dividend yield, dividend coverage and growth, and cash flow and assets to price multiples.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in China A shares, and may also invest in debt securities of domestic and foreign issuers.

Additionally, the fund may invest up to 10% of its net assets in non-investment grade debt securities of real estate and real estate-related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

The fund seeks primarily current income and secondarily capital appreciation 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 the securities of real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having attractive relative yields and valuations, as well as favorable property market outlook.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Additionally, the fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may invest up to 30% of its net assets in below-investment grade securities of real estate and real estate related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

The fund seeks primarily current income and secondarily capital appreciation 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 the securities of real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having attractive relative yields and valuations, as well as favorable property market outlook.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Additionally, the fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may invest up to 30% of its net assets in below-investment grade securities of real estate and real estate related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

The fund seeks primarily current income and secondarily capital appreciation 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 the securities of real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having attractive relative yields and valuations, as well as favorable property market outlook.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Additionally, the fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may invest up to 30% of its net assets in below-investment grade securities of real estate and real estate related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

The fund seeks primarily current income and secondarily capital appreciation 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 the securities of real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having attractive relative yields and valuations, as well as favorable property market outlook.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Additionally, the fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may invest up to 30% of its net assets in below-investment grade securities of real estate and real estate related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

The fund seeks primarily current income and secondarily capital appreciation 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 the securities of real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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.

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having attractive relative yields and valuations, as well as favorable property market outlook.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Additionally, the fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may invest up to 30% of its net assets in below-investment grade securities of real estate and real estate related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

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 securities of companies that are involved in mining, processing or dealing in gold or other metals or minerals, gold bullion, other physical metals, and precious metals-related ETFs and may invest all of its assets in those securities.

Also, the team invests in those securities, and in derivatives and other instruments that have economic characteristics similar to such securities.

Then the team relies on a proprietary model that is designed to assess a company’s financial statements and management structure, as well as the company’s operations and new developments.

The team considers the growth potential and the valuations of the stocks of particular companies, and ranks the companies that have been reviewed by the model.

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

The fund may invest up to 20% of its net assets in gold or silver bullion, in other precious metals, in metals naturally occurring with precious metals, in certificates representing an ownership interest in those metals, and in gold or silver coins.

Also, the fund may invest in U.S. or foreign companies, including companies in developing or emerging markets, i.e., those that are generally in the early stages of their industrial cycles.

The fund has no limit on its foreign investments.

The fund can also invest up to 25% of its net assets in the Subsidiary. Furthermore, the Subsidiary will invest in gold bullion and other precious metals, 

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 securities of companies that are involved in mining, processing or dealing in gold or other metals or minerals, gold bullion, other physical metals, and precious metals-related ETFs and may invest all of its assets in those securities.

Also, the team invests in those securities, and in derivatives and other instruments that have economic characteristics similar to such securities.

Then the team relies on a proprietary model that is designed to assess a company’s financial statements and management structure, as well as the company’s operations and new developments.

The team considers the growth potential and the valuations of the stocks of particular companies, and ranks the companies that have been reviewed by the model.

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

The fund may invest up to 20% of its net assets in gold or silver bullion, in other precious metals, in metals naturally occurring with precious metals, in certificates representing an ownership interest in those metals, and in gold or silver coins.

Also, the fund may invest in U.S. or foreign companies, including companies in developing or emerging markets, i.e., those that are generally in the early stages of their industrial cycles.

The fund has no limit on its foreign investments.

The fund can also invest up to 25% of its net assets in the Subsidiary. Furthermore, the Subsidiary will invest in gold bullion and other precious metals, 

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 securities of companies that are involved in mining, processing or dealing in gold or other metals or minerals, gold bullion, other physical metals, and precious metals-related ETFs and may invest all of its assets in those securities.

Also, the team invests in those securities, and in derivatives and other instruments that have economic characteristics similar to such securities.

Then the team relies on a proprietary model that is designed to assess a company’s financial statements and management structure, as well as the company’s operations and new developments.

The team considers the growth potential and the valuations of the stocks of particular companies, and ranks the companies that have been reviewed by the model.

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

The fund may invest up to 20% of its net assets in gold or silver bullion, in other precious metals, in metals naturally occurring with precious metals, in certificates representing an ownership interest in those metals, and in gold or silver coins.

Also, the fund may invest in U.S. or foreign companies, including companies in developing or emerging markets, i.e., those that are generally in the early stages of their industrial cycles.

The fund has no limit on its foreign investments.

The fund can also invest up to 25% of its net assets in the Subsidiary. Furthermore, the Subsidiary will invest in gold bullion and other precious metals, 

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 securities of companies that are involved in mining, processing or dealing in gold or other metals or minerals, gold bullion, other physical metals, and precious metals-related ETFs and may invest all of its assets in those securities.

Also, the team invests in those securities, and in derivatives and other instruments that have economic characteristics similar to such securities.

Then the team relies on a proprietary model that is designed to assess a company’s financial statements and management structure, as well as the company’s operations and new developments.

The team considers the growth potential and the valuations of the stocks of particular companies, and ranks the companies that have been reviewed by the model.

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

The fund may invest up to 20% of its net assets in gold or silver bullion, in other precious metals, in metals naturally occurring with precious metals, in certificates representing an ownership interest in those metals, and in gold or silver coins.

Also, the fund may invest in U.S. or foreign companies, including companies in developing or emerging markets, i.e., those that are generally in the early stages of their industrial cycles.

The fund has no limit on its foreign investments.

The fund can also invest up to 25% of its net assets in the Subsidiary. Furthermore, the Subsidiary will invest in gold bullion and other precious metals, 

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 securities of companies that are involved in mining, processing or dealing in gold or other metals or minerals, gold bullion, other physical metals, and precious metals-related ETFs and may invest all of its assets in those securities.

Also, the team invests in those securities, and in derivatives and other instruments that have economic characteristics similar to such securities.

Then the team relies on a proprietary model that is designed to assess a company’s financial statements and management structure, as well as the company’s operations and new developments.

The team considers the growth potential and the valuations of the stocks of particular companies, and ranks the companies that have been reviewed by the model.

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

The fund may invest up to 20% of its net assets in gold or silver bullion, in other precious metals, in metals naturally occurring with precious metals, in certificates representing an ownership interest in those metals, and in gold or silver coins.

Also, the fund may invest in U.S. or foreign companies, including companies in developing or emerging markets, i.e., those that are generally in the early stages of their industrial cycles.

The fund has no limit on its foreign investments.

The fund can also invest up to 25% of its net assets in the Subsidiary. Furthermore, the Subsidiary will invest in gold bullion and other precious metals, 

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 issuers engaged primarily in health care-related industries, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer to be engaged in health care-related industries, if it derives50% or more of its gross income or its net sales from activities in the healthcare industry, or it devotes 50% or more of its assets to producing revenues from the health care industry.

Also, the team considers companies whose primary business is within the health care industry.

Issuers engaged in healthcare-related industries include those that design, manufacture, or sell products or services used for or in connection with health care or medicine.

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 attractive growth prospects relative to their current valuations.

Additionally, the team seeks to identify companies whose future growth prospects are not yet recognized by investors.

In analyzing specific industries, the team emphasizes companies with above-average growth and demand; below-average reimbursement risk; and high barriers to entry.

However, in analyzing specific issuers, the team looks for leading issuers with defensible franchises, niche-oriented products and/or services, potential to expand margins and improve profitability, superior earnings-per-share growth, balance sheet strength, and a capable management team.

Also, the team prefers companies that are trading at attractive valuations relative to valuation multiples.

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

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

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 issuers engaged primarily in health care-related industries, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer to be engaged in health care-related industries, if it derives50% or more of its gross income or its net sales from activities in the healthcare industry, or it devotes 50% or more of its assets to producing revenues from the health care industry.

Also, the team considers companies whose primary business is within the health care industry.

Issuers engaged in healthcare-related industries include those that design, manufacture, or sell products or services used for or in connection with health care or medicine.

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 attractive growth prospects relative to their current valuations.

Additionally, the team seeks to identify companies whose future growth prospects are not yet recognized by investors.

In analyzing specific industries, the team emphasizes companies with above-average growth and demand; below-average reimbursement risk; and high barriers to entry.

However, in analyzing specific issuers, the team looks for leading issuers with defensible franchises, niche-oriented products and/or services, potential to expand margins and improve profitability, superior earnings-per-share growth, balance sheet strength, and a capable management team.

Also, the team prefers companies that are trading at attractive valuations relative to valuation multiples.

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

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

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 issuers engaged primarily in health care-related industries, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer to be engaged in health care-related industries, if it derives50% or more of its gross income or its net sales from activities in the healthcare industry, or it devotes 50% or more of its assets to producing revenues from the health care industry.

Also, the team considers companies whose primary business is within the health care industry.

Issuers engaged in healthcare-related industries include those that design, manufacture, or sell products or services used for or in connection with health care or medicine.

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 attractive growth prospects relative to their current valuations.

Additionally, the team seeks to identify companies whose future growth prospects are not yet recognized by investors.

In analyzing specific industries, the team emphasizes companies with above-average growth and demand; below-average reimbursement risk; and high barriers to entry.

However, in analyzing specific issuers, the team looks for leading issuers with defensible franchises, niche-oriented products and/or services, potential to expand margins and improve profitability, superior earnings-per-share growth, balance sheet strength, and a capable management team.

Also, the team prefers companies that are trading at attractive valuations relative to valuation multiples.

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

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

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 issuers engaged primarily in health care-related industries, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer to be engaged in health care-related industries, if it derives50% or more of its gross income or its net sales from activities in the healthcare industry, or it devotes 50% or more of its assets to producing revenues from the health care industry.

Also, the team considers companies whose primary business is within the health care industry.

Issuers engaged in healthcare-related industries include those that design, manufacture, or sell products or services used for or in connection with health care or medicine.

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 attractive growth prospects relative to their current valuations.

Additionally, the team seeks to identify companies whose future growth prospects are not yet recognized by investors.

In analyzing specific industries, the team emphasizes companies with above-average growth and demand; below-average reimbursement risk; and high barriers to entry.

However, in analyzing specific issuers, the team looks for leading issuers with defensible franchises, niche-oriented products and/or services, potential to expand margins and improve profitability, superior earnings-per-share growth, balance sheet strength, and a capable management team.

Also, the team prefers companies that are trading at attractive valuations relative to valuation multiples.

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

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

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 issuers engaged primarily in health care-related industries, and in derivatives and other instruments that have economic characteristics similar to such securities.

The team considers an issuer to be engaged in health care-related industries, if it derives50% or more of its gross income or its net sales from activities in the healthcare industry, or it devotes 50% or more of its assets to producing revenues from the health care industry.

Also, the team considers companies whose primary business is within the health care industry.

Issuers engaged in healthcare-related industries include those that design, manufacture, or sell products or services used for or in connection with health care or medicine.

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 attractive growth prospects relative to their current valuations.

Additionally, the team seeks to identify companies whose future growth prospects are not yet recognized by investors.

In analyzing specific industries, the team emphasizes companies with above-average growth and demand; below-average reimbursement risk; and high barriers to entry.

However, in analyzing specific issuers, the team looks for leading issuers with defensible franchises, niche-oriented products and/or services, potential to expand margins and improve profitability, superior earnings-per-share growth, balance sheet strength, and a capable management team.

Also, the team prefers companies that are trading at attractive valuations relative to valuation multiples.

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

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund seeks to track the total return performance of the benchmark index before fees and expenses 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 companies engaged in the ownership, disposal and development of income producing real estate in developed countries.

The team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the Underlying Index.

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 generally invests significantly in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index.
 

The fund seeks to track the total return performance of the benchmark index before fees and expenses 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 companies engaged in the ownership, disposal and development of income producing real estate in developed countries.

The team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the Underlying Index.

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 generally invests significantly in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index.
 

The fund seeks to track the total return performance of the benchmark index before fees and expenses 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 companies engaged in the ownership, disposal and development of income producing real estate in developed countries.

The team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the Underlying Index.

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 generally invests significantly in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index.
 

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

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

Next, the research team invests in securities of companies in the real estate or real estate-related industries.

The team focuses on companies that qualify for U.S. federal income tax purposes as real estate investment trusts, or entities similar to REITs formed under the laws of a country other than the U.S.

In addition, the team considers companies located in any country that derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or that have at least 50% of their assets invested in such real estate.

Also, the team considers companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry.

In selecting securities for the portfolio, the research team employs a research-based investment process that combines top-down market research, bottom-up company analysis and a quantitative assessment of relative value.

The top-down analysis focuses on an understanding of economic conditions and real estate fundamentals.

The research process is driven by fundamental analysis of one stock at a time. As part of the bottom-up analysis, the team focuses on understanding each company’s risk profile and growth prospects.

The quantitative assessment of relative value includes ranking companies on the basis of premiums and discounts to intrinsic value.

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

The fund may invest in companies located in any country, including any emerging market country.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

Additionally, the fund has the flexibility to invest across market capitalizations but may invest significantly in large- and mid-capitalization companies.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

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

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

Next, the research team invests in securities of companies in the real estate or real estate-related industries.

The team focuses on companies that qualify for U.S. federal income tax purposes as real estate investment trusts, or entities similar to REITs formed under the laws of a country other than the U.S.

In addition, the team considers companies located in any country that derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or that have at least 50% of their assets invested in such real estate.

Also, the team considers companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry.

In selecting securities for the portfolio, the research team employs a research-based investment process that combines top-down market research, bottom-up company analysis and a quantitative assessment of relative value.

The top-down analysis focuses on an understanding of economic conditions and real estate fundamentals.

The research process is driven by fundamental analysis of one stock at a time. As part of the bottom-up analysis, the team focuses on understanding each company’s risk profile and growth prospects.

The quantitative assessment of relative value includes ranking companies on the basis of premiums and discounts to intrinsic value.

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

The fund may invest in companies located in any country, including any emerging market country.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

Additionally, the fund has the flexibility to invest across market capitalizations but may invest significantly in large- and mid-capitalization companies.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

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

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

Next, the research team invests in securities of companies in the real estate or real estate-related industries.

The team focuses on companies that qualify for U.S. federal income tax purposes as real estate investment trusts, or entities similar to REITs formed under the laws of a country other than the U.S.

In addition, the team considers companies located in any country that derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or that have at least 50% of their assets invested in such real estate.

Also, the team considers companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry.

In selecting securities for the portfolio, the research team employs a research-based investment process that combines top-down market research, bottom-up company analysis and a quantitative assessment of relative value.

The top-down analysis focuses on an understanding of economic conditions and real estate fundamentals.

The research process is driven by fundamental analysis of one stock at a time. As part of the bottom-up analysis, the team focuses on understanding each company’s risk profile and growth prospects.

The quantitative assessment of relative value includes ranking companies on the basis of premiums and discounts to intrinsic value.

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

The fund may invest in companies located in any country, including any emerging market country.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

Additionally, the fund has the flexibility to invest across market capitalizations but may invest significantly in large- and mid-capitalization companies.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

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

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

Next, the research team invests in securities of companies in the real estate or real estate-related industries.

The team focuses on companies that qualify for U.S. federal income tax purposes as real estate investment trusts, or entities similar to REITs formed under the laws of a country other than the U.S.

In addition, the team considers companies located in any country that derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or that have at least 50% of their assets invested in such real estate.

Also, the team considers companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry.

In selecting securities for the portfolio, the research team employs a research-based investment process that combines top-down market research, bottom-up company analysis and a quantitative assessment of relative value.

The top-down analysis focuses on an understanding of economic conditions and real estate fundamentals.

The research process is driven by fundamental analysis of one stock at a time. As part of the bottom-up analysis, the team focuses on understanding each company’s risk profile and growth prospects.

The quantitative assessment of relative value includes ranking companies on the basis of premiums and discounts to intrinsic value.

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

The fund may invest in companies located in any country, including any emerging market country.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

Additionally, the fund has the flexibility to invest across market capitalizations but may invest significantly in large- and mid-capitalization companies.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

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

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

Next, the research team invests in securities of companies in the real estate or real estate-related industries.

The team focuses on companies that qualify for U.S. federal income tax purposes as real estate investment trusts, or entities similar to REITs formed under the laws of a country other than the U.S.

In addition, the team considers companies located in any country that derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or that have at least 50% of their assets invested in such real estate.

Also, the team considers companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry.

In selecting securities for the portfolio, the research team employs a research-based investment process that combines top-down market research, bottom-up company analysis and a quantitative assessment of relative value.

The top-down analysis focuses on an understanding of economic conditions and real estate fundamentals.

The research process is driven by fundamental analysis of one stock at a time. As part of the bottom-up analysis, the team focuses on understanding each company’s risk profile and growth prospects.

The quantitative assessment of relative value includes ranking companies on the basis of premiums and discounts to intrinsic value.

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

The fund may invest in companies located in any country, including any emerging market country.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

Additionally, the fund has the flexibility to invest across market capitalizations but may invest significantly in large- and mid-capitalization companies.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

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

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

Next, the research team invests in securities of companies in the real estate or real estate-related industries.

The team focuses on companies that qualify for U.S. federal income tax purposes as real estate investment trusts, or entities similar to REITs formed under the laws of a country other than the U.S.

In addition, the team considers companies located in any country that derive at least 50% of their revenues from the ownership, construction, financing, management or sale of commercial, industrial or residential real estate or that have at least 50% of their assets invested in such real estate.

Also, the team considers companies located in any country that are primarily engaged in businesses that sell or offer products or services that are closely related to the real estate industry.

In selecting securities for the portfolio, the research team employs a research-based investment process that combines top-down market research, bottom-up company analysis and a quantitative assessment of relative value.

The top-down analysis focuses on an understanding of economic conditions and real estate fundamentals.

The research process is driven by fundamental analysis of one stock at a time. As part of the bottom-up analysis, the team focuses on understanding each company’s risk profile and growth prospects.

The quantitative assessment of relative value includes ranking companies on the basis of premiums and discounts to intrinsic value.

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

The fund may invest in companies located in any country, including any emerging market country.

Also, the fund invests at least 40% (or, if the manager deems it warranted by market conditions, at least 30%) of its net assets in securities of non-U.S. issuers.

Additionally, the fund has the flexibility to invest across market capitalizations but may invest significantly in large- and mid-capitalization companies.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

The fund seeks capital growth and 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 securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies.

According to the team, natural resources includes energy, alternative energy, industrial products, forest products, base metals, precious metals and minerals, and agricultural products.

In selecting securities for the portfolio, the research team combines top-down market analysis with bottom-up company analysis.

The team invests in a blend of value and growth companies.

In addition, the team prefers well-managed companies that can generate above-average capital growth and appreciation.

Also, the team favors high quality companies exhibiting the potential for sustainable long-term growth and that are low-cost leaders with a track record of superior producing assets.

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 between 30 and 60 companies.

The fund invests in foreign companies and U.S. companies that have principal operations in foreign jurisdictions.

In addition, the fund also may have exposure to companies located in, and/or doing business in, emerging markets.

The fund may use forward currency contracts in an effort to manage foreign currency exposure.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

The fund seeks capital growth and 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 securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies.

According to the team, natural resources includes energy, alternative energy, industrial products, forest products, base metals, precious metals and minerals, and agricultural products.

In selecting securities for the portfolio, the research team combines top-down market analysis with bottom-up company analysis.

The team invests in a blend of value and growth companies.

In addition, the team prefers well-managed companies that can generate above-average capital growth and appreciation.

Also, the team favors high quality companies exhibiting the potential for sustainable long-term growth and that are low-cost leaders with a track record of superior producing assets.

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 between 30 and 60 companies.

The fund invests in foreign companies and U.S. companies that have principal operations in foreign jurisdictions.

In addition, the fund also may have exposure to companies located in, and/or doing business in, emerging markets.

The fund may use forward currency contracts in an effort to manage foreign currency exposure.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

The fund seeks capital growth and 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 securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies.

According to the team, natural resources includes energy, alternative energy, industrial products, forest products, base metals, precious metals and minerals, and agricultural products.

In selecting securities for the portfolio, the research team combines top-down market analysis with bottom-up company analysis.

The team invests in a blend of value and growth companies.

In addition, the team prefers well-managed companies that can generate above-average capital growth and appreciation.

Also, the team favors high quality companies exhibiting the potential for sustainable long-term growth and that are low-cost leaders with a track record of superior producing assets.

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 between 30 and 60 companies.

The fund invests in foreign companies and U.S. companies that have principal operations in foreign jurisdictions.

In addition, the fund also may have exposure to companies located in, and/or doing business in, emerging markets.

The fund may use forward currency contracts in an effort to manage foreign currency exposure.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

The fund seeks capital growth and 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 securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies.

According to the team, natural resources includes energy, alternative energy, industrial products, forest products, base metals, precious metals and minerals, and agricultural products.

In selecting securities for the portfolio, the research team combines top-down market analysis with bottom-up company analysis.

The team invests in a blend of value and growth companies.

In addition, the team prefers well-managed companies that can generate above-average capital growth and appreciation.

Also, the team favors high quality companies exhibiting the potential for sustainable long-term growth and that are low-cost leaders with a track record of superior producing assets.

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 between 30 and 60 companies.

The fund invests in foreign companies and U.S. companies that have principal operations in foreign jurisdictions.

In addition, the fund also may have exposure to companies located in, and/or doing business in, emerging markets.

The fund may use forward currency contracts in an effort to manage foreign currency exposure.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

The fund seeks capital growth and 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 securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies.

According to the team, natural resources includes energy, alternative energy, industrial products, forest products, base metals, precious metals and minerals, and agricultural products.

In selecting securities for the portfolio, the research team combines top-down market analysis with bottom-up company analysis.

The team invests in a blend of value and growth companies.

In addition, the team prefers well-managed companies that can generate above-average capital growth and appreciation.

Also, the team favors high quality companies exhibiting the potential for sustainable long-term growth and that are low-cost leaders with a track record of superior producing assets.

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 between 30 and 60 companies.

The fund invests in foreign companies and U.S. companies that have principal operations in foreign jurisdictions.

In addition, the fund also may have exposure to companies located in, and/or doing business in, emerging markets.

The fund may use forward currency contracts in an effort to manage foreign currency exposure.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

The fund seeks capital growth and 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 securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies.

According to the team, natural resources includes energy, alternative energy, industrial products, forest products, base metals, precious metals and minerals, and agricultural products.

In selecting securities for the portfolio, the research team combines top-down market analysis with bottom-up company analysis.

The team invests in a blend of value and growth companies.

In addition, the team prefers well-managed companies that can generate above-average capital growth and appreciation.

Also, the team favors high quality companies exhibiting the potential for sustainable long-term growth and that are low-cost leaders with a track record of superior producing assets.

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 between 30 and 60 companies.

The fund invests in foreign companies and U.S. companies that have principal operations in foreign jurisdictions.

In addition, the fund also may have exposure to companies located in, and/or doing business in, emerging markets.

The fund may use forward currency contracts in an effort to manage foreign currency exposure.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

The fund seeks capital growth and 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 securities of companies with operations throughout the world that own, explore or develop natural resources and other basic commodities or supply goods and services to such companies.

According to the team, natural resources includes energy, alternative energy, industrial products, forest products, base metals, precious metals and minerals, and agricultural products.

In selecting securities for the portfolio, the research team combines top-down market analysis with bottom-up company analysis.

The team invests in a blend of value and growth companies.

In addition, the team prefers well-managed companies that can generate above-average capital growth and appreciation.

Also, the team favors high quality companies exhibiting the potential for sustainable long-term growth and that are low-cost leaders with a track record of superior producing assets.

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 between 30 and 60 companies.

The fund invests in foreign companies and U.S. companies that have principal operations in foreign jurisdictions.

In addition, the fund also may have exposure to companies located in, and/or doing business in, emerging markets.

The fund may use forward currency contracts in an effort to manage foreign currency exposure.

The fund is non-diversified, meaning that it may invest a significant portion of its net assets in a limited number of issuers.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The fund seeks capital appreciation 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 securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

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 a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

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 of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

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 securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

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 a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

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 of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

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 securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

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 a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

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 of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

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 securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

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 a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

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 of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

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 securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

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 a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

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 of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

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 securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

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 a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

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 of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

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 securities of companies that have a life science orientation.

The team focuses on companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals.

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 a company’s growth potential, management strength, durable competitive advantages, returns on investment capital, and cash flow generation.

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 of U.S. and foreign companies exhibiting growth potential.

Also, the fund invests in issuers from several different countries, which may include the United States.

A security is deemed to be economically tied to a country or countries if the company is organized in, or its primary business office or principal trading market of its equity are located in, the country.

Also, a security is deemed to be economically tied to a country or countries if a majority of the company’s revenues are derived from one or more countries or a majority of the company’s assets are located in one or more countries.

The fund invests at least 25% of its net assets in securities of companies in industry groups such as pharmaceutical; biotechnology; health care services; and medical devices.

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

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 securities of companies that will benefit significantly from advances or improvements in technology.

According to the team, these companies generally fall into two categories. In the first category, the team considers companies that have or will develop products, processes, or services that will provide significant technological advancements or improvements.

In the second category, the team focuses on companies that rely extensively on technology in connection with their operations or services.

Next, the research team invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive valuations.

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

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

Some of the industries and companies in the portfolio include e-commerce, computer, communications, industrials; Internet; and media and entertainment.

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 securities of companies that will benefit significantly from advances or improvements in technology.

According to the team, these companies generally fall into two categories. In the first category, the team considers companies that have or will develop products, processes, or services that will provide significant technological advancements or improvements.

In the second category, the team focuses on companies that rely extensively on technology in connection with their operations or services.

Next, the research team invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive valuations.

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

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

Some of the industries and companies in the portfolio include e-commerce, computer, communications, industrials; Internet; and media and entertainment.

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 securities of companies that will benefit significantly from advances or improvements in technology.

According to the team, these companies generally fall into two categories. In the first category, the team considers companies that have or will develop products, processes, or services that will provide significant technological advancements or improvements.

In the second category, the team focuses on companies that rely extensively on technology in connection with their operations or services.

Next, the research team invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive valuations.

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

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

Some of the industries and companies in the portfolio include e-commerce, computer, communications, industrials; Internet; and media and entertainment.

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 securities of companies that will benefit significantly from advances or improvements in technology.

According to the team, these companies generally fall into two categories. In the first category, the team considers companies that have or will develop products, processes, or services that will provide significant technological advancements or improvements.

In the second category, the team focuses on companies that rely extensively on technology in connection with their operations or services.

Next, the research team invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive valuations.

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

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

Some of the industries and companies in the portfolio include e-commerce, computer, communications, industrials; Internet; and media and entertainment.

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 securities of companies that will benefit significantly from advances or improvements in technology.

According to the team, these companies generally fall into two categories. In the first category, the team considers companies that have or will develop products, processes, or services that will provide significant technological advancements or improvements.

In the second category, the team focuses on companies that rely extensively on technology in connection with their operations or services.

Next, the research team invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive valuations.

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

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

Some of the industries and companies in the portfolio include e-commerce, computer, communications, industrials; Internet; and media and entertainment.

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 securities of companies that will benefit significantly from advances or improvements in technology.

According to the team, these companies generally fall into two categories. In the first category, the team considers companies that have or will develop products, processes, or services that will provide significant technological advancements or improvements.

In the second category, the team focuses on companies that rely extensively on technology in connection with their operations or services.

Next, the research team invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive valuations.

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

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

Some of the industries and companies in the portfolio include e-commerce, computer, communications, industrials; Internet; and media and entertainment.

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 securities of companies that will benefit significantly from advances or improvements in technology.

According to the team, these companies generally fall into two categories. In the first category, the team considers companies that have or will develop products, processes, or services that will provide significant technological advancements or improvements.

In the second category, the team focuses on companies that rely extensively on technology in connection with their operations or services.

Next, the research team invests in securities of U.S. and foreign companies exhibiting growth potential.

Also, the fund will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States.

A security is deemed to be economically tied to a country or countries outside of the United States if the company is organized in, or its primary business office or principal trading market of its equity are located in, a country outside of the United States.

Also, a security is deemed to be economically tied to a country or countries outside of the United States if a majority of the company’s revenues are derived from outside of the United States, or a majority of the company’s assets are located outside of the United States.

In selecting securities for the portfolio, the research team focuses on companies with attractive valuations.

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

The fund may have exposure to emerging markets, and may invest in shares of companies through initial public offerings.

Additionally, the fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its net assets.

Some of the industries and companies in the portfolio include e-commerce, computer, communications, industrials; Internet; and media and entertainment.

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

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

However, the strategy emphasizes on absolute returns over a full market cycle.

Next, the research team invests in global securities of companies with infrastructure-related assets.

According to the team, infrastructure-related assets are long-lived physical assets that are held by companies, including financial holding companies, that engage in the ownership, management, construction, development, renovation, operation, use or financing of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets are the physical structures, networks and systems which provide necessary services for the function, growth and development of society, including but not limited to transportation and shipping, energy and utilities, water and sewage, communication, and social assets.

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.

However, the fund will generally be diversified regionally across global equity markets, including emerging markets.

In addition, the securities in which the fund invests may often provide higher dividend yields than the broader equity market.

The fund may invest in debt securities, including convertible bonds, without any maturity limit and of any credit quality, including high-yield securities.

The fund may also invest in cash, cash equivalents, and derivative instruments.

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

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

However, the strategy emphasizes on absolute returns over a full market cycle.

Next, the research team invests in global securities of companies with infrastructure-related assets.

According to the team, infrastructure-related assets are long-lived physical assets that are held by companies, including financial holding companies, that engage in the ownership, management, construction, development, renovation, operation, use or financing of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets are the physical structures, networks and systems which provide necessary services for the function, growth and development of society, including but not limited to transportation and shipping, energy and utilities, water and sewage, communication, and social assets.

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.

However, the fund will generally be diversified regionally across global equity markets, including emerging markets.

In addition, the securities in which the fund invests may often provide higher dividend yields than the broader equity market.

The fund may invest in debt securities, including convertible bonds, without any maturity limit and of any credit quality, including high-yield securities.

The fund may also invest in cash, cash equivalents, and derivative instruments.

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

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

However, the strategy emphasizes on absolute returns over a full market cycle.

Next, the research team invests in global securities of companies with infrastructure-related assets.

According to the team, infrastructure-related assets are long-lived physical assets that are held by companies, including financial holding companies, that engage in the ownership, management, construction, development, renovation, operation, use or financing of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets are the physical structures, networks and systems which provide necessary services for the function, growth and development of society, including but not limited to transportation and shipping, energy and utilities, water and sewage, communication, and social assets.

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.

However, the fund will generally be diversified regionally across global equity markets, including emerging markets.

In addition, the securities in which the fund invests may often provide higher dividend yields than the broader equity market.

The fund may invest in debt securities, including convertible bonds, without any maturity limit and of any credit quality, including high-yield securities.

The fund may also invest in cash, cash equivalents, and derivative instruments.

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

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

However, the strategy emphasizes on absolute returns over a full market cycle.

Next, the research team invests in global securities of companies with infrastructure-related assets.

According to the team, infrastructure-related assets are long-lived physical assets that are held by companies, including financial holding companies, that engage in the ownership, management, construction, development, renovation, operation, use or financing of infrastructure assets, or that provide the services and raw materials necessary for the construction and maintenance of infrastructure assets.

Infrastructure assets are the physical structures, networks and systems which provide necessary services for the function, growth and development of society, including but not limited to transportation and shipping, energy and utilities, water and sewage, communication, and social assets.

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.

However, the fund will generally be diversified regionally across global equity markets, including emerging markets.

In addition, the securities in which the fund invests may often provide higher dividend yields than the broader equity market.

The fund may invest in debt securities, including convertible bonds, without any maturity limit and of any credit quality, including high-yield securities.

The fund may also invest in cash, cash equivalents, and derivative instruments.

The fund seeks 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 securities of companies whose main business is in the water-related resource sector or that are significantly involved in the water-related resource sector.

Water-related resource sector activities may include water treatment, engineering, filtration, environmental controls, water-related equipment, water and wastewater services, and water utilities.

Such activities may also include water distribution, water infrastructure and equipment, water-related construction and engineering, environmental control and metering, and services or technologies that conserve or enable more efficient use of water.

As part of its process, the team incorporates four factors such as Theme Definition and Investment Universe, Research, Conviction-Based Portfolio Construction, and Continuous Challenge.

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 consists of securities of 35 to 50 companies.

The fund seeks to invest in companies directly involved in the management of water-related resources and not in packagers or resellers of bottled water.

Also, the fund may invest in securities of U.S. and non-U.S. (including both developed and emerging market) companies.

The fund invests at least 25% of its net assets in the securities of companies in the industrials and utilities industries.

The fund may hold up to 20% of its net assets in cash and money market instruments.

In addition, the fund is non-diversified, which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

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

Next, the research team invests significantly in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks of U.S. and foreign companies engaged in medical research, pharmaceutical and medical technology industries and related technology industries.

Generally, the team emphasizes companies engaged in cancer research and drug development, such as pharmaceutical development companies, surgical and medical instrument manufacturers and developers, pharmaceutical manufacturers, and biotech and medical research companies.

As part of its fundamental analysis, the team looks at the amount of capital a company spends on research and development.

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.

The fund may also invest in exchange-traded funds and purchase and write options for hedging purposes and/or direct investment.

Also, 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.

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

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

Next, the research team invests significantly in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks of U.S. and foreign companies engaged in medical research, pharmaceutical and medical technology industries and related technology industries.

Generally, the team emphasizes companies engaged in cancer research and drug development, such as pharmaceutical development companies, surgical and medical instrument manufacturers and developers, pharmaceutical manufacturers, and biotech and medical research companies.

As part of its fundamental analysis, the team looks at the amount of capital a company spends on research and development.

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.

The fund may also invest in exchange-traded funds and purchase and write options for hedging purposes and/or direct investment.

Also, 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.

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

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

Next, the research team invests significantly in common stocks, convertible securities, warrants and other equity securities having the characteristics of common stocks of U.S. and foreign companies engaged in medical research, pharmaceutical and medical technology industries and related technology industries.

Generally, the team emphasizes companies engaged in cancer research and drug development, such as pharmaceutical development companies, surgical and medical instrument manufacturers and developers, pharmaceutical manufacturers, and biotech and medical research companies.

As part of its fundamental analysis, the team looks at the amount of capital a company spends on research and development.

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.

The fund may also invest in exchange-traded funds and purchase and write options for hedging purposes and/or direct investment.

Also, 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.

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

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.