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

The investment process is designed to highlight an activist situation from a list of companies in the benchmark index.

The manager defines an activist situation as one where an investor holds more than 5% of a company’s shares and either has a history of activist investing and/or has a publicly disclosed catalyst for change such as seeking Board seats, improving operations and/or corporate governance practices, approving a merger, spinning-off an operating division or selling a significant amount of company assets.

Then the investment team relies on fundamental analysis to identify companies where an activist investor is involved.

Next, the research team derives its activist information primarily from legally-mandated filings known as 13D filings.

Then the team reviews all material activist situations and makes investment decisions based on its knowledge of the activist investor involved, the industry, the shareholder base, the activist’s average cost, its strategy.

In addition, the team also evaluates and considers environmental, social and governance factors, with a strong emphasis on corporate governance.

The fund is a concentrated and actively managed portfolio of approximately 30 stocks that represent the best Activist Catalysts in the market.

The portfolio is constructed where different weights will be given to each investment depending on the type of activist intent stated, the activist and sector involved, and the manager’s determination as to the chance of activist success.

Generally, a significant majority of portfolio positions will have a shareholder representative on the board of directors who advocates for best-in-class corporate governance practices and a shareholder focused mentality.

The team looks to create the purest and most comprehensive exposure to Shareholder Activism in a diversified, low cost and liquid structure.

The fund is non-diversified, which means that it may invest in fewer issuers than a diversified fund.

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

The investment process is designed to highlight an activist situation from a list of companies in the benchmark index.

The manager defines an activist situation as one where an investor holds more than 5% of a company’s shares and either has a history of activist investing and/or has a publicly disclosed catalyst for change such as seeking Board seats, improving operations and/or corporate governance practices, approving a merger, spinning-off an operating division or selling a significant amount of company assets.

Then the investment team relies on fundamental analysis to identify companies where an activist investor is involved.

Next, the research team derives its activist information primarily from legally-mandated filings known as 13D filings.

Then the team reviews all material activist situations and makes investment decisions based on its knowledge of the activist investor involved, the industry, the shareholder base, the activist’s average cost, its strategy.

In addition, the team also evaluates and considers environmental, social and governance factors, with a strong emphasis on corporate governance.

The fund is a concentrated and actively managed portfolio of approximately 30 stocks that represent the best Activist Catalysts in the market.

The portfolio is constructed where different weights will be given to each investment depending on the type of activist intent stated, the activist and sector involved, and the manager’s determination as to the chance of activist success.

Generally, a significant majority of portfolio positions will have a shareholder representative on the board of directors who advocates for best-in-class corporate governance practices and a shareholder focused mentality.

The team looks to create the purest and most comprehensive exposure to Shareholder Activism in a diversified, low cost and liquid structure.

The fund is non-diversified, which means that it may invest in fewer issuers than a diversified fund.

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

The investment process is designed to highlight an activist situation from a list of companies in the benchmark index.

The manager defines an activist situation as one where an investor holds more than 5% of a company’s shares and either has a history of activist investing and/or has a publicly disclosed catalyst for change such as seeking Board seats, improving operations and/or corporate governance practices, approving a merger, spinning-off an operating division or selling a significant amount of company assets.

Then the investment team relies on fundamental analysis to identify companies where an activist investor is involved.

Next, the research team derives its activist information primarily from legally-mandated filings known as 13D filings.

Then the team reviews all material activist situations and makes investment decisions based on its knowledge of the activist investor involved, the industry, the shareholder base, the activist’s average cost, its strategy.

In addition, the team also evaluates and considers environmental, social and governance factors, with a strong emphasis on corporate governance.

The fund is a concentrated and actively managed portfolio of approximately 30 stocks that represent the best Activist Catalysts in the market.

The portfolio is constructed where different weights will be given to each investment depending on the type of activist intent stated, the activist and sector involved, and the manager’s determination as to the chance of activist success.

Generally, a significant majority of portfolio positions will have a shareholder representative on the board of directors who advocates for best-in-class corporate governance practices and a shareholder focused mentality.

The team looks to create the purest and most comprehensive exposure to Shareholder Activism in a diversified, low cost and liquid structure.

The fund is non-diversified, which means that it may invest in fewer issuers than a diversified fund.

The fund seeks to achive growth of capital with a diversification in the U.S. stocks, ETF and other securities. 

 The investment process starts with the ranking of economic sectors followed by a selection of companies in each sector. The over- or under-allocation in each sector is determined by the expectation of future prospects of  each sector. The investment team then uses financial screens based on the proprietary metrics relavant in the current market conditions and select companies to invest in.  

The expectations of relative performance drives the buy and sell discpline of the fund. 

The fund seeks capital appreciation by investing in large- and mega-size U.S. companies.

The investment process prefers companies with a proven track record of earnings, sustainable above-average return on capital and attractive free cash flow, and positive long term growth outlook.

The research team evaluates management by focusing on the company’s dividend track record, accessibility to shareholders, management incentives including direct equity ownership, and employment of conservative accounting practices.

The fund constructs a concentrated, high-conviction portfolio with high active shares and invests in approximately 20 companies.

The fund seeks capital appreciation by investing in large- and mega-size U.S. companies.

The investment process prefers companies with a proven track record of earnings, sustainable above-average return on capital and attractive free cash flow, and positive long term growth outlook.

The research team evaluates management by focusing on the company’s dividend track record, accessibility to shareholders, management incentives including direct equity ownership, and employment of conservative accounting practices.

The fund constructs a concentrated, high-conviction portfolio with high active shares and invests in approximately 20 companies.

The fund seeks capital appreciation by investing in large- and mega-size U.S. companies.

The investment process prefers companies with a proven track record of earnings, sustainable above-average return on capital and attractive free cash flow, and positive long term growth outlook.

The research team evaluates management by focusing on the company’s dividend track record, accessibility to shareholders, management incentives including direct equity ownership, and employment of conservative accounting practices.

The fund constructs a concentrated, high-conviction portfolio with high active shares and invests in approximately 20 companies.

The fund seeks capital appreciation by investing in large- and mega-size U.S. companies.

The investment process prefers companies with a proven track record of earnings, sustainable above-average return on capital and attractive free cash flow, and positive long term growth outlook.

The research team evaluates management by focusing on the company’s dividend track record, accessibility to shareholders, management incentives including direct equity ownership, and employment of conservative accounting practices.

The fund constructs a concentrated, high-conviction portfolio with high active shares and invests in approximately 20 companies.

The fund seeks capital appreciation by investing in large- and mega-size U.S. companies.

The investment process prefers companies with a proven track record of earnings, sustainable above-average return on capital and attractive free cash flow, and positive long term growth outlook.

The research team evaluates management by focusing on the company’s dividend track record, accessibility to shareholders, management incentives including direct equity ownership, and employment of conservative accounting practices.

The fund constructs a concentrated, high-conviction portfolio with high active shares and invests in approximately 20 companies.

The fund seeks capital appreciation by investing in large- and mega-size U.S. companies.

The investment process prefers companies with a proven track record of earnings, sustainable above-average return on capital and attractive free cash flow, and positive long term growth outlook.

The research team evaluates management by focusing on the company’s dividend track record, accessibility to shareholders, management incentives including direct equity ownership, and employment of conservative accounting practices.

The fund constructs a concentrated, high-conviction portfolio with high active shares and invests in approximately 20 companies.

The fund seeks capital appreciation by investing in large- and mega-size U.S. companies.

The investment process prefers companies with a proven track record of earnings, sustainable above-average return on capital and attractive free cash flow, and positive long term growth outlook.

The research team evaluates management by focusing on the company’s dividend track record, accessibility to shareholders, management incentives including direct equity ownership, and employment of conservative accounting practices.

The fund constructs a concentrated, high-conviction portfolio with high active shares and invests in approximately 20 companies.

The fund seeks long-term growth of capital through investing in large- and mega-size U.S. companies.

The investment starts with a list of companies included in the benchmark index, Research team with the help of quantitative techniques and financial screens separates companies with stable earnings, return on capital and business growth.

Next, the research team analyzes business models, identifies factors and conditions for the earnings and cash flow growth durability and estimates company valuations.

The fund favors those companies trading at attractive discounts to their long term valuations. The fund primarily invests in U.S. companies and constructs a portfolio with the help of stock picking and not following any assigned limits or ranges on sector or industry selections.

The fund seeks long-term growth of capital through investing in large- and mega-size U.S. companies.

The investment starts with a list of companies included in the benchmark index, Research team with the help of quantitative techniques and financial screens separates companies with stable earnings, return on capital and business growth.

Next, the research team analyzes business models, identifies factors and conditions for the earnings and cash flow growth durability and estimates company valuations.

The fund favors those companies trading at attractive discounts to their long term valuations. The fund primarily invests in U.S. companies and constructs a portfolio with the help of stock picking and not following any assigned limits or ranges on sector or industry selections.

The fund seeks long-term growth of capital through investing in large- and mega-size U.S. companies.

The investment starts with a list of companies included in the benchmark index, Research team with the help of quantitative techniques and financial screens separates companies with stable earnings, return on capital and business growth.

Next, the research team analyzes business models, identifies factors and conditions for the earnings and cash flow growth durability and estimates company valuations.

The fund favors those companies trading at attractive discounts to their long term valuations. The fund primarily invests in U.S. companies and constructs a portfolio with the help of stock picking and not following any assigned limits or ranges on sector or industry selections.

The fund seeks long-term growth of capital through investing in large- and mega-size U.S. companies.

The investment starts with a list of companies included in the benchmark index, Research team with the help of quantitative techniques and financial screens separates companies with stable earnings, return on capital and business growth.

Next, the research team analyzes business models, identifies factors and conditions for the earnings and cash flow growth durability and estimates company valuations.

The fund favors those companies trading at attractive discounts to their long term valuations. The fund primarily invests in U.S. companies and constructs a portfolio with the help of stock picking and not following any assigned limits or ranges on sector or industry selections.

The fund seeks long-term growth of capital through investing in large- and mega-size U.S. companies.

The investment starts with a list of companies included in the benchmark index, Research team with the help of quantitative techniques and financial screens separates companies with stable earnings, return on capital and business growth.

Next, the research team analyzes business models, identifies factors and conditions for the earnings and cash flow growth durability and estimates company valuations.

The fund favors those companies trading at attractive discounts to their long term valuations. The fund primarily invests in U.S. companies and constructs a portfolio with the help of stock picking and not following any assigned limits or ranges on sector or industry selections.

The fund seeks long-term growth of capital through investing in large- and mega-size U.S. companies.

The investment starts with a list of companies included in the benchmark index, Research team with the help of quantitative techniques and financial screens separates companies with stable earnings, return on capital and business growth.

Next, the research team analyzes business models, identifies factors and conditions for the earnings and cash flow growth durability and estimates company valuations.

The fund favors those companies trading at attractive discounts to their long term valuations. The fund primarily invests in U.S. companies and constructs a portfolio with the help of stock picking and not following any assigned limits or ranges on sector or industry selections.

The fund seeks long-term growth of capital through investing in large- and mega-size U.S. companies.

The investment starts with a list of companies included in the benchmark index, Research team with the help of quantitative techniques and financial screens separates companies with stable earnings, return on capital and business growth.

Next, the research team analyzes business models, identifies factors and conditions for the earnings and cash flow growth durability and estimates company valuations.

The fund favors those companies trading at attractive discounts to their long term valuations. The fund primarily invests in U.S. companies and constructs a portfolio with the help of stock picking and not following any assigned limits or ranges on sector or industry selections.

The fund seeks long-term capital gain by investing in mid- to mega-size U.S. companies.

The fund combines thematic or top-down sector and industry review with bottom-up stock selection. The fund looks for broad themes that are likely to persist or broaden and have positive impact on one or more industries or sectors. Through this review fund identifies investment themes

The bottom-up stock selection is driven by fundamental research, earnings growth review, comparative valuation and management quality.

The fund favors companies that meet not only valuation and growth parameters but also fit in the broad investable themes.

The fund has flexible fee structure which allows the fund the charge low fees similar to Exchange Trade Funds or higher fees for outperformance to the benchmark.  The annual fee can range between 0.2% and 2.8%.

The fund seeks capital appreciation by investing in U.S. companies across all market capitalizations.

The investment process looks for companies with a proven track record of earnings, financially strong, and have the potential to deliver greater than expected earnings growth rates.

The fund also looks at experience of management, shareholder friendliness and implementation of conservative accounting principles.

The fund has the flexibility to invest across the market capitalization spectrum but normally invests in large and medium market capitalization companies.  

The fund seeks capital appreciation by investing in U.S. companies across all market capitalizations.

The investment process looks for companies with a proven track record of earnings, financially strong, and have the potential to deliver greater than expected earnings growth rates.

The fund also looks at experience of management, shareholder friendliness and implementation of conservative accounting principles.

The fund has the flexibility to invest across the market capitalization spectrum but normally invests in large and medium market capitalization companies.  

The fund seeks capital appreciation by investing in U.S. companies across all market capitalizations.

The investment process looks for companies with a proven track record of earnings, financially strong, and have the potential to deliver greater than expected earnings growth rates.

The fund also looks at experience of management, shareholder friendliness and implementation of conservative accounting principles.

The fund has the flexibility to invest across the market capitalization spectrum but normally invests in large and medium market capitalization companies.  

The fund seeks capital appreciation by investing in U.S. companies across all market capitalizations.

The investment process looks for companies with a proven track record of earnings, financially strong, and have the potential to deliver greater than expected earnings growth rates.

The fund also looks at experience of management, shareholder friendliness and implementation of conservative accounting principles.

The fund has the flexibility to invest across the market capitalization spectrum but normally invests in large and medium market capitalization companies.  

The fund seeks capital appreciation by investing in U.S. companies across all market capitalizations.

The investment process looks for companies with a proven track record of earnings, financially strong, and have the potential to deliver greater than expected earnings growth rates.

The fund also looks at experience of management, shareholder friendliness and implementation of conservative accounting principles.

The fund has the flexibility to invest across the market capitalization spectrum but normally invests in large and medium market capitalization companies.  

The fund seeks capital appreciation by investing in U.S. companies across all market capitalizations.

The investment process looks for companies with a proven track record of earnings, financially strong, and have the potential to deliver greater than expected earnings growth rates.

The fund also looks at experience of management, shareholder friendliness and implementation of conservative accounting principles.

The fund has the flexibility to invest across the market capitalization spectrum but normally invests in large and medium market capitalization companies.  

The fund seeks capital appreciation and dividend income by investing in large-size U.S. companies.

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

The process is designed to highlight companies with proven earnings powers and dividend-paying capabilities in the long term but not reflected in the current market prices.

The process looks for companies with attractive long term earnings power over five-years that includes ups and downs of the economy and various economic conditions and peaks and troughs of earnings. The fund also prefers companies that are deemed to have capacity to generate growing free cash flows and management’s willingness to share a portion of it with shareholders.

The fund favors companies that are ranked high on discount to long term valuations.

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

The fundamental, bottom-up investment process starts by identifying companies in the benchmark index that exhibit improving prospects and attractive valuations.

The investment team also considers environmental, social and governance factors when assessing investment opportunities and this analysis forms an integral part of the quality rating for all companies.

Then the team focuses on sustainable businesses and the company's ESG performance.

The research team evaluates companies on the basis of quality and price. Next, the team assigns  each company a proprietary overall and also an ESG-quality rating ranging from 1 to 5 (1 indicating leaders and 5 indicating laggards).

The team prefers companies rated 3 or better on both the overall and ESG-quality rating. In the overall quality sleeve, the manager evaluates a company’s growth prospects and balance sheet strength.

In the ESG-quality sleeve, the manager evaluates the company’s ownership structures, governance and management quality as well as potential environmental and social risks.

The fund will not invest in companies that have failed to uphold one or more principles of the UN Global Compact, an industry tied to controversial weapons; or a revenue contribution of 10% or more from tobacco manufacturers; or from the extraction of unconventional oil and gas, or a revenue contribution from thermal coal extraction.

Then the research team constructs a portfolio of companies based on their long-term growth outlook. The fund may invest in securities of any market sector and may hold a significant amount of securities of companies, from time to time, within a single sector.

The fund may also invest in non-U.S. companies, including primarily Canadian companies

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

The fundamental, bottom-up investment process starts by identifying companies in the benchmark index that exhibit improving prospects and attractive valuations.

The investment team also considers environmental, social and governance factors when assessing investment opportunities and this analysis forms an integral part of the quality rating for all companies.

Then the team focuses on sustainable businesses and the company's ESG performance.

The research team evaluates companies on the basis of quality and price. Next, the team assigns  each company a proprietary overall and also an ESG-quality rating ranging from 1 to 5 (1 indicating leaders and 5 indicating laggards).

The team prefers companies rated 3 or better on both the overall and ESG-quality rating. In the overall quality sleeve, the manager evaluates a company’s growth prospects and balance sheet strength.

In the ESG-quality sleeve, the manager evaluates the company’s ownership structures, governance and management quality as well as potential environmental and social risks.

The fund will not invest in companies that have failed to uphold one or more principles of the UN Global Compact, an industry tied to controversial weapons; or a revenue contribution of 10% or more from tobacco manufacturers; or from the extraction of unconventional oil and gas, or a revenue contribution from thermal coal extraction.

Then the research team constructs a portfolio of companies based on their long-term growth outlook. The fund may invest in securities of any market sector and may hold a significant amount of securities of companies, from time to time, within a single sector.

The fund may also invest in non-U.S. companies, including primarily Canadian companies

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

The fundamental, bottom-up investment process starts by identifying companies in the benchmark index that exhibit improving prospects and attractive valuations.

The investment team also considers environmental, social and governance factors when assessing investment opportunities and this analysis forms an integral part of the quality rating for all companies.

Then the team focuses on sustainable businesses and the company's ESG performance.

The research team evaluates companies on the basis of quality and price. Next, the team assigns  each company a proprietary overall and also an ESG-quality rating ranging from 1 to 5 (1 indicating leaders and 5 indicating laggards).

The team prefers companies rated 3 or better on both the overall and ESG-quality rating. In the overall quality sleeve, the manager evaluates a company’s growth prospects and balance sheet strength.

In the ESG-quality sleeve, the manager evaluates the company’s ownership structures, governance and management quality as well as potential environmental and social risks.

The fund will not invest in companies that have failed to uphold one or more principles of the UN Global Compact, an industry tied to controversial weapons; or a revenue contribution of 10% or more from tobacco manufacturers; or from the extraction of unconventional oil and gas, or a revenue contribution from thermal coal extraction.

Then the research team constructs a portfolio of companies based on their long-term growth outlook. The fund may invest in securities of any market sector and may hold a significant amount of securities of companies, from time to time, within a single sector.

The fund may also invest in non-U.S. companies, including primarily Canadian companies

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

The fundamental, bottom-up investment process starts by identifying companies in the benchmark index that exhibit improving prospects and attractive valuations.

The investment team also considers environmental, social and governance factors when assessing investment opportunities and this analysis forms an integral part of the quality rating for all companies.

Then the team focuses on sustainable businesses and the company's ESG performance.

The research team evaluates companies on the basis of quality and price. Next, the team assigns  each company a proprietary overall and also an ESG-quality rating ranging from 1 to 5 (1 indicating leaders and 5 indicating laggards).

The team prefers companies rated 3 or better on both the overall and ESG-quality rating. In the overall quality sleeve, the manager evaluates a company’s growth prospects and balance sheet strength.

In the ESG-quality sleeve, the manager evaluates the company’s ownership structures, governance and management quality as well as potential environmental and social risks.

The fund will not invest in companies that have failed to uphold one or more principles of the UN Global Compact, an industry tied to controversial weapons; or a revenue contribution of 10% or more from tobacco manufacturers; or from the extraction of unconventional oil and gas, or a revenue contribution from thermal coal extraction.

Then the research team constructs a portfolio of companies based on their long-term growth outlook. The fund may invest in securities of any market sector and may hold a significant amount of securities of companies, from time to time, within a single sector.

The fund may also invest in non-U.S. companies, including primarily Canadian companies

The fund looks to capture most of the market upside and avoid a large part of the market downturn using a combination of stock selection and hedging strategy.

The concentrated fund with less than 50 holdings relies heavily on price and trading volume breakout patterns while selecting stocks and balances fund on a daily basis. The fund invests across all market caps and investment style boxes.

The dynamic hedging strategy allows the fund to be flexible and adjust net exposure to the market on a daily basis as low as zero to as high as 100%.

The fund looks to capture most of the market upside and avoid a large part of the market downturn using a combination of stock selection and hedging strategy.

The concentrated fund with less than 50 holdings relies heavily on price and trading volume breakout patterns while selecting stocks and balances fund on a daily basis. The fund invests across all market caps and investment style boxes.

The dynamic hedging strategy allows the fund to be flexible and adjust net exposure to the market on a daily basis as low as zero to as high as 100%.

The fund seeks long term capital gain by investing in high quality companies that are currently out of favor.

The fundamental research driven investment process looks for established companies with strong balance sheets and lagging stock prices. The research process then reviews management team and near term actions that may lead to improved business performance.

The investment team allocates about 50% of assets in large-cap companies, 30% in mid-cap companies and the rest in small-cap companies.

The fund seeks to invest in companies that have a histroy of compounding earning and generating steady shareholder returns. 

The investment philosophy relies on three pillars of sustainability of the business model, management quality and reinvestment track record. 

With less than 25 holdings, every investment matters and the portfolio team follows a disciplined investment process in identifying companines that have a history and prospects of generating free cash flow. 

The fund seeks to invest in companies that have a histroy of compounding earning and generating steady shareholder returns. 

The investment philosophy relies on three pillars of sustainability of the business model, management quality and reinvestment track record. 

With less than 25 holdings, every investment matters and the portfolio team follows a disciplined investment process in identifying companines that have a history and prospects of generating free cash flow. 

The fund seeks to invest in companies that have a histroy of compounding earning and generating steady shareholder returns. 

The investment philosophy relies on three pillars of sustainability of the business model, management quality and reinvestment track record. 

With less than 25 holdings, every investment matters and the portfolio team follows a disciplined investment process in identifying companines that have a history and prospects of generating free cash flow. 

The multi-cap fund prefers to invest in large and mid- companies and diversify holdings along the sector lines. With the buy-and-hold approach, the fund seeks to identify companies that are trading at a discount to their intrinsic value.

The fundamental research driven investment process focuses on past earnings and dividend track record. The research team also prefers to avoid talking to management team and stay focused on financial statements and other business metrics.

The diversified fund allocates about 25% of its assets to the top 10 holdings.

The multi-cap fund prefers to invest in large and mid- companies and diversify holdings along the sector lines. With the buy-and-hold approach, the fund seeks to identify companies that are trading at a discount to their intrinsic value.

The fundamental research driven investment process focuses on past earnings and dividend track record. The research team also prefers to avoid talking to management team and stay focused on financial statements and other business metrics.

The diversified fund allocates about 25% of its assets to the top 10 holdings.

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

The investment process is designed to identify companies in the benchmark index that experience positive dynamic change.

The investment team believes companies undergoing positive dynamic change offer the best investment opportunities.

Next, the research team utilizes fundamental analysis to uncover companies experiencing high unit volume growth and positive changes in product cycle and market dynamics.

The team also focuses on traditional growth companies experiencing rapidly growing demand or market dominance.

In addition, the research team emphasizes companies benefitting from new regulations, a new product innovation or new management.

Then the manager constructs a focused portfolio of approximately 35 holdings of companies that demonstrate promising growth potential.

The fund focuses its investments in companies fostering and benefiting from technological improvements, advancements or developments.

The fund may also invest a significant portion of its assets in securities of companies conducting business within a single sector, including the technology, healthcare, consumer discretionary, and industrials sectors.

The fund practices value investment style and invests in large cap companies that meet strict environmental, social, governance and Islamic principles.  

The investment process eliminates companies engaged in weapons manufacturing, tobacco, alcohol, gambling and fossil fuel extraction. Then with the additional criteria of Islamic principles, the list is narrowed.

Portfolio is diversified across 30 emerging markets in large cap companies with strong balance sheets, earnings track record and management strength. The fund prefers to hold investments for long term and avoid companies that pay interest.

The fund practices value investment style and invests in large cap companies that meet strict environmental, social, governance and Islamic principles.  

The investment process eliminates companies engaged in weapons manufacturing, tobacco, alcohol, gambling and fossil fuel extraction. Then with the additional criteria of Islamic principles, the list is narrowed.

Portfolio is diversified across 30 emerging markets in large cap companies with strong balance sheets, earnings track record and management strength. The fund prefers to hold investments for long term and avoid companies that pay interest.

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

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

Next, the research team evaluates a company’s intrinsic value on the basis of valuation multiples such as cash flow and sales and free cash flow yield.

In addition, the team focuses on companies with significant operations, a high return on invested assets, products or services that have a lesser chance of becoming obsolete with significant barriers to entry, and capable management teams.

Then the manager constructs a concentrated portfolio of 20 to 35 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager may also invest cash balances in other investment companies, including money market funds.

The fund has the flexibility to earn additional income by lending its securities to broker-dealers and institutions on a short-term or long-term basis.

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 in the United States.

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

Next, the research team evaluates a company’s intrinsic value on the basis of valuation multiples such as cash flow and sales and free cash flow yield.

In addition, the team focuses on companies with significant operations, a high return on invested assets, products or services that have a lesser chance of becoming obsolete with significant barriers to entry, and capable management teams.

Then the manager constructs a concentrated portfolio of 20 to 35 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager may also invest cash balances in other investment companies, including money market funds.

The fund has the flexibility to earn additional income by lending its securities to broker-dealers and institutions on a short-term or long-term basis.

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 in the United States.

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

Next, the research team evaluates a company’s intrinsic value on the basis of valuation multiples such as cash flow and sales and free cash flow yield.

In addition, the team focuses on companies with significant operations, a high return on invested assets, products or services that have a lesser chance of becoming obsolete with significant barriers to entry, and capable management teams.

Then the manager constructs a concentrated portfolio of 20 to 35 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager may also invest cash balances in other investment companies, including money market funds.

The fund has the flexibility to earn additional income by lending its securities to broker-dealers and institutions on a short-term or long-term basis.

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 primarily capital appreciation and secondarily current income in the long term by investing in mega-and large-size companies in the United States.

The investment process is designed to highlight companies from the benchmark index that are estimated to trade below their fair values.

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

The team also attempts to create a dividend yield greater than that of the S&P 500 Index.

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

The team employs a risk-managed, quantitative investment process designed to outperform the broad equity market over time.

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

The investment process is designed to highlight companies from the benchmark index that are estimated to trade below their fair values.

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

The team also attempts to create a dividend yield greater than that of the S&P 500 Index.

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

The team employs a risk-managed, quantitative investment process designed to outperform the broad equity market over time.

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

The investment process is designed to highlight companies from the benchmark index that are estimated to trade below their fair values.

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

The team also attempts to create a dividend yield greater than that of the S&P 500 Index.

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

The team employs a risk-managed, quantitative investment process designed to outperform the broad equity market over time.

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

The investment process is designed to highlight companies from the benchmark index that are estimated to trade below their fair values.

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

The team also attempts to create a dividend yield greater than that of the S&P 500 Index.

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

The team employs a risk-managed, quantitative investment process designed to outperform the broad equity market over time.

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

The investment process is designed to highlight companies from the benchmark index that are estimated to trade below their fair values.

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

The team also attempts to create a dividend yield greater than that of the S&P 500 Index.

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

The team employs a risk-managed, quantitative investment process designed to outperform the broad equity market over time.

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

The investment process is designed to highlight companies from the benchmark index that are estimated to trade below their fair values.

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

The team also attempts to create a dividend yield greater than that of the S&P 500 Index.

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

The team employs a risk-managed, quantitative investment process designed to outperform the broad equity market over time.

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

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

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

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

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

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

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

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

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

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

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

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

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

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

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

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

The fund does not invest in tobacco industry companies.

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

The multi-step investment process combines quantitative and qualitative techniques to identify attractive investment opportunities.

Then the research team ranks the companies from most attractive to least attractive on the basis of attributes such as valuation, quality, growth, and sentiment.

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

In addition, the process also considers factors such as risk management, transaction costs, and liquidity management.

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

The fund does not invest in tobacco industry companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth and to pay dividends.

The fund prefers a multi-manager investing approach to manage its assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.

Then the research team focuses on attractively valued companies that represent good, long-term investment opportunities.

The team prefers companies that can benefit from innovation, exploit new technologies or provide products and services that meet the demands of an evolving global economy.

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

The fund may invest up to 50% of its net assets in issuers based outside the United States, including those based in developing countries.

The fund has the flexibility to invest in the stocks of smaller capitalization companies.

The fund’s objective is to grow capital in the long-term by investing in large-size U.S. companies.

The investment process looks at companies in all market capitalizations but largely invests in large-size companies. The research team then narrows the investable universe of stocks using financial screens including earnings, return on capital and financial strength.

The team then narrows the list by comparing each individual company’s estimated long-term valuation to the current market price. The fund favors companies with attractive or large discounts to their long term valuations.

The fund strives to minimize taxable distribution to shareholders and applies tax-sensitive investment techniques.

The fund’s objective is to grow capital in the long-term by investing in large-size U.S. companies.

The investment process looks at companies in all market capitalizations but largely invests in large-size companies. The research team then narrows the investable universe of stocks using financial screens including earnings, return on capital and financial strength.

The team then narrows the list by comparing each individual company’s estimated long-term valuation to the current market price. The fund favors companies with attractive or large discounts to their long term valuations.

The fund strives to minimize taxable distribution to shareholders and applies tax-sensitive investment techniques.

The fund seeks capital gain in the long-term by investing in large- and mid-size U.S. companies.

The investment process looks to identify companies with earnings growth rates of at least 20%. The research team then with the help of quantitative screens and fundamental analysis narrows the investable universe.

The team then with the help of qualitative research identifies companies with above average long-term growth outlook and sustainability of business and long term drivers of earnings stream.

The fund favors companies that are undergoing positive change and are trading at a reasonable price in stock market.

The fund’s objective is to appreciate capital in the long-term through investing in U.S. companies across all market capitalizations.

The investment process starts with the list of stocks included in the benchmark Russell 3000 Value Index. The research team with the help of quantitative screens and systemic discipline identifies companies with financial strength, attractive business model, and shareholder friendly management.

The team builds high conviction through deeper research in understanding growth drives, competitive landscape, and long term growth outlook.

The team also looks for companies that are underfollowed or misunderstood by investors. In addition, the team using a proprietary valuation model discovers companies trading at discount to long term values and builds a concentrated portfolio.

The investment management team relies on a structured sell discipline and the highly opportunistic strategy may lead to high portfolio turnover.

The fund’s objective is to appreciate capital in the long-term through investing in U.S. companies across all market capitalizations.

The investment process starts with the list of stocks included in the benchmark Russell 3000 Value Index. The research team with the help of quantitative screens and systemic discipline identifies companies with financial strength, attractive business model, and shareholder friendly management.

The team builds high conviction through deeper research in understanding growth drives, competitive landscape, and long term growth outlook.

The team also looks for companies that are underfollowed or misunderstood by investors. In addition, the team using a proprietary valuation model discovers companies trading at discount to long term values and builds a concentrated portfolio.

The investment management team relies on a structured sell discipline and the highly opportunistic strategy may lead to high portfolio turnover.

The fund’s objective is to appreciate capital in the long-term through investing in U.S. companies across all market capitalizations.

The investment process starts with the list of stocks included in the benchmark Russell 3000 Value Index. The research team with the help of quantitative screens and systemic discipline identifies companies with financial strength, attractive business model, and shareholder friendly management.

The team builds high conviction through deeper research in understanding growth drives, competitive landscape, and long term growth outlook.

The team also looks for companies that are underfollowed or misunderstood by investors. In addition, the team using a proprietary valuation model discovers companies trading at discount to long term values and builds a concentrated portfolio.

The investment management team relies on a structured sell discipline and the highly opportunistic strategy may lead to high portfolio turnover.

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

The investment process is designed to highlight companies in the benchmark index that demonstrate positive momentum characteristics.

The investment team considers a security to have positive momentum if it has performed well in the prior 12 months relative to other stocks in the investment universe.

Relative performance may be based on price momentum, earnings momentum, or other types of momentum.

Then the manager employs a systematic approach to construct the portfolio of stocks. The manager determines the weight of each security in the portfolio using a combination of the market capitalization of the security and an assessment of the security’s momentum.

The fund may also invest in or use financial futures contracts as well as exchange-traded funds and a portion of the fund’s net assets may be held in cash or cash-equivalent investments, including, but not limited to short-term investment funds.

To increase its income or total return, the fund may lend its portfolio securities to certain types of eligible borrower

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

The investment process is designed to highlight companies in the benchmark index that demonstrate positive momentum characteristics.

The investment team considers a security to have positive momentum if it has performed well in the prior 12 months relative to other stocks in the investment universe.

Relative performance may be based on price momentum, earnings momentum, or other types of momentum.

Then the manager employs a systematic approach to construct the portfolio of stocks. The manager determines the weight of each security in the portfolio using a combination of the market capitalization of the security and an assessment of the security’s momentum.

The fund may also invest in or use financial futures contracts as well as exchange-traded funds and a portion of the fund’s net assets may be held in cash or cash-equivalent investments, including, but not limited to short-term investment funds.

To increase its income or total return, the fund may lend its portfolio securities to certain types of eligible borrower

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

The investment process is designed to highlight companies in the benchmark index that demonstrate positive momentum characteristics.

The investment team considers a security to have positive momentum if it has performed well in the prior 12 months relative to other stocks in the investment universe.

Relative performance may be based on price momentum, earnings momentum, or other types of momentum.

Then the manager employs a systematic approach to construct the portfolio of stocks. The manager determines the weight of each security in the portfolio using a combination of the market capitalization of the security and an assessment of the security’s momentum.

The fund may also invest in or use financial futures contracts as well as exchange-traded funds and a portion of the fund’s net assets may be held in cash or cash-equivalent investments, including, but not limited to short-term investment funds.

To increase its income or total return, the fund may lend its portfolio securities to certain types of eligible borrower

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

The disciplined investment process is designed to highlight companies from the benchmark index that are estimated to trade below their fair values.

The process utilizes a research driven approach to uncover opportunities that are trading at a discount to their estimated intrinsic value and/or growth prospects not yet recognized by investors.

The research team also relies on a company’s historical data for security selection. In selecting securities, the team evaluates factors that include, but are not limited to: market capitalization, valuation metrics, and earnings and price momentum over time.

Then the research team constructs a portfolio that is reflective of its 50 best ideas.

The team is focused on finding the most attractive opportunities regardless of company size, industry, or country of domicile.

The fund will invest up to 30% of its total assets in the securities of foreign issuers, including those in emerging markets, and will invest up to 10% of its total assets in real estate investment trusts or foreign real estate companies.

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

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

The strategy looks for companies with financial strength and excellent business economics.

The research team believes that companies with these characteristics are less likely to experience eroding values over the long term.

Next, the team with the help of qualitative analysis looks for companies with earnings power not yet recognized by the market, an acceptable level of debt and positive cash flow, and cash-producing businesses.

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

The fund may invest up to 25% of its net assets in securities of non-US issuers including depositary receipts, and may include investments in developed markets, as well as emerging and less developed markets.

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

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

The strategy looks for companies with financial strength and excellent business economics.

The research team believes that companies with these characteristics are less likely to experience eroding values over the long term.

Next, the team with the help of qualitative analysis looks for companies with earnings power not yet recognized by the market, an acceptable level of debt and positive cash flow, and cash-producing businesses.

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

The fund may invest up to 25% of its net assets in securities of non-US issuers including depositary receipts, and may include investments in developed markets, as well as emerging and less developed markets.

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

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

The strategy looks for companies with financial strength and excellent business economics.

The research team believes that companies with these characteristics are less likely to experience eroding values over the long term.

Next, the team with the help of qualitative analysis looks for companies with earnings power not yet recognized by the market, an acceptable level of debt and positive cash flow, and cash-producing businesses.

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

The fund may invest up to 25% of its net assets in securities of non-US issuers including depositary receipts, and may include investments in developed markets, as well as emerging and less developed markets.

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

The sub-adviser’s investment strategy focuses on companies that are lagging in market price and trading at a discount to their estimated intrinsic value from a list of companies included in the benchmark index.

Next, the research team is driven by fundamental analysis to focus on identifying discrepancies between a security’s fundamental value and its market price.

Then the team bases its estimates of value upon economic, industry, and company analysis, as well as upon a company’s management team, competitive advantage and core competencies.

The team then constructs a portfolio of stocks across industries with attractive relative price/value characteristics.

The sub-adviser employs both a positive and negative screening process in selecting securities for the fund.

The positive screening process will identify securities of companies that are fundamentally attractive and that have superior valuation characteristics.

In addition, the positive screening process will also include evaluating material, fundamental sustainability factors such as environmental, social, and governance performance of companies.

The negative screening process will exclude from the fund’s portfolio securities with more than 5% of sales in industries such as alcohol, tobacco, defense, nuclear, Genetically Modified Organisms, water bottles, gambling and pornography, and will entirely exclude all firearms issuers and companies within the energy sector as defined by MSCI and its Global Industry Classification Standard.

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

The investment process is designed to highlight companies in the benchmark index with the presence of near-term catalysts that can drive stock price appreciation.

Then the research team utilizes quantitative analysis to identify companies with 20% quarterly year-over-year revenue growth, 25% quarterly year-over-year earnings growth, and trading at an earnings multiple below 12.

Next, the team focuses on the earnings per share growth, earnings outlook, competitive position, and the balance sheet of each individual company.

In addition, the team reviews public companies’ financial statements to determine those companies that report substantial sales and earnings growth over the prior twelve months.

Then the team on an ongoing, daily basis monitors any new publicly available financial statements of the companies to identify stocks that have the highest potential for growth.

Additionally, the manager employs a proprietary screening process to construct a portfolio of stocks that demonstrate the most attractive growth characteristics regardless of market sector.

The fund will invest in either growth or value stocks. Although the fund aims to be fully invested, a portion of its net assets may be allocated to cash, money market funds or short-term debt instruments.

The manager typically purchases common stocks of companies that have a relatively low price to earnings ratio.

The fund is not constrained by certain size companies, specific industries or a particular investment style.

The concentrated fund is designed invests in large to small cap companies that experiencing faster earnings or cash flow growth.

With top 10 holdings having 62% of total assets, portfolio managers are not shy in allocating as much as 11% to a single stock. The strict investment process looks for companies with established business franchise, rising earnings and cash flows and above average returns of equity.

The fund practices morally responsible investing based and avoids all companies that are contrary to core values and teachings of the Roman Catholic Church. The fund avoids companies that are engaged in abortion, pornography, embryonic stem cell research and have policies that undermine the sacrament of marriage.

The multi-cap fund invests in stocks of growth companies that meet not only investment but also moral soundness screens.

The fund seeks to investment in market leaders with strong balance sheet, expectations of rising earnings and cash flows and companies with pricing power. Stocks are purchased to be held at least for three years and but are sold if market price is above the estimate of the intrinsic value.

Companies also have to meet moral screens set by Catholic Advisory Board that avoid investment in companies engaged in abortion, pornography, embryonic stem cell research and policies undermining sacrament of marriage.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth.

Then the research team relies on fundamental analysis to identify exceptional businesses with growth prospects and own them over a long time horizon.

The team believes this long-term horizon allows them to capture the disproportionate impact of successful investments.

Additionally, the team assesses a company’s geographic and industry positioning, competitive advantage, management, financial strength and valuation.

The team also reviews the long-term outlook of companies and industries.

The process also includes research trips, company meetings, and relationships with industry thought leaders and academic institutions.

Then the manager constructs a concentrated portfolio that holds between 30 and 50 growth companies. The fund aims to hold securities for typically 5 to 10 years, which results in relatively low portfolio turnover.

The fund is a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries or sectors.

The fund has the flexibility to participate in initial public offerings.

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

The investment process is designed to highlight companies in the benchmark index that have the potential for growth.

Then the research team relies on fundamental analysis to identify exceptional businesses with growth prospects and own them over a long time horizon.

The team believes this long-term horizon allows them to capture the disproportionate impact of successful investments.

Additionally, the team assesses a company’s geographic and industry positioning, competitive advantage, management, financial strength and valuation.

The team also reviews the long-term outlook of companies and industries.

The process also includes research trips, company meetings, and relationships with industry thought leaders and academic institutions.

Then the manager constructs a concentrated portfolio that holds between 30 and 50 growth companies. The fund aims to hold securities for typically 5 to 10 years, which results in relatively low portfolio turnover.

The fund is a non-diversified fund, which means that it may invest a relatively large percentage of its assets in a small number of issuers, industries or sectors.

The fund has the flexibility to participate in initial public offerings.

The all-cap fund seeks to invest in disruptive secular trends driven by long-term market leaders.

The thematic investment process identifies companies with disruptive technologies or processes and profitable business models and competent management teams.

Digital payment, cloud computing, e-commerce, targeted advertising, electric vehicles and digitization are some of the disruptive trends that the fund looks to profit from.

The all-cap fund seeks to invest in disruptive secular trends driven by long-term market leaders.

The thematic investment process identifies companies with disruptive technologies or processes and profitable business models and competent management teams.

Digital payment, cloud computing, e-commerce, targeted advertising, electric vehicles and digitization are some of the disruptive trends that the fund looks to profit from.

The all-cap fund seeks to invest in disruptive secular trends driven by long-term market leaders.

The thematic investment process identifies companies with disruptive technologies or processes and profitable business models and competent management teams.

Digital payment, cloud computing, e-commerce, targeted advertising, electric vehicles and digitization are some of the disruptive trends that the fund looks to profit from.

The fund seeks capital appreciation in the long term and to maximize after-tax returns by investing in mid-and large-size companies in the United States.

The investment process is designed to focus on high quality companies in the benchmark index with superior earnings growth potential that are available at reasonable prices.

The strategy of the fund is to invest in companies that have solid long-term earnings prospects and to hold these investments for prolonged periods of time,

The team believes that superior relative earnings growth is usually driven by new products and services, niche products in growth sectors and industries, open-ended global growth opportunities, and cyclical companies whose margins are benefiting from a recovery in their respective industries.

Then the research team looks for companies demonstrating earnings and cash flow growth.

In addition, the team analyzes the company’s balance sheet and overall ability to withstand adverse economic conditions.

The team seeks appropriately capitalized open-ended growth opportunities, exceptional leadership, and sustainable competitive advantages.

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

The manager relies on research team efforts and seeks to diversify the portfolio across multiple industries, economic sectors and geographic regions to reduce the risk of a particular industry’s or region’s weakness adversely affecting the total fund.

Additionally, the fund invests in small-sized U.S. companies with significant growth potential.

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

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

The investment process is driven by fundamental analysis to focus on companies in the benchmark index that are trading at a discount to their estimated intrinsic value.

The research team looks for companies that are undervalued but have prospects for long-term continued and consistent growth.

Then the research team utilizes intensive fundamental research to construct a diversified portfolio that strives to achieve attractive upside potential and mitigating risk.

The fund is non-diversified and may invest in a relatively smaller number of companies that have good long-term fundamentals.

The fund may invest in securities of domestic and foreign companies, as well as business development companies.

However, the fund has the flexibility to invest a significant portion of its net assets in cash or cash equivalents.

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

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated intrinsic value.

Then the research team focuses on companies with fundamental strength and that are inexpensive on the basis of earnings.

The team relies on fundamental valuations of companies and invests with a long-term investment horizon.

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

The portfolio holds 55 to 65 stocks and strives to be fully invested at all times.

The fund has the flexibility to invest across market capitalizations, and may also invest up to 15% of its net assets in securities of foreign issuers, including in emerging markets, through American Depositary Receipts.

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

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated intrinsic value.

Then the research team focuses on companies with fundamental strength and that are inexpensive on the basis of earnings.

The team relies on fundamental valuations of companies and invests with a long-term investment horizon.

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

The portfolio holds 55 to 65 stocks and strives to be fully invested at all times.

The fund has the flexibility to invest across market capitalizations, and may also invest up to 15% of its net assets in securities of foreign issuers, including in emerging markets, through American Depositary Receipts.

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

The investment process is designed to highlight companies in the benchmark index that display exceptional growth prospects.

Then the research team focuses on companies with growing earnings, disruptive technology, niche business segment, quality management and high barriers to entry.

The team looks for companies that are estimated to trade below their fair values, but having attractive growth prospects.

The research process is driven by fundamental analysis of one stock at a time. Then the manager constructs a high conviction concentrated portfolio with typically 15 to 30 holdings.

From time to time, the manager focuses more than 25% of the fund’s portfolio in the securities of companies in one or more of the sectors such as technology, financial services and healthcare.

The fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. In general, the fund invests up to 20% of its net assets in fixed income securities.

Additionally, the fund may purchase call options as a temporary substitute for common stocks, American Depositary Receipts or exchange-traded funds.

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

The investment process starts with a list of companies included in the benchmark index with superior environmental, social and governance records.

The process is driven by proprietary research to assess a company’s expected returns, which include measurable ESG characteristics, risk and transaction costs.

Next, the research team narrows the investable universe by screening out certain companies with exposure to controversial weapons, civilian firearms, tobacco and fossil fuels beyond specified thresholds based on certain ESG criteria.

Then the team utilizes proprietary return forecast models to identify mispriced securities.

In addition, the research team incorporates investment insights related to ESG characteristics such as management quality, governance, controversies at issuers, public health analytics and an issuer’s innovation-oriented research and development to construct the portfolio.

The ESG characteristics utilized in the portfolio construction process may change over time and one or more characteristics may not be relevant to all issuers that are eligible for investment.

The fund may also invest in initial public offerings of equity securities.

The fund has the flexibility to use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

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

The investment process starts with a list of companies included in the benchmark index with superior environmental, social and governance records.

The process is driven by proprietary research to assess a company’s expected returns, which include measurable ESG characteristics, risk and transaction costs.

Next, the research team narrows the investable universe by screening out certain companies with exposure to controversial weapons, civilian firearms, tobacco and fossil fuels beyond specified thresholds based on certain ESG criteria.

Then the team utilizes proprietary return forecast models to identify mispriced securities.

In addition, the research team incorporates investment insights related to ESG characteristics such as management quality, governance, controversies at issuers, public health analytics and an issuer’s innovation-oriented research and development to construct the portfolio.

The ESG characteristics utilized in the portfolio construction process may change over time and one or more characteristics may not be relevant to all issuers that are eligible for investment.

The fund may also invest in initial public offerings of equity securities.

The fund has the flexibility to use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

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

The investment process starts with a list of companies included in the benchmark index with superior environmental, social and governance records.

The process is driven by proprietary research to assess a company’s expected returns, which include measurable ESG characteristics, risk and transaction costs.

Next, the research team narrows the investable universe by screening out certain companies with exposure to controversial weapons, civilian firearms, tobacco and fossil fuels beyond specified thresholds based on certain ESG criteria.

Then the team utilizes proprietary return forecast models to identify mispriced securities.

In addition, the research team incorporates investment insights related to ESG characteristics such as management quality, governance, controversies at issuers, public health analytics and an issuer’s innovation-oriented research and development to construct the portfolio.

The ESG characteristics utilized in the portfolio construction process may change over time and one or more characteristics may not be relevant to all issuers that are eligible for investment.

The fund may also invest in initial public offerings of equity securities.

The fund has the flexibility to use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

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

The investment process starts with a list of companies included in the benchmark index with superior environmental, social and governance records.

The process is driven by proprietary research to assess a company’s expected returns, which include measurable ESG characteristics, risk and transaction costs.

Next, the research team narrows the investable universe by screening out certain companies with exposure to controversial weapons, civilian firearms, tobacco and fossil fuels beyond specified thresholds based on certain ESG criteria.

Then the team utilizes proprietary return forecast models to identify mispriced securities.

In addition, the research team incorporates investment insights related to ESG characteristics such as management quality, governance, controversies at issuers, public health analytics and an issuer’s innovation-oriented research and development to construct the portfolio.

The ESG characteristics utilized in the portfolio construction process may change over time and one or more characteristics may not be relevant to all issuers that are eligible for investment.

The fund may also invest in initial public offerings of equity securities.

The fund has the flexibility to use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets.

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

The investment process starts with a list of companies in the benchmark index and seeks to replicate the performance of the benchmark index.

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

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

The fund may also invest in preferred stock and convertible securities, and from time to time, the fund may invest in initial public offerings of equity securities.

Also, the fund may use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in interest rates and movements in the securities markets.

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

The investment process starts with a list of companies in the benchmark index and seeks to replicate the performance of the benchmark index.

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

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

The fund may also invest in preferred stock and convertible securities, and from time to time, the fund may invest in initial public offerings of equity securities.

Also, the fund may use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in interest rates and movements in the securities markets.

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

The investment process starts with a list of companies in the benchmark index and seeks to replicate the performance of the benchmark index.

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

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

The fund may also invest in preferred stock and convertible securities, and from time to time, the fund may invest in initial public offerings of equity securities.

Also, the fund may use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in interest rates and movements in the securities markets.

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

The investment process starts with a list of companies in the benchmark index and seeks to replicate the performance of the benchmark index.

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

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

The fund may also invest in preferred stock and convertible securities, and from time to time, the fund may invest in initial public offerings of equity securities.

Also, the fund may use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in interest rates and movements in the securities markets.

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

The investment process starts with a list of companies in the benchmark index and seeks to replicate the performance of the benchmark index.

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

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

The fund may also invest in preferred stock and convertible securities, and from time to time, the fund may invest in initial public offerings of equity securities.

Also, the fund may use derivatives, including options, futures, swaps and forward contracts, both to seek to increase the return of the fund and to hedge the value of its assets against adverse movements in interest rates and movements in the securities markets.

The fund seeks primarily capital appreciation and secondarily income by investing in companies in the United States.

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team believes companies with below average price/earnings ratios may pay above-average dividends.

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

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

The fund seeks primarily capital appreciation and secondarily income by investing in companies in the United States.

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team believes companies with below average price/earnings ratios may pay above-average dividends.

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

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

The fund seeks primarily capital appreciation and secondarily income by investing in companies in the United States.

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team believes companies with below average price/earnings ratios may pay above-average dividends.

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

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

The fund seeks primarily capital appreciation and secondarily income by investing in companies in the United States.

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team believes companies with below average price/earnings ratios may pay above-average dividends.

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

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

The fund seeks primarily capital appreciation and secondarily income by investing in companies in the United States.

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team believes companies with below average price/earnings ratios may pay above-average dividends.

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

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

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

The investment process is designed to highlight well-established companies in the benchmark index that demonstrate superior earnings growth potential.

The research team considers factors such as balance sheet strength, cash flow and return on equity.

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

The fund focuses its investments in a core of less than 25 companies, and certain sectors are likely to be overweight compared to others.

The fund is a non-diversified portfolio, which means it can invest more of its assets in securities of a single issuer.

Also, the fund may participate in a limited number of industry sectors.

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

The investment process is designed to highlight companies from the benchmark index that are estimated to trade below their fair values.

In addition, the team also integrates environmental, social, and governance factors into its investment process.

Then the research team focuses on high-quality companies that have sound governance and a history of responsible financial management. The team believes these companies have the potential to be consistently profitable over a long time horizon.

In addition, the team includes engaging in dialogue with management, voting proxies in accordance with ESG guidelines, and participating in the annual shareholder meeting process.

Next, the research process seeks companies that can capitalize on new market opportunities, implement efficiency improvements and avoid unanticipated costs stemming from inadequate attention to ESG risks.

Then the research team constructs a portfolio of companies that are operating successfully in economic sectors with superior end-market growth, or are beneficiaries of broader sector themes and are trading at discounts to their estimated intrinsic value.

The fund prefers best-in-class firms with innovative approaches to the environmental and social challenges their industries, society, and the world as a whole face.

The fund seeks primarily capital appreciation in the long term and secondarily current income by investing in companies across any size in the United States.

The investment process is designed to highlight companies in the benchmark index with attractive valuations.

Next, the research team evaluates companies on the basis of valuation multiples such as book value and earnings.

The team also reviews a company’s operating and financial fundamentals, such as return on equity and earnings growth and cash flow.

In addition, the research team focuses on industry trends and a company’s ability to generate profits as part of its stock selection process.

Then the manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level. However, the fund is limited to investing less than 25% of its net assets in any one industry.

The fund may also invest up to 20% of its net assets in non U.S. dollar denominated securities, and may invest up to 15% of its net assets in illiquid securities.

The fund has the flexibility to participate in initial public offerings of securities.

The fund seeks primarily capital appreciation in the long term and secondarily current income by investing in companies across any size in the United States.

The investment process is designed to highlight companies in the benchmark index with attractive valuations.

Next, the research team evaluates companies on the basis of valuation multiples such as book value and earnings.

The team also reviews a company’s operating and financial fundamentals, such as return on equity and earnings growth and cash flow.

In addition, the research team focuses on industry trends and a company’s ability to generate profits as part of its stock selection process.

Then the manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level. However, the fund is limited to investing less than 25% of its net assets in any one industry.

The fund may also invest up to 20% of its net assets in non U.S. dollar denominated securities, and may invest up to 15% of its net assets in illiquid securities.

The fund has the flexibility to participate in initial public offerings of securities.

The fund seeks to generate capital return in tax efficient manner with the help of buy and hold strategy and invest for the long term.

The investment process is driven by fundamental research in large and mid-cap companies with leading market positions, strong financial health and lagging stock prices to their estimated intrinsic value.

The largest 10 holdings in the fund account for 43% of total assets and stocks in retail, media, banks and software and pharmaceuticals sectors make up about 50% industry weights.

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

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team employs quantitative techniques to look for companies that are trading a discount to their estimated intrinsic value.

Then the team considers companies with attributes such as a defensible competitive advantage, relevant products, competent and shareholder-oriented management, growth, and a low level of debt.

Also, the team prefers companies with ethical businesses.

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

The portfolio holds between 15 to 20 securities, and from time to time, the fund may invest a significant portion of its net assets in a particular sector.

Also, from time to time the fund may invest a significant portion of its net assets in a limited number of industry sectors, but will not concentrate in any particular industry.

The fund may also invest in fixed income securities such as investment-grade bonds of varying maturities.

Additionally, the fund has the flexibility to maintain without limitation a significant portion of its net assets in cash or cash-equivalents like money-market funds, certificates of deposit and short-term debt obligations.

The fund is a non-diversified fund, which means it can invest in fewer securities at any one time than a diversified fund.

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

The investment process is driven by a statistical approach to identify stocks that have a lower probability of price decline over the long term from a list of companies in the benchmark index.

The research team focuses on stocks for which there is relatively low market liquidity based on an analysis of the stock's trading volume.

Then the research team constructs a portfolio of companies that outperform the stock market total return primarily through capital appreciation over three years or more.

The benchmark index with dividends reinvested serves as a proxy for the stock market in this objective.

The fund seeks investments across a number of sectors, but from time to time, based on economic conditions, the fund may have significant positions in particular sectors.

The fund has the flexibility to invest a high percentage of its assets in a smaller number of companies.

The fund may invest up to 15% of its assets in securities of foreign issuers that is companies domiciled outside the US or deriving 50% or more of total earnings from activities outside the US.

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

The investment process looks for companies in the benchmark index that effectively implement sustainable business strategies to drive their prospects for future earnings growth.

The manager defines sustainable companies as companies whose internal sustainability strategies lead to one or more Sustainable Business Advantages such as revenue growth, cost improvements, or enhanced franchise value, or that lead to reduced risk to a company’s prospects for growth.

The investment team also integrates environmental, social, and governance factors into its investment process.

Next the research team focuses on companies that have fundamental strength to deliver above-average earnings growth over a market cycle with attractive valuations.

Then the team seeks companies with strong business models and prospects for growth, strong cash flow generation, and a solid track record of execution.

In addition, the team utilizes scenario analyses to assess the company’s valuation and potential for appreciation or downside risk.

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

The fund has low to no exposure to companies that have received international sanctions, derive significant revenue from gambling or the production of alcohol, tobacco, weapons, or fossil fuel extraction.

The fund may also invest in securities of small market capitalization companies.

The fund may invest up to 15% of its net assets in issuers of foreign securities including American Depositary Receipts, which may include emerging markets securities.

In order to respond to adverse market, economic, political, or other conditions, the fund may assume a temporary defensive position and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments.

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

The investment process looks for companies in the benchmark index that effectively implement sustainable business strategies to drive their prospects for future earnings growth.

The manager defines sustainable companies as companies whose internal sustainability strategies lead to one or more Sustainable Business Advantages such as revenue growth, cost improvements, or enhanced franchise value, or that lead to reduced risk to a company’s prospects for growth.

The investment team also integrates environmental, social, and governance factors into its investment process.

Next the research team focuses on companies that have fundamental strength to deliver above-average earnings growth over a market cycle with attractive valuations.

Then the team seeks companies with strong business models and prospects for growth, strong cash flow generation, and a solid track record of execution.

In addition, the team utilizes scenario analyses to assess the company’s valuation and potential for appreciation or downside risk.

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

The fund has low to no exposure to companies that have received international sanctions, derive significant revenue from gambling or the production of alcohol, tobacco, weapons, or fossil fuel extraction.

The fund may also invest in securities of small market capitalization companies.

The fund may invest up to 15% of its net assets in issuers of foreign securities including American Depositary Receipts, which may include emerging markets securities.

In order to respond to adverse market, economic, political, or other conditions, the fund may assume a temporary defensive position and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments.

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

The investment process looks for companies in the benchmark index that effectively implement sustainable business strategies to drive their prospects for future earnings growth.

The manager defines sustainable companies as companies whose internal sustainability strategies lead to one or more Sustainable Business Advantages such as revenue growth, cost improvements, or enhanced franchise value, or that lead to reduced risk to a company’s prospects for growth.

The investment team also integrates environmental, social, and governance factors into its investment process.

Next the research team focuses on companies that have fundamental strength to deliver above-average earnings growth over a market cycle with attractive valuations.

Then the team seeks companies with strong business models and prospects for growth, strong cash flow generation, and a solid track record of execution.

In addition, the team utilizes scenario analyses to assess the company’s valuation and potential for appreciation or downside risk.

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

The fund has low to no exposure to companies that have received international sanctions, derive significant revenue from gambling or the production of alcohol, tobacco, weapons, or fossil fuel extraction.

The fund may also invest in securities of small market capitalization companies.

The fund may invest up to 15% of its net assets in issuers of foreign securities including American Depositary Receipts, which may include emerging markets securities.

In order to respond to adverse market, economic, political, or other conditions, the fund may assume a temporary defensive position and invest without limit in cash and prime quality cash equivalents such as prime commercial paper and other money market instruments.

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

The investment process is driven by companies which may increase in value due to the development, advancement or commercial application of innovative strategies.

The investment team believes companies engaged in innovative strategies are engaged in the pursuit to discover, develop and commercialize products, services or intellectual property.

Then the research team utilizes in-house research to screen companies with capable management teams, free cash flow, scalable business models with a competitive advantage, and a history of high and increasing margins, conservative debt, and attractive valuations.

The team prefers premier growth companies with innovative products, services, or intellectual property.

The team seeks to identify companies that are expected to benefit from innovation and may have potential revenue growth in excess of the gross domestic product growth rate.

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

The portfolio holds 65 to 85 securities across various market capitalizations.

The manager invests in companies across all sectors and may have significant investments in the technology sector.

In addition, the fund may invest up to 20% of its net assets in sponsored or unsponsored American Depositary Receipts and securities of foreign companies that are traded on U.S. stock exchanges.

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

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

Then the research team focuses on companies that offer the best opportunities for growth.

The team considers the company’s financial strength, earnings and cash flow forecast and quality of management.

Then the manager constructs an actively managed portfolio of higher growth companies that provide attractive returns.

The manager utilizes a top-down approach of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

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

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

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

Then the research team focuses on companies that offer the best opportunities for growth.

The team considers the company’s financial strength, earnings and cash flow forecast and quality of management.

Then the manager constructs an actively managed portfolio of higher growth companies that provide attractive returns.

The manager utilizes a top-down approach of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

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

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

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

Then the research team focuses on companies that offer the best opportunities for growth.

The team considers the company’s financial strength, earnings and cash flow forecast and quality of management.

Then the manager constructs an actively managed portfolio of higher growth companies that provide attractive returns.

The manager utilizes a top-down approach of diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

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

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

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team calculates intrinsic value as the present value of the company’s future free cash flow.

The team also considers a company’s financial health, and predictions of earnings and cash flow and management team capabilities.

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

The manager seeks diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

The portfolio holds 50 to 70 stocks that seek to outperform the benchmark index over market cycles.

The fund also invests across investment styles, and may invest up to 25% of its net assets in securities of foreign issuers, including American Depositary Receipts.

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

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team calculates intrinsic value as the present value of the company’s future free cash flow.

The team also considers a company’s financial health, and predictions of earnings and cash flow and management team capabilities.

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

The manager seeks diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

The portfolio holds 50 to 70 stocks that seek to outperform the benchmark index over market cycles.

The fund also invests across investment styles, and may invest up to 25% of its net assets in securities of foreign issuers, including American Depositary Receipts.

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

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

Next, the research team calculates intrinsic value as the present value of the company’s future free cash flow.

The team also considers a company’s financial health, and predictions of earnings and cash flow and management team capabilities.

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

The manager seeks diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

The portfolio holds 50 to 70 stocks that seek to outperform the benchmark index over market cycles.

The fund also invests across investment styles, and may invest up to 25% of its net assets in securities of foreign issuers, including American Depositary Receipts.

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

The investment process is designed to highlight companies in the benchmark index that have announced their intention to repurchase a portion of the company’s outstanding shares.

The process utilizes proprietary investment models to capture the price reaction to share repurchase announcements.

The model is based on the premise that stocks of companies that announce share buybacks will perform well because share buybacks are a signal to the market that the management of a company believes the company’s shares are undervalued.

This positive signal to the market may cause the value of the shares to rise after the share buyback announcement.

Then the manager constructs the portfolio utilizing numerous quantitative techniques in identifying share repurchase announcements that it considers the most-favorable.

In determining the favorability of a share buyback announcement, the manager analyzes characteristics such as the size of the announced share buyback, the length of time since the announcement has been made, as well as the price reaction, volatility, liquidity, trading patterns, and volume of the underlying shares, post-announcement.

The actively managed portfolio is expected to result in significant portfolio turnover in the process of investing in the most favorable buyback situations and exiting less favorable positions.

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

The investment process is designed to highlight companies in the benchmark index that have announced their intention to repurchase a portion of the company’s outstanding shares.

The process utilizes proprietary investment models to capture the price reaction to share repurchase announcements.

The model is based on the premise that stocks of companies that announce share buybacks will perform well because share buybacks are a signal to the market that the management of a company believes the company’s shares are undervalued.

This positive signal to the market may cause the value of the shares to rise after the share buyback announcement.

Then the manager constructs the portfolio utilizing numerous quantitative techniques in identifying share repurchase announcements that it considers the most-favorable.

In determining the favorability of a share buyback announcement, the manager analyzes characteristics such as the size of the announced share buyback, the length of time since the announcement has been made, as well as the price reaction, volatility, liquidity, trading patterns, and volume of the underlying shares, post-announcement.

The actively managed portfolio is expected to result in significant portfolio turnover in the process of investing in the most favorable buyback situations and exiting less favorable positions.

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

The investment process is designed to highlight companies in the benchmark index that have announced their intention to repurchase a portion of the company’s outstanding shares.

The process utilizes proprietary investment models to capture the price reaction to share repurchase announcements.

The model is based on the premise that stocks of companies that announce share buybacks will perform well because share buybacks are a signal to the market that the management of a company believes the company’s shares are undervalued.

This positive signal to the market may cause the value of the shares to rise after the share buyback announcement.

Then the manager constructs the portfolio utilizing numerous quantitative techniques in identifying share repurchase announcements that it considers the most-favorable.

In determining the favorability of a share buyback announcement, the manager analyzes characteristics such as the size of the announced share buyback, the length of time since the announcement has been made, as well as the price reaction, volatility, liquidity, trading patterns, and volume of the underlying shares, post-announcement.

The actively managed portfolio is expected to result in significant portfolio turnover in the process of investing in the most favorable buyback situations and exiting less favorable positions.

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

The sub-advisor’s investment process utilizes a quantitative methodology to identify alpha-generating stocks from emerging industries.

Then the research team evaluates a security on the basis of factors such as price momentum, sector rotation and relative strength.

Next, the team employs a proprietary analysis to select stocks across various industries based on stock and industry strength, and volatility.

The team eliminates artificial market segmentations to concentrate on sectors, trends and exposures exhibiting characteristics of emerging growth.

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

The fund will maintain a concentrated portfolio of 20 to 30 stocks which exhibit superior relative performance.

The fund has the flexibility to invest across all stock styles and market capitalizations.

Additionally, the fund may invest in real estate investment trusts and American Depositary Receipts.

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

The sub-advisor’s investment process utilizes a quantitative methodology to identify alpha-generating stocks from emerging industries.

Then the research team evaluates a security on the basis of factors such as price momentum, sector rotation and relative strength.

Next, the team employs a proprietary analysis to select stocks across various industries based on stock and industry strength, and volatility.

The team eliminates artificial market segmentations to concentrate on sectors, trends and exposures exhibiting characteristics of emerging growth.

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

The fund will maintain a concentrated portfolio of 20 to 30 stocks which exhibit superior relative performance.

The fund has the flexibility to invest across all stock styles and market capitalizations.

Additionally, the fund may invest in real estate investment trusts and American Depositary Receipts.

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

The sub-advisor’s investment process utilizes a quantitative methodology to identify alpha-generating stocks from emerging industries.

Then the research team evaluates a security on the basis of factors such as price momentum, sector rotation and relative strength.

Next, the team employs a proprietary analysis to select stocks across various industries based on stock and industry strength, and volatility.

The team eliminates artificial market segmentations to concentrate on sectors, trends and exposures exhibiting characteristics of emerging growth.

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

The fund will maintain a concentrated portfolio of 20 to 30 stocks which exhibit superior relative performance.

The fund has the flexibility to invest across all stock styles and market capitalizations.

Additionally, the fund may invest in real estate investment trusts and American Depositary Receipts.

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

The sub-advisor’s investment process is designed to invest in a series of put and call options on exchange traded funds that track the S&P 500 Index and in fixed income securities.

The investment strategy is implemented through a rolling laddered portfolio.

Then the research team evaluates each series which consists of a sold put option which serves to buffer losses to approximately 10%, and an upside call spread which allows for upside participation to a cap.

Then the manager constructs the portfolio from the companies in the benchmark index and the portfolio is then regularly optimized based on market activity to maintain a consistent buffer hedge and upside participation.

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

The sub-advisor’s investment process is designed to invest in a series of put and call options on exchange traded funds that track the S&P 500 Index and in fixed income securities.

The investment strategy is implemented through a rolling laddered portfolio.

Then the research team evaluates each series which consists of a sold put option which serves to buffer losses to approximately 10%, and an upside call spread which allows for upside participation to a cap.

Then the manager constructs the portfolio from the companies in the benchmark index and the portfolio is then regularly optimized based on market activity to maintain a consistent buffer hedge and upside participation.

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

The sub-advisor’s investment process is designed to invest in a series of put and call options on exchange traded funds that track the S&P 500 Index and in fixed income securities.

The investment strategy is implemented through a rolling laddered portfolio.

Then the research team evaluates each series which consists of a sold put option which serves to buffer losses to approximately 10%, and an upside call spread which allows for upside participation to a cap.

Then the manager constructs the portfolio from the companies in the benchmark index and the portfolio is then regularly optimized based on market activity to maintain a consistent buffer hedge and upside participation.

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

The investment process is focused on well-established companies in the benchmark index that can deliver superior risk adjusted returns.

The process analyzes factors such as a company’s operations, risk profile, growth expectations and valuation of its securities.

Then the research team relies on the fundamentally-driven bottom-up economic value added process to find shareholder value creators and avoid shareholder value destroyers.

The team also focuses on a company’s ability to generate favorable returns in light of current growth prospects, market position and expertise, brand value, and pricing power.

In addition, the team reviews a company’s financial strength, profit margin changes, return on capital improvement, sustainability of revenue growth, and ability to generate cash flow.

Other factors that the team considers is a company’s management strength, commitment to shareholders’ interests, dividends or current income, market share gains, innovation and reinvestment, and corporate governance.

Then the manager constructs a high conviction diversified portfolio of 40 to 65 companies concentrated in the top 20 names.

The fund generally maintains a fully-invested posture. However, the fund may also take temporary defensive positions and hold up to 100% of its portfolio in cash or cash equivalent positions.

The fund has the flexibility to invest a portion of its net assets in small-and medium capitalization companies.

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

The investment process is focused on well-established companies in the benchmark index that can deliver superior risk adjusted returns.

The process analyzes factors such as a company’s operations, risk profile, growth expectations and valuation of its securities.

Then the research team relies on the fundamentally-driven bottom-up economic value added process to find shareholder value creators and avoid shareholder value destroyers.

The team also focuses on a company’s ability to generate favorable returns in light of current growth prospects, market position and expertise, brand value, and pricing power.

In addition, the team reviews a company’s financial strength, profit margin changes, return on capital improvement, sustainability of revenue growth, and ability to generate cash flow.

Other factors that the team considers is a company’s management strength, commitment to shareholders’ interests, dividends or current income, market share gains, innovation and reinvestment, and corporate governance.

Then the manager constructs a high conviction diversified portfolio of 40 to 65 companies concentrated in the top 20 names.

The fund generally maintains a fully-invested posture. However, the fund may also take temporary defensive positions and hold up to 100% of its portfolio in cash or cash equivalent positions.

The fund has the flexibility to invest a portion of its net assets in small-and medium capitalization companies.

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

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

Next the research team employs a flexible investment style to focus on companies that have the potential for long-term capital appreciation.

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

The fund typically invests in stocks of between 20 and 40 companies at one time, but invests a significant portion of its net assets in a smaller number of companies, industries and/or sectors.

However, up to 25% of the fund’s net assets may be invested in securities issued by companies within a single industry.

Then the fund may invest in securities of foreign issuers. There is no limit on the extent to which the fund may invest in foreign companies or be exposed to issuers from any particular country.

If market conditions so warrant, the fund may establish short positions in specific securities or stock indices.

In addition, the fund has the flexibility to invest in debt and fixed income securities, including below investment grade debt and/ or fixed income securities.

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

The investment process is designed to highlight companies in the benchmark index that are estimated to trade below their fair values.

Next, the research team utilizes fundamental analysis to identify securities that are trading at a discount to their estimated intrinsic value.

The team considers both fundamentals and technical factors when identifying investment opportunities. These considerations may include a company trading at or near its current low, and a low debt level or high interest coverage.

Other considerations may include companies that are inexpensive on the basis of earnings, and book value. The process also looks at a company's free cash flow, dividend yield, and return on equity.

The investment team also seeks to invest in companies that have a defensible competitive advantage, relevant products, competent and shareholder-oriented management, and growth.

Then the manager constructs a portfolio that holds fewer than 20 positions at any given time. From time to time, the fund may invest more than 20% of its assets in a particular sector.

The fund may also invest in foreign companies, where the investments consist primarily of depositary receipts.

The fund has the flexibility to invest up to 25% of its net assets in securities of companies located in emerging markets.

The fund may hold all or a portion of its assets in cash or cash-equivalents like money market funds, certificates of deposit, short-term debt obligations, and repurchase agreements, either due to pending investments or when investment opportunities are limited.

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

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

Then the research team employs a bottom-up, fundamental technique to identify quality growth companies.

Next, the team relies on proprietary analysis to assess whether a company has sustainable competitive advantages and highly visible future growth potential, including internal revenue growth, large market opportunities and simple business models.

In addition, the team also considers factors such as superior cash flow generation and high return on invested capital.

The research process is driven by fundamental analysis of one stock at a time. Then the manager constructs a portfolio of stocks within multiple industry groups that have superior performance.

The fund may invest up to 30% of its net assets in issuers of foreign securities, and may invest up to 25% of its net assets in securities of issuers located in emerging markets.

The fund seeks capital appreciation by investing in U.S. companies.  

The investment process focuses on identifying companies for long-term investing that meet criteria of high growth in the near- and long-term.

The research team with the help of fundamental analysis and quantitative techniques identifies companies that are established with a proven track record of earnings and are exhibiting sustained high growth potential.

The companies with new or disruptive technologies, products or services and operated by capable management are attractive to investment teams.

The fund may invest in small or medium size companies that are attractive for their rapid growth and disruptive or innovative technologies. The fund may invest up to 25% of its total assets in foreign securities.

The fund seeks total return including current income by investing in U.S. companies across all market capitalizations.

The investment process starts with a list of companies in the benchmark index and the research team using quantitative research and fundamental analysis narrows the list for deeper evaluation.

Next, the team with the help of qualitative research identifies earnings and cash flow drivers, determines the long-term earnings outlook and analyzes the sustainability of business models.

The fund favors companies that trade at attractive prices compared to their intrinsic valuation with the presence of near-term catalysts for higher valuations. Companies with a track-record of dividend or are estimated to have the capacity to increase dividends are also attractive to the fund.

The fund normally invests in large-size companies but may also invest in small or medium size companies for more attractive value opportunities. In addition, the fund may invest up to 25% of its net assets equity securities of foreign companies.

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

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Next, the research team calculates intrinsic value on the basis of a company’s forecasted future free cash flow, returns on capital capability, and private market value, and the costs to replicate the business.

The research team looks for companies with superior valuation, high active share, and a long-term investment horizon.

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

The manager prefers companies with consistent fundamentals in varying market cycles.

The fund may invest in foreign securities, including securities of emerging market issuers.

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

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Next, the research team calculates intrinsic value on the basis of a company’s forecasted future free cash flow, returns on capital capability, and private market value, and the costs to replicate the business.

The research team looks for companies with superior valuation, high active share, and a long-term investment horizon.

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

The manager prefers companies with consistent fundamentals in varying market cycles.

The fund may invest in foreign securities, including securities of emerging market issuers.

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

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Next, the research team calculates intrinsic value on the basis of a company’s forecasted future free cash flow, returns on capital capability, and private market value, and the costs to replicate the business.

The research team looks for companies with superior valuation, high active share, and a long-term investment horizon.

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

The manager prefers companies with consistent fundamentals in varying market cycles.

The fund may invest in foreign securities, including securities of emerging market issuers.

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

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Next, the research team calculates intrinsic value on the basis of a company’s forecasted future free cash flow, returns on capital capability, and private market value, and the costs to replicate the business.

The research team looks for companies with superior valuation, high active share, and a long-term investment horizon.

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

The manager prefers companies with consistent fundamentals in varying market cycles.

The fund may invest in foreign securities, including securities of emerging market issuers.

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

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Next, the research team calculates intrinsic value on the basis of a company’s forecasted future free cash flow, returns on capital capability, and private market value, and the costs to replicate the business.

The research team looks for companies with superior valuation, high active share, and a long-term investment horizon.

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

The manager prefers companies with consistent fundamentals in varying market cycles.

The fund may invest in foreign securities, including securities of emerging market issuers.

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

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Then the research process is driven by fundamental analysis of one stock at a time. The research team evaluates a company on the basis of valuation multiples such as earnings, book value, and cash flow; estimated private market value; liquidation and discounted cash flow analyses; and dividend discount models.

The team seeks to capitalize on market inefficiencies by focusing on companies whose future earnings growth potential is not reflected in their current market prices.

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

The portfolio holds between 25 and 35 securities that are either core value or deep value stocks.

Core value stocks are high-quality companies that earn high returns on capital and these stocks represent 50% to 75% of the fund’s holdings.

Deep value stocks are companies which the manager believes are deeply-undervalued. These stocks, plus the fund’s cash holdings represent the remaining 25% to 50% of the fund.

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

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Then the research process is driven by fundamental analysis of one stock at a time. The research team evaluates a company on the basis of valuation multiples such as earnings, book value, and cash flow; estimated private market value; liquidation and discounted cash flow analyses; and dividend discount models.

The team seeks to capitalize on market inefficiencies by focusing on companies whose future earnings growth potential is not reflected in their current market prices.

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

The portfolio holds between 25 and 35 securities that are either core value or deep value stocks.

Core value stocks are high-quality companies that earn high returns on capital and these stocks represent 50% to 75% of the fund’s holdings.

Deep value stocks are companies which the manager believes are deeply-undervalued. These stocks, plus the fund’s cash holdings represent the remaining 25% to 50% of the fund.

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

The investment process relies on fundamental research to identify companies that are estimated to trade below their fair values.

The fund invests in both public and non-public securities, which is key to the core objective of its total return.

As part of its strategy, the fund invests its net assets in equity and fixed income securities. The fund will invest opportunistically or be wholly invested in either equity or debt securities.

When evaluating securities, the research team focuses on a company’s ability to generate profit, cash flow, balance sheet, franchise or brand value.

The team also reviews a company’s intellectual property and competitive advantages as drivers of performance in the long term.

The fund invests in debt securities that have a maturity between 1 and 15 years.

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

The fund may invest up to 15% of its net assets in high-yield bonds that are below investment grade.
 

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

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

Then the research team utilizes a proprietary value-oriented process to focus on companies exhibiting change, neglect and relative valuation characteristics.

The team also assesses a company’s operations and future prospects to seek potential investment opportunities.

Next, the team narrows the investable universe to a list of companies that are estimated to trade below their fair values.

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

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

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

Then the research team utilizes a proprietary value-oriented process to focus on companies exhibiting change, neglect and relative valuation characteristics.

The team also assesses a company’s operations and future prospects to seek potential investment opportunities.

Next, the team narrows the investable universe to a list of companies that are estimated to trade below their fair values.

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

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

The investment process is designed to highlight companies in the benchmark index that demonstrate superior risk/return opportunities.

Next, the research team prefers companies that display superior potential for capital appreciation, have capable and focused management and balance sheet strength.

The team also focuses on companies that exhibit characteristics such as evidence of financial strength, pricing flexibility, competitive advantage, disciplined management, and attractive valuation.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a portfolio that holds 25 to 30 stocks. Typically the position sizes start in the 2% to 3% range with an overweight in high-conviction ideas.

The fund is non-diversified, which means that it may invest a greater percentage of its assets in fewer issuers than a diversified fund.

At times, the fund may overweight a position in a particular issuer or emphasize investment in a limited number of issuers or one or more particular business sectors.

The fund may also invest in special situation companies that have fallen out of favor with the market but are believed to offer favorable risk-adjusted returns.

Special situations may include significant changes in a company’s allocation of its existing capital or a restructuring of assets.

Other special situations may also result from significant changes to an industry through regulatory developments or shifts in competition, new or improved products, changes in senior management or significant changes in cost structure.

In addition, the fund may invest in shares of ETFs or may invest up to 30% of its net assets in securities of foreign issuers.

The fund emphasizes investments in securities of medium and small capitalization companies but is not limited to any particular market capitalization.

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

The investment process is designed to highlight companies in the benchmark index that exhibit attractive fundamental characteristics.

Next, the research team looks for companies with reasonable valuations, prudent debt levels, cash flow generation, attractive growth characteristics and balance sheet strength.

Then the manager constructs a portfolio from a list of companies favored by the research team and allocates capital based on its conviction level. The manager takes active industry and stock positions based on company fundamentals.

The portfolio is diversified by economic sector and fully invested, with position sizes commensurate with risk.

The fund invests its assets in both value and growth stocks, as well as dividend-paying and non-dividend-paying stocks.

The fund may invest up to 25% of its net assets in securities of foreign issuers including in emerging markets.

Also, the fund has the flexibility to invest up to 20% of its net assets in put and call options and up to 20% of its net assets in other investment companies.

In addition, the fund may invest its net assets in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes in response to adverse market, economic, political or other conditions.

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

The investment process is designed to highlight companies in the benchmark index that exhibit attractive fundamental characteristics.

Next, the research team looks for companies with reasonable valuations, prudent debt levels, cash flow generation, attractive growth characteristics and balance sheet strength.

Then the manager constructs a portfolio from a list of companies favored by the research team and allocates capital based on its conviction level. The manager takes active industry and stock positions based on company fundamentals.

The portfolio is diversified by economic sector and fully invested, with position sizes commensurate with risk.

The fund invests its assets in both value and growth stocks, as well as dividend-paying and non-dividend-paying stocks.

The fund may invest up to 25% of its net assets in securities of foreign issuers including in emerging markets.

Also, the fund has the flexibility to invest up to 20% of its net assets in put and call options and up to 20% of its net assets in other investment companies.

In addition, the fund may invest its net assets in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments for temporary defensive purposes in response to adverse market, economic, political or other conditions.

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

The sub-adviser’s investment process utilizes independent research to highlight durable companies that meet earnings, return on capital and growth criteria with sustainable competitive advantages.

The process focuses on companies in the benchmark index with attractive long-term growth prospects trading at a discount to their estimated true value.

The research process is driven by fundamental analysis of one stock at a time for achieving long-term outperformance.

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

The fund focuses on attractive businesses across all market caps, industries and sectors.

The fund has the flexibility to invest in issuers in foreign countries, including countries with developed or emerging markets.

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

The sub-adviser’s investment process utilizes independent research to highlight durable companies that meet earnings, return on capital and growth criteria with sustainable competitive advantages.

The process focuses on companies in the benchmark index with attractive long-term growth prospects trading at a discount to their estimated true value.

The research process is driven by fundamental analysis of one stock at a time for achieving long-term outperformance.

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

The fund focuses on attractive businesses across all market caps, industries and sectors.

The fund has the flexibility to invest in issuers in foreign countries, including countries with developed or emerging markets.

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

The sub-adviser’s investment process utilizes independent research to highlight durable companies that meet earnings, return on capital and growth criteria with sustainable competitive advantages.

The process focuses on companies in the benchmark index with attractive long-term growth prospects trading at a discount to their estimated true value.

The research process is driven by fundamental analysis of one stock at a time for achieving long-term outperformance.

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

The fund focuses on attractive businesses across all market caps, industries and sectors.

The fund has the flexibility to invest in issuers in foreign countries, including countries with developed or emerging markets.

The fund looks to invest in large-size companies with potential of earnings surprise in the near future.

Smith Asset Management Group, L.P., sub-advisor to the fund plans to build a portfolio of stocks using proprietary valuation, earnings and financial strength related metrics.

The investment selection process begins with the universe of large-, mid- and small-cap companies and narrows the list down to less than 100 companies that are expected to deliver higher than expected earnings. The research team relies on earnings quality and change in earnings expectations along with fundamental business criteria to determine the list of stocks to invest.

The fund is diversified across all sectors of the economy and top 10 holdings account for about 40% of the assets.

The fund looks to invest in large-size companies with potential of earnings surprise in the near future.

Smith Asset Management Group, L.P., sub-advisor to the fund plans to build a portfolio of stocks using proprietary valuation, earnings and financial strength related metrics.

The investment selection process begins with the universe of large-, mid- and small-cap companies and narrows the list down to less than 100 companies that are expected to deliver higher than expected earnings. The research team relies on earnings quality and change in earnings expectations along with fundamental business criteria to determine the list of stocks to invest.

The fund is diversified across all sectors of the economy and top 10 holdings account for about 40% of the assets.

The fund looks to invest in large-size companies with potential of earnings surprise in the near future.

Smith Asset Management Group, L.P., sub-advisor to the fund plans to build a portfolio of stocks using proprietary valuation, earnings and financial strength related metrics.

The investment selection process begins with the universe of large-, mid- and small-cap companies and narrows the list down to less than 100 companies that are expected to deliver higher than expected earnings. The research team relies on earnings quality and change in earnings expectations along with fundamental business criteria to determine the list of stocks to invest.

The fund is diversified across all sectors of the economy and top 10 holdings account for about 40% of the assets.

The fund seeks to generate total return while preserving capital using options strategy.

Wellington Management Company LLP, the sub-advisor to the fund allocates the fund’s assets among various investment styles including growth, value, high quality and low volatility. The sub-advisor then uses a distinct investment philosophy and analytical process to determine a list of securities to invest based on fundamental research.

The investment team then manages the overall risk in the portfolio, market downturn or risks related to significant events, using call and put options. However, the team does not look to manage risk associated with individual stock or group of stocks.

Hedging activities are designed to limit downside risks but will also limit fund’s return potential especially during the periods of sustained or rapid market gains. Hedging fees and expenses may further reduce returns.

The fund seeks to generate total return while preserving capital using options strategy.

Wellington Management Company LLP, the sub-advisor to the fund allocates the fund’s assets among various investment styles including growth, value, high quality and low volatility. The sub-advisor then uses a distinct investment philosophy and analytical process to determine a list of securities to invest based on fundamental research.

The investment team then manages the overall risk in the portfolio, market downturn or risks related to significant events, using call and put options. However, the team does not look to manage risk associated with individual stock or group of stocks.

Hedging activities are designed to limit downside risks but will also limit fund’s return potential especially during the periods of sustained or rapid market gains. Hedging fees and expenses may further reduce returns.

The fund seeks to generate total return while preserving capital using options strategy.

Wellington Management Company LLP, the sub-advisor to the fund allocates the fund’s assets among various investment styles including growth, value, high quality and low volatility. The sub-advisor then uses a distinct investment philosophy and analytical process to determine a list of securities to invest based on fundamental research.

The investment team then manages the overall risk in the portfolio, market downturn or risks related to significant events, using call and put options. However, the team does not look to manage risk associated with individual stock or group of stocks.

Hedging activities are designed to limit downside risks but will also limit fund’s return potential especially during the periods of sustained or rapid market gains. Hedging fees and expenses may further reduce returns.

The fund seeks to invest in small to large-cap companies with a track record of earnings and cash flow.  

The stock selection process is fundamental research driven and portfolio construction is focused on limiting the downside market risks. With 60 to 80 stocks in portfolio, the fund has about 45% of its assets in top 10 holdings.

The fund is diversified across all economic sectors in the market based on the macro-economic views held by the investment team. The active investment style is likely to generate higher turnover in the fund if market volatility persists.

The fund seeks to invest in small to large-cap companies with a track record of earnings and cash flow.  

The stock selection process is fundamental research driven and portfolio construction is focused on limiting the downside market risks. With 60 to 80 stocks in portfolio, the fund has about 45% of its assets in top 10 holdings.

The fund is diversified across all economic sectors in the market based on the macro-economic views held by the investment team. The active investment style is likely to generate higher turnover in the fund if market volatility persists.

The fund seeks to invest in small to large-cap companies with a track record of earnings and cash flow.  

The stock selection process is fundamental research driven and portfolio construction is focused on limiting the downside market risks. With 60 to 80 stocks in portfolio, the fund has about 45% of its assets in top 10 holdings.

The fund is diversified across all economic sectors in the market based on the macro-economic views held by the investment team. The active investment style is likely to generate higher turnover in the fund if market volatility persists.

The fund seeks to invest in small to large-cap companies with a track record of earnings and cash flow.  

The stock selection process is fundamental research driven and portfolio construction is focused on limiting the downside market risks. With 60 to 80 stocks in portfolio, the fund has about 45% of its assets in top 10 holdings.

The fund is diversified across all economic sectors in the market based on the macro-economic views held by the investment team. The active investment style is likely to generate higher turnover in the fund if market volatility persists.

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

The investment process is driven by fundamental analysis to identify companies that demonstrate superior long-term growth characteristics.

The process also looks for companies that have sustainable earnings prospects and reasonably valued stock prices.

Then the research team focuses on companies that do not have strong earnings histories but do have other attributes that may contribute to accelerated growth in the near future.

In addition, the team relies on an economic analysis of companies across a range of industries, including, but not limited to, investments in the technology sector.

The team then with the help of fundamental research identifies companies that meet earnings, return on capital and growth criteria, are leaders in an industry niche, and are consistent producers and/or exhibit sustainable growth.

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

The fund has the flexibility to invest its net assets in small capitalization companies too.

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

The investment process considers a company’s size, value, and/or profitability when making investment decisions from a list of companies in the benchmark index.

Next, the team assesses growth and value characteristics of companies. In assessing growth, the team considers whether a company has a high price in relation to its book value.

In assessing value, the team looks if a company’s shares have a low price in relation to their book value.

Then the team assesses profitability in terms of earnings or profits from operations relative to book value or assets.

In addition, the research team employs fundamental analysis to evaluate a company’s valuation multiples on the basis of cash flow, or earnings.

Then the team constructs a portfolio of stocks of companies on the basis of capitalization, value, and profitability characteristics.

The fund has the flexibility to exclude a company on the basis of factors such as free float, momentum, trading strategies, liquidity, size, valuation multiples, and profitability.

The fund also can exclude a company negatively impacted by environmental, social or governance factors including accounting practices and shareholder rights.

The fund has the flexibility to lend its securities to earn income.

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

The investment process considers a company’s size, value, and/or profitability when making investment decisions from a list of companies in the benchmark index.

Next, the team assesses growth and value characteristics of companies. In assessing growth, the team considers whether a company has a high price in relation to its book value.

In assessing value, the team looks if a company’s shares have a low price in relation to their book value.

Then the team assesses profitability in terms of earnings or profits from operations relative to book value or assets.

In addition, the research team employs fundamental analysis to evaluate a company’s valuation multiples on the basis of cash flow, or earnings.

Then the team constructs a portfolio of stocks of companies on the basis of capitalization, value, and profitability characteristics.

The fund has the flexibility to exclude a company on the basis of factors such as free float, momentum, trading strategies, liquidity, size, valuation multiples, and profitability.

The fund also can exclude a company negatively impacted by environmental, social or governance factors including accounting practices and shareholder rights.

The fund has the flexibility to lend securities to earn income.

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

The investment process considers a company’s size, value, and/or profitability when making investment decisions from a list of companies in the benchmark index.

Next, the team assesses growth and value characteristics of companies. In assessing growth, the team considers whether a company has a high price in relation to its book value.

In assessing value, the team looks if a company’s shares have a low price in relation to their book value.

Then the team assesses profitability in terms of earnings or profits from operations relative to book value or assets.

In addition, the research team employs fundamental analysis to evaluate a company’s valuation multiples on the basis of cash flow, or earnings.

Also, in assessing a company’s investment characteristics, the team considers ratios such as recent changes in assets or book value scaled by assets or book value.

Then the manager constructs a portfolio of securities that are consistent with the portfolio’s social issue screens.

The fund excludes companies that earn at least 20% of their total annual revenue through the production and/or sale of conventional or nuclear weapons, are engaged in business activities in or with the Republic of the Sudan, earn at least 15% of their total annual revenue through the production and/or sale of tobacco or alcohol products, or earn at least 20% of their total annual revenue from certain gambling activities.

Other social screens include excluding companies directly participating in abortions, earning at least 15% of their total annual revenue from the rental, sale, distribution or production of pornographic materials, are involved in the production or manufacture of landmines, are involved in the production or manufacture of civilian firearms, have had temporary issues relating to child labor infractions in the U.S. or abroad; and/or are involved in stem cell research.

The fund has the flexibility to exclude a company on the basis of factors such as free float, momentum, trading strategies, liquidity, size, valuation multiples, and profitability.

The fund also can exclude a company negatively impacted by environmental, social or governance factors including accounting practices and shareholder rights.

The fund has the flexibility to lend its securities to earn income.

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

The investment process considers a company’s size, value, and/or profitability when making investment decisions from a list of companies in the benchmark index.

The fund also integrates sustainability impact considerations in its process.

Next, the team assesses growth and value characteristics of companies. In assessing growth, the team considers whether a company has a high price in relation to its book value.

In assessing value, the team looks if a company’s shares have a low price in relation to their book value.

Then the team assesses profitability in terms of earnings or profits from operations relative to book value or assets.

In addition, the research team employs fundamental analysis to evaluate a company’s valuation multiples on the basis of cash flow, or earnings.

Also, in assessing a company’s investment characteristics, the team considers ratios such as recent changes in assets or book value scaled by assets or book value.

Then the manager constructs a portfolio of companies that may have an impact on the environment and other sustainability considerations when making investment decisions.

The fund may exclude or underweight securities of companies that may be less sustainable as compared either to other companies in the portfolio or with similar business lines. Similarly, the fund will overweight securities of companies that may be more sustainable as compared either to other companies in the portfolio or other companies with similar business lines.

In considering sustainability impact, the fund may consider carbon and other greenhouse emissions, land use, cluster munitions, landmine, and civilian firearms manufacturing, biodiversity, involvement in toxic spills, operational waste, water use, tobacco, palm oil, coal, child labor and factory farming activities, among other factors.

The fund has the flexibility to exclude a company on the basis of factors such as free float, momentum, trading strategies, liquidity, size, valuation multiples, and profitability.

The fund also can exclude a company negatively impacted by environmental, social or governance factors including accounting practices and shareholder rights.

The fund has the flexibility to lend its securities to earn income.

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

The investment process is designed to highlight companies in the benchmark index that are undervalued and trading at a discount to their estimated intrinsic value.

The process focuses on estimating a company’s value independent of its current stock price.

The research process is driven by fundamental analysis of one stock at a time. The research team then analyzes a company’s earnings, revenue growth, operating margins and other economic factors.

Next, the team also considers the level of industry competition, regulatory factors, and the threat of technological obsolescence of companies.

In addition, the team emphasizes companies with sustainable competitive advantages, conservative balance sheets, and management with an ownership mentality.

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

The concentrated portfolio holds between 30 and 40 names with a maximum sector exposure of 35%.

The fund is not constrained by the sector or industry weights in the benchmark.

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

The investment process is designed to highlight companies in the benchmark index that are undervalued and trading at a discount to their estimated intrinsic value.

The process focuses on estimating a company’s value independent of its current stock price.

The research process is driven by fundamental analysis of one stock at a time. The research team then analyzes a company’s earnings, revenue growth, operating margins and other economic factors.

Next, the team also considers the level of industry competition, regulatory factors, and the threat of technological obsolescence of companies.

In addition, the team emphasizes companies with sustainable competitive advantages, conservative balance sheets, and management with an ownership mentality.

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

The concentrated portfolio holds between 30 and 40 names with a maximum sector exposure of 35%.

The fund is not constrained by the sector or industry weights in the benchmark.

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

The investment process is designed to highlight companies in the benchmark index that are undervalued and trading at a discount to their estimated intrinsic value.

The process focuses on estimating a company’s value independent of its current stock price.

The research process is driven by fundamental analysis of one stock at a time. The research team then analyzes a company’s earnings, revenue growth, operating margins and other economic factors.

Next, the team also considers the level of industry competition, regulatory factors, and the threat of technological obsolescence of companies.

In addition, the team emphasizes companies with sustainable competitive advantages, conservative balance sheets, and management with an ownership mentality.

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

The concentrated portfolio holds between 30 and 40 names with a maximum sector exposure of 35%.

The fund is not constrained by the sector or industry weights in the benchmark.

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

The sub-adviser’s investment process combines two investment management strategies namely U.S. Core and Thematic Solutions.

U.S. Core is comprised of mid- to large-capitalization stocks with strong social and environmental profiles relative to their peers.

Thematic Solutions seeks to invest in solution-oriented sustainability leaders across the full market-capitalization spectrum.

Then the research team evaluates a company’s core business, environmental and social factors from a list of companies in the benchmark index.

The team also assesses how a company treats its key stakeholders, such as its customers, employees, suppliers, ecosystems, local, national and global communities, and/or investors.

Next, the team narrows the investable universe to a list of companies that create positive environmental and social outcomes for people and the planet while seeking competitive financial returns.

Then the manager constructs a diversified stock portfolio seeking long-term total return consistent with the promotion of universal human dignity and ecological sustainability.

The fund may have significant exposure to securities of issuers in the information technology, health care, consumer discretionary, communication service, and financial sectors.

However, the fund may exclude companies involved in certain lines of businesses such as weapons & firearms, nuclear, oil, natural gas, coal & uranium mining, for-profit prisons, tobacco, alcohol, and gambling.

The fund may invest in companies that demonstrate a commitment to sustainability solutions such as creating products that help accelerate the transition to a low-carbon future, contribute to the development of sustainable communities, ensure access to clean water, support more sustainable food systems, promote societal health and wellbeing, broaden financial inclusion, or bridge the digital divide and/or expand access to economic opportunity.

The fund has the flexibility to invest across all market capitalizations.

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

The sub-adviser’s investment process combines two investment management strategies namely U.S. Core and Thematic Solutions.

U.S. Core is comprised of mid- to large-capitalization stocks with strong social and environmental profiles relative to their peers.

Thematic Solutions seeks to invest in solution-oriented sustainability leaders across the full market-capitalization spectrum.

Then the research team evaluates a company’s core business, environmental and social factors from a list of companies in the benchmark index.

The team also assesses how a company treats its key stakeholders, such as its customers, employees, suppliers, ecosystems, local, national and global communities, and/or investors.

Next, the team narrows the investable universe to a list of companies that create positive environmental and social outcomes for people and the planet while seeking competitive financial returns.

Then the manager constructs a diversified stock portfolio seeking long-term total return consistent with the promotion of universal human dignity and ecological sustainability.

The fund may have significant exposure to securities of issuers in the information technology, health care, consumer discretionary, communication service, and financial sectors.

However, the fund may exclude companies involved in certain lines of businesses such as weapons & firearms, nuclear, oil, natural gas, coal & uranium mining, for-profit prisons, tobacco, alcohol, and gambling.

The fund may invest in companies that demonstrate a commitment to sustainability solutions such as creating products that help accelerate the transition to a low-carbon future, contribute to the development of sustainable communities, ensure access to clean water, support more sustainable food systems, promote societal health and wellbeing, broaden financial inclusion, or bridge the digital divide and/or expand access to economic opportunity.

The fund has the flexibility to invest across all market capitalizations.

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

The sub-adviser’s investment process combines two investment management strategies namely U.S. Core and Thematic Solutions.

U.S. Core is comprised of mid- to large-capitalization stocks with strong social and environmental profiles relative to their peers.

Thematic Solutions seeks to invest in solution-oriented sustainability leaders across the full market-capitalization spectrum.

Then the research team evaluates a company’s core business, environmental and social factors from a list of companies in the benchmark index.

The team also assesses how a company treats its key stakeholders, such as its customers, employees, suppliers, ecosystems, local, national and global communities, and/or investors.

Next, the team narrows the investable universe to a list of companies that create positive environmental and social outcomes for people and the planet while seeking competitive financial returns.

Then the manager constructs a diversified stock portfolio seeking long-term total return consistent with the promotion of universal human dignity and ecological sustainability.

The fund may have significant exposure to securities of issuers in the information technology, health care, consumer discretionary, communication service, and financial sectors.

However, the fund may exclude companies involved in certain lines of businesses such as weapons & firearms, nuclear, oil, natural gas, coal & uranium mining, for-profit prisons, tobacco, alcohol, and gambling.

The fund may invest in companies that demonstrate a commitment to sustainability solutions such as creating products that help accelerate the transition to a low-carbon future, contribute to the development of sustainable communities, ensure access to clean water, support more sustainable food systems, promote societal health and wellbeing, broaden financial inclusion, or bridge the digital divide and/or expand access to economic opportunity.

The fund has the flexibility to invest across all market capitalizations.

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

The sub-adviser’s investment process combines two investment management strategies namely U.S. Core and Thematic Solutions.

U.S. Core is comprised of mid- to large-capitalization stocks with strong social and environmental profiles relative to their peers.

Thematic Solutions seeks to invest in solution-oriented sustainability leaders across the full market-capitalization spectrum.

Then the research team evaluates a company’s core business, environmental and social factors from a list of companies in the benchmark index.

The team also assesses how a company treats its key stakeholders, such as its customers, employees, suppliers, ecosystems, local, national and global communities, and/or investors.

Next, the team narrows the investable universe to a list of companies that create positive environmental and social outcomes for people and the planet while seeking competitive financial returns.

Then the manager constructs a diversified stock portfolio seeking long-term total return consistent with the promotion of universal human dignity and ecological sustainability.

The fund may have significant exposure to securities of issuers in the information technology, health care, consumer discretionary, communication service, and financial sectors.

However, the fund may exclude companies involved in certain lines of businesses such as weapons & firearms, nuclear, oil, natural gas, coal & uranium mining, for-profit prisons, tobacco, alcohol, and gambling.

The fund may invest in companies that demonstrate a commitment to sustainability solutions such as creating products that help accelerate the transition to a low-carbon future, contribute to the development of sustainable communities, ensure access to clean water, support more sustainable food systems, promote societal health and wellbeing, broaden financial inclusion, or bridge the digital divide and/or expand access to economic opportunity.

The fund has the flexibility to invest across all market capitalizations.

The fund seeks capital appreciation by investing in U.S. companies that meet environment, social and governance criteria.

The sub-adviser’s investment process begins with several economic themes that are designed to construct a broader framework based on social, financial and political, and environmental factors and issues. The framework helps in understanding trends, events, and competitive dynamics at play worldwide.

Next, the investment team with the help of quantitative and qualitative research identifies companies that meet growth and valuation criteria with sustainable business models and financial strength.

The team then applies a rigorous audit of ESG policies and practices before selecting companies for the portfolio.

The fund seeks capital appreciation by investing in U.S. companies that meet environment, social and governance criteria.

The sub-adviser’s investment process begins with several economic themes that are designed to construct a broader framework based on social, financial and political, and environmental factors and issues. The framework helps in understanding trends, events, and competitive dynamics at play worldwide.

Next, the investment team with the help of quantitative and qualitative research identifies companies that meet growth and valuation criteria with sustainable business models and financial strength.

The team then applies a rigorous audit of ESG policies and practices before selecting companies for the portfolio.

The fund seeks capital appreciation by investing in U.S. companies that meet environment, social and governance criteria.

The sub-adviser’s investment process begins with several economic themes that are designed to construct a broader framework based on social, financial and political, and environmental factors and issues. The framework helps in understanding trends, events, and competitive dynamics at play worldwide.

Next, the investment team with the help of quantitative and qualitative research identifies companies that meet growth and valuation criteria with sustainable business models and financial strength.

The team then applies a rigorous audit of ESG policies and practices before selecting companies for the portfolio.

The fund seeks capital appreciation by investing in U.S. companies that meet environment, social and governance criteria.

The sub-adviser’s investment process begins with several economic themes that are designed to construct a broader framework based on social, financial and political, and environmental factors and issues. The framework helps in understanding trends, events, and competitive dynamics at play worldwide.

Next, the investment team with the help of quantitative and qualitative research identifies companies that meet growth and valuation criteria with sustainable business models and financial strength.

The team then applies a rigorous audit of ESG policies and practices before selecting companies for the portfolio.

The fund seeks capital appreciation by investing in U.S. companies that meet environment, social and governance criteria.

The sub-adviser’s investment process begins with several economic themes that are designed to construct a broader framework based on social, financial and political, and environmental factors and issues. The framework helps in understanding trends, events, and competitive dynamics at play worldwide.

Next, the investment team with the help of quantitative and qualitative research identifies companies that meet growth and valuation criteria with sustainable business models and financial strength.

The team then applies a rigorous audit of ESG policies and practices before selecting companies for the portfolio.

The fund seeks capital appreciation by investing U.S. companies across all market capitalizations.

The investment process starts with a list of companies in the benchmark index. Research team then narrows the list based on financial statements analysis and companies that meet broad business metrics and trend criteria are separate for additional analysis.

The team then looks for sources, nature and quality of earnings and growth and estimates long-term outlook for sustainability of acceleration of growth. The team then compares the long term based intrinsic valuation with the current market prices. The fund favors companies trading at discounts or reasonable valuations.

The fund seeks capital appreciation by investing U.S. companies across all market capitalizations.

The investment process starts with a list of companies in the benchmark index. Research team then narrows the list based on financial statements analysis and companies that meet broad business metrics and trend criteria are separate for additional analysis.

The team then looks for sources, nature and quality of earnings and growth and estimates long-term outlook for sustainability of acceleration of growth. The team then compares the long term based intrinsic valuation with the current market prices. The fund favors companies trading at discounts or reasonable valuations.

The fund seeks capital appreciation by investing U.S. companies across all market capitalizations.

The investment process starts with a list of companies in the benchmark index. Research team then narrows the list based on financial statements analysis and companies that meet broad business metrics and trend criteria are separate for additional analysis.

The team then looks for sources, nature and quality of earnings and growth and estimates long-term outlook for sustainability of acceleration of growth. The team then compares the long term based intrinsic valuation with the current market prices. The fund favors companies trading at discounts or reasonable valuations.

The fund seeks capital appreciation by investing U.S. companies across all market capitalizations.

The investment process starts with a list of companies in the benchmark index. Research team then narrows the list based on financial statements analysis and companies that meet broad business metrics and trend criteria are separate for additional analysis.

The team then looks for sources, nature and quality of earnings and growth and estimates long-term outlook for sustainability of acceleration of growth. The team then compares the long term based intrinsic valuation with the current market prices. The fund favors companies trading at discounts or reasonable valuations.

The fund seeks to appreciate capital through long term investing in large- and mid-size companies.

The investment process focuses on identifying companies with strong balance sheets, above average earnings and cash flow growth and long runway for sustainable revenue growth. The research team then applies analytical techniques and narrows the list for the evaluation of management track record in reinvesting cash, reducing debt and acquiring new businesses.

The fund holds between 25 and 40 stocks and about 45% of total assets are allocated to top 10 holdings.

The fund seeks to appreciate capital through long term investing in large- and mid-size companies.

The investment process focuses on identifying companies with strong balance sheets, above average earnings and cash flow growth and long runway for sustainable revenue growth. The research team then applies analytical techniques and narrows the list for the evaluation of management track record in reinvesting cash, reducing debt and acquiring new businesses.

The fund holds between 25 and 40 stocks and about 45% of total assets are allocated to top 10 holdings.

The fund seeks to appreciate capital through long term investing in large- and mid-size companies.

The investment process focuses on identifying companies with strong balance sheets, above average earnings and cash flow growth and long runway for sustainable revenue growth. The research team then applies analytical techniques and narrows the list for the evaluation of management track record in reinvesting cash, reducing debt and acquiring new businesses.

The fund holds between 25 and 40 stocks and about 45% of total assets are allocated to top 10 holdings.

The fund seeks to appreciate capital through long term investing in large- and mid-size companies.

The investment process focuses on identifying companies with strong balance sheets, above average earnings and cash flow growth and long runway for sustainable revenue growth. The research team then applies analytical techniques and narrows the list for the evaluation of management track record in reinvesting cash, reducing debt and acquiring new businesses.

The fund holds between 25 and 40 stocks and about 45% of total assets are allocated to top 10 holdings.

The fund seeks to deliver positive after-tax return on capital through investing in U.S. companies across all market capitalizations.

The fund looks to invest in companies with established market presence and generating attractive returns on capital. Then the research team narrows the focus on companies with long term-growth prospects and are trading at a reasonable price in the estimate of the fund managers.

The fund generally invests in mega-size or large-size companies with market capitalizations above $50 billion.

The team with the help of deep fundamental research identifies companies with long term growth prospects and management with track records of successful capital allocation. These companies generally have long growth ramp, industry structural advantages or portfolio of innovative products and/or services with market leadership.

Buy and sell decisions are made by balancing investment considerations and tax implications and taking into account the tax liability for shareholders. The fund seeks to minimize distributions of investment income and net realized gains.

The fund seeks to deliver positive after-tax return on capital through investing in U.S. companies across all market capitalizations.

The fund looks to invest in companies with established market presence and generating attractive returns on capital. Then the research team narrows the focus on companies with long term-growth prospects and are trading at a reasonable price in the estimate of the fund managers.

The fund generally invests in mega-size or large-size companies with market capitalizations above $50 billion.

The team with the help of deep fundamental research identifies companies with long term growth prospects and management with track records of successful capital allocation. These companies generally have long growth ramp, industry structural advantages or portfolio of innovative products and/or services with market leadership.

Buy and sell decisions are made by balancing investment considerations and tax implications and taking into account the tax liability for shareholders. The fund seeks to minimize distributions of investment income and net realized gains.

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

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

Then the research team utilizes a fundamental approach to identify companies whose earnings growth rate exceeds that of their peer group.

The team relies on its proprietary 10-step research process to assess each company’s specific competitive advantages, management strengths/weaknesses, growth drivers and risks, as well as financial and valuation models.

The team prefers companies with perceived leadership positions and competitive advantages in niche markets not yet recognized by investors.

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

The manager can invest in companies from a wide range of industries and of various sizes.

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

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

Then the research team utilizes a fundamental approach to identify companies whose earnings growth rate exceeds that of their peer group.

The team relies on its proprietary 10-step research process to assess each company’s specific competitive advantages, management strengths/weaknesses, growth drivers and risks, as well as financial and valuation models.

The team prefers companies with perceived leadership positions and competitive advantages in niche markets not yet recognized by investors.

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

The manager can invest in companies from a wide range of industries and of various sizes.

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

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

Then the research team utilizes a fundamental approach to identify companies whose earnings growth rate exceeds that of their peer group.

The team relies on its proprietary 10-step research process to assess each company’s specific competitive advantages, management strengths/weaknesses, growth drivers and risks, as well as financial and valuation models.

The team prefers companies with perceived leadership positions and competitive advantages in niche markets not yet recognized by investors.

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

The manager can invest in companies from a wide range of industries and of various sizes.

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

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

Then the research team utilizes a fundamental approach to identify companies whose earnings growth rate exceeds that of their peer group.

The team relies on its proprietary 10-step research process to assess each company’s specific competitive advantages, management strengths/weaknesses, growth drivers and risks, as well as financial and valuation models.

The team prefers companies with perceived leadership positions and competitive advantages in niche markets not yet recognized by investors.

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

The manager can invest in companies from a wide range of industries and of various sizes.

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

The investment process is designed to highlight companies in the benchmark index that are estimated to trade below their fair values relative to their future prospects.

Then the research team utilizes fundamental research to identify companies with attractive attributes. These attributes include superior and durable competitive advantages, high and sustainable returns on invested capital, competent and shareholder-oriented management, long term growth opportunities, and sustainable levels of debt.

Then the manager constructs a focused portfolio of approximately 15 to 30 securities that are trading at a discount to their estimated intrinsic value.

The fund is non-diversified, which means it can invest in fewer securities at any one time than a diversified fund.

Also, from time to time the fund may invest a significant portion of its assets in a limited number of industry sectors.

The fund has the flexibility to maintain without limitation a significant portion of its net assets in cash or cash-equivalents like money market funds, certificates of deposit and short-term debt obligations.

The fund may invest in securities of foreign issuers, including American Depositary Receipts.

The fund may also invest in fixed income securities without regard to maturity and duration.

The fund seeks to track the total return performance of the Essential 40 Stock Index before fees and expenses by investing in companies in the United States.

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

The research team begins with an initial universe of securities with a market capitalization of at least $1 billion.

Next, the team utilizes a rules based methodology to select companies that are irreplaceable and too essential to fail in the U.S. economy.

Then the manager constructs a diversified portfolio of forty stocks that represent exposure to companies believed to be essential to the economy and the American way of life.

The final portfolio is equally weighted, and typically rebalanced annually on the second calendar Monday of January.

The manager seeks to have the Index diversified across sectors and industries and seeks only to make changes to the Index components as the American economy evolves or market events and corporate actions necessitate.

To manage risk, the fund may also invest 5% or less of its net assets in S&P 500 futures and options, although it can invest up to 20% of its net assets in such instruments.

The fund seeks primarily capital appreciation and secondarily current income from interest or dividends by investing in companies across any size in the United States.

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

Next the research team emphasizes companies that are experiencing positive and sustainable fundamental changes.

The team then analyzes each company’s prospects, returns, past and expected future performance, and the quality of its corporate management and capital allocation.

Then the team utilizes fundamental analysis to review a company’s pre-tax margins, return on equity and cash flow, and earnings trends.

The investment team further evaluates the capital allocation strategy of these companies.

Then the manager constructs a portfolio that typically has between 30 and 50 holdings and includes stocks that are diversified by company size, economic sector, business geography, valuation, and financial strength.

The manager selects securities based on the fundamental operating performance of individual companies relative to other available investments.

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

The investment process is designed to highlight companies in the benchmark index with attractive valuations.

Next, the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The team utilizes fundamental analysis to focus on companies offering high free cash flow yields, rate of return with no risk of loss, having prudent capital allocation policies, superior competitive positions, and balance sheet strength.

Also, the team considers a company’s liquidity, leverage, tangible assets, returns on invested equity and capital and the production of essential services and products.

The research team also assesses how the management team performs under unexpected pressure and is it engaging in stressed industries having reasonable prospects for recovery.

In addition, the team emphasizes companies that are experiencing special situations such as stock appreciation as a result of company-specific developments rather than general business conditions or movements of the market as a whole.

Then the manager constructs a focused portfolio of equity and fixed income securities, and may shift frequently among asset classes and market sectors.

The fund may maintain a significant portion of its net assets in cash and securities generally considered to be cash equivalents.

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

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Next, the research team relies on fundamental analysis to look for companies whose future earnings growth potential is not reflected in their current market prices.

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

The manager may also invest in the securities of both domestic and foreign issuers, including exchange-traded funds.

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

The investment process is designed to highlight companies that are trading at a discount to their estimated intrinsic value.

Next, the research team relies on fundamental analysis to look for companies whose future earnings growth potential is not reflected in their current market prices.

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

The manager may also invest in the securities of both domestic and foreign issuers, including exchange-traded funds.

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

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

The research team looks to capitalize on market inefficiencies rather than being driven by market sentiments and focuses on fundamental factors.

The team also considers characteristics like relative value, profit trends, capital structure, price history, and trading costs of each individual trade.

Then the manager constructs an actively managed portfolio that is diversified to limit exposure to individual companies and groups of correlated companies.

The fund invests in companies with both growth and value characteristics.

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

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

The research team looks to capitalize on market inefficiencies rather than being driven by market sentiments and focuses on fundamental factors.

The team also considers characteristics like relative value, profit trends, capital structure, price history, and trading costs of each individual trade.

Then the manager constructs an actively managed portfolio that is diversified to limit exposure to individual companies and groups of correlated companies.

The fund invests in companies with both growth and value characteristics.

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

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

The research team looks to capitalize on market inefficiencies rather than being driven by market sentiments and focuses on fundamental factors.

The team also considers characteristics like relative value, profit trends, capital structure, price history, and trading costs of each individual trade.

Then the manager constructs an actively managed portfolio that is diversified to limit exposure to individual companies and groups of correlated companies.

The fund invests in companies with both growth and value characteristics.

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

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

The research team looks to capitalize on market inefficiencies rather than being driven by market sentiments and focuses on fundamental factors.

The team also considers characteristics like relative value, profit trends, capital structure, price history, and trading costs of each individual trade.

Then the manager constructs an actively managed portfolio that is diversified to limit exposure to individual companies and groups of correlated companies.

The fund invests in companies with both growth and value characteristics.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to their peers.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to their peers.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to their peers.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to their peers.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to their peers.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the team focuses on common stocks of leveraged companies that issue lower-quality debt and companies with leveraged capital structures.

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

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

The manager potentially invests in lower-quality debt securities, and may invest in growth or value stocks or both.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the team focuses on common stocks of leveraged companies that issue lower-quality debt and companies with leveraged capital structures.

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

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

The manager potentially invests in lower-quality debt securities, and may invest in growth or value stocks or both.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the team focuses on common stocks of leveraged companies that issue lower-quality debt and companies with leveraged capital structures.

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

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

The manager potentially invests in lower-quality debt securities, and may invest in growth or value stocks or both.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the team focuses on common stocks of leveraged companies that issue lower-quality debt and companies with leveraged capital structures.

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

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

The manager potentially invests in lower-quality debt securities, and may invest in growth or value stocks or both.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the team focuses on common stocks of leveraged companies that issue lower-quality debt and companies with leveraged capital structures.

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

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

The manager potentially invests in lower-quality debt securities, and may invest in growth or value stocks or both.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and seeks to deliver attractive risk-adjusted returns over time.

Next the research team relies on fundamental analysis to select stocks within one or more of the major market sectors.

Currently, these sectors include communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities.

Additionally, the portfolio sector weightings are kept similar to those of its benchmark index to add value through active stock selection and minimize the risks associated with sector or market timing.

Then the manager constructs a portfolio where the fund’s assets are invested in one or more central funds which provide exposure to different sectors of the U.S. stock market. Central funds are specialized investment vehicles designed to be used by Fidelity funds.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

The fund invests broadly across all sectors, market capitalizations and styles.

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

The investment process starts with a list of companies in the benchmark index and seeks to deliver attractive risk-adjusted returns over time.

Next the research team relies on fundamental analysis to select stocks within one or more of the major market sectors.

Currently, these sectors include communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities.

Additionally, the portfolio sector weightings are kept similar to those of its benchmark index to add value through active stock selection and minimize the risks associated with sector or market timing.

Then the manager constructs a portfolio where the fund’s assets are invested in one or more central funds which provide exposure to different sectors of the U.S. stock market. Central funds are specialized investment vehicles designed to be used by Fidelity funds.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

The fund invests broadly across all sectors, market capitalizations and styles.

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

The investment process starts with a list of companies in the benchmark index and seeks to deliver attractive risk-adjusted returns over time.

Next the research team relies on fundamental analysis to select stocks within one or more of the major market sectors.

Currently, these sectors include communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities.

Additionally, the portfolio sector weightings are kept similar to those of its benchmark index to add value through active stock selection and minimize the risks associated with sector or market timing.

Then the manager constructs a portfolio where the fund’s assets are invested in one or more central funds which provide exposure to different sectors of the U.S. stock market. Central funds are specialized investment vehicles designed to be used by Fidelity funds.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

The fund invests broadly across all sectors, market capitalizations and styles.

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

The investment process starts with a list of companies in the benchmark index and seeks to deliver attractive risk-adjusted returns over time.

Next the research team relies on fundamental analysis to select stocks within one or more of the major market sectors.

Currently, these sectors include communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities.

Additionally, the portfolio sector weightings are kept similar to those of its benchmark index to add value through active stock selection and minimize the risks associated with sector or market timing.

Then the manager constructs a portfolio where the fund’s assets are invested in one or more central funds which provide exposure to different sectors of the U.S. stock market. Central funds are specialized investment vehicles designed to be used by Fidelity funds.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

The fund invests broadly across all sectors, market capitalizations and styles.

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

The investment process starts with a list of companies in the benchmark index and seeks to deliver attractive risk-adjusted returns over time.

Next the research team relies on fundamental analysis to select stocks within one or more of the major market sectors.

Currently, these sectors include communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities.

Additionally, the portfolio sector weightings are kept similar to those of its benchmark index to add value through active stock selection and minimize the risks associated with sector or market timing.

Then the manager constructs a portfolio where the fund’s assets are invested in one or more central funds which provide exposure to different sectors of the U.S. stock market. Central funds are specialized investment vehicles designed to be used by Fidelity funds.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

The fund invests broadly across all sectors, market capitalizations and styles.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average earnings growth potential.

The strategy is based on the premise that stock prices follow earnings growth.

Then the research team utilizes quantitative techniques to select companies estimated to grow earnings faster than the market, with an emphasis on quality.

The team employs a go-anywhere approach in favoring companies with growth catalysts, such as new products, acquisitions or turnaround situations.

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

The research process is driven by fundamental analysis of one stock at a time. Then the manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average earnings growth potential.

The strategy is based on the premise that stock prices follow earnings growth.

Then the research team utilizes quantitative techniques to select companies estimated to grow earnings faster than the market, with an emphasis on quality.

The team employs a go-anywhere approach in favoring companies with growth catalysts, such as new products, acquisitions or turnaround situations.

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

The research process is driven by fundamental analysis of one stock at a time. Then the manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

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

The investment process is designed to highlight companies in the benchmark index where fundamentals are improving.

The research team believes that companies with improving fundamentals exist in all areas of the market and exhibit different return profiles.

The research team relies on quantitative analysis to evaluate a company’s growth potential, valuation, liquidity, and investment risk.

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

In addition the team narrows the investable universe to a list of companies on the basis of growth, quality and valuation factors.

In the growth sleeve, the team looks for companies exhibiting secular or quality growth trends, and in the quality sleeve, consistency and durability of a company’s financial performance are assessed.

Additionally, the process focuses on companies that are lagging in market price and trading at a discount to their estimated intrinsic value.

Then the manager employs a disciplined investment approach to construct a balanced portfolio of companies with the potential for consistent and superior performance over a full market cycle.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

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

The investment process is designed to highlight companies in the benchmark index where fundamentals are improving.

The research team believes that companies with improving fundamentals exist in all areas of the market and exhibit different return profiles.

The research team relies on quantitative analysis to evaluate a company’s growth potential, valuation, liquidity, and investment risk.

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

In addition the team narrows the investable universe to a list of companies on the basis of growth, quality and valuation factors.

In the growth sleeve, the team looks for companies exhibiting secular or quality growth trends, and in the quality sleeve, consistency and durability of a company’s financial performance are assessed.

Additionally, the process focuses on companies that are lagging in market price and trading at a discount to their estimated intrinsic value.

Then the manager employs a disciplined investment approach to construct a balanced portfolio of companies with the potential for consistent and superior performance over a full market cycle.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential. Growth may be measured by factors such as earnings or revenue.

The research team focuses on companies operating in well-positioned industries and niches that are capable of delivering persistent sales and earnings growth.

Through this approach the team identifies companies that have the potential to unlock shareholder value through either a growth-enhancing product cycle or an internal catalyst such as a turnaround or acquisition.

In selecting growth stocks, the team focuses on companies whose growth potential is underappreciated by investors.

Additionally, the investment team seeks companies that fund their own growth through the cash they generate and benefit from management teams focused on creating long-term shareholder value.

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

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

The manager invests across a spectrum of companies, from well-established to aggressive growth.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit above-average growth potential. Growth may be measured by factors such as earnings or revenue.

The research team focuses on companies operating in well-positioned industries and niches that are capable of delivering persistent sales and earnings growth.

Through this approach the team identifies companies that have the potential to unlock shareholder value through either a growth-enhancing product cycle or an internal catalyst such as a turnaround or acquisition.

In selecting growth stocks, the team focuses on companies whose growth potential is underappreciated by investors.

Additionally, the investment team seeks companies that fund their own growth through the cash they generate and benefit from management teams focused on creating long-term shareholder value.

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

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

The manager invests across a spectrum of companies, from well-established to aggressive growth.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit the potential for accelerated earnings or revenue growth.

Then the research team looks to buy stocks of high-quality companies that exhibit persistent growth and generate positive free cash flow.

The team believes that these companies can outperform the market over time when purchased at reasonable prices.

Next, the research team is driven by fundamental analysis to focus on identifying discrepancies between a security’s fundamental value and its market price.

The process utilizes a research driven approach to uncover opportunities that are trading at a discount to their estimated intrinsic value and/or growth prospects not yet recognized by investors.

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

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

The fund focuses investments in medium-sized companies, but may also invest substantially in larger or smaller companies.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit the potential for accelerated earnings or revenue growth.

Then the research team looks to buy stocks of high-quality companies that exhibit persistent growth and generate positive free cash flow.

The team believes that these companies can outperform the market over time when purchased at reasonable prices.

Next, the research team is driven by fundamental analysis to focus on identifying discrepancies between a security’s fundamental value and its market price.

The process utilizes a research driven approach to uncover opportunities that are trading at a discount to their estimated intrinsic value and/or growth prospects not yet recognized by investors.

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

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

The fund focuses investments in medium-sized companies, but may also invest substantially in larger or smaller companies.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process is designed to highlight companies in the benchmark index that exhibit the potential for accelerated earnings or revenue growth.

Then the research team looks to buy stocks of high-quality companies that exhibit persistent growth and generate positive free cash flow.

The team believes that these companies can outperform the market over time when purchased at reasonable prices.

Next, the research team is driven by fundamental analysis to focus on identifying discrepancies between a security’s fundamental value and its market price.

The process utilizes a research driven approach to uncover opportunities that are trading at a discount to their estimated intrinsic value and/or growth prospects not yet recognized by investors.

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

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

The fund focuses investments in medium-sized companies, but may also invest substantially in larger or smaller companies.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index with a high level of outstanding debt, or leverage.

Then the research team focuses on stocks of leveraged companies that issue lower-quality debt and companies with leveraged capital structures.

The team prefers companies with attractive valuations, strong competitive positioning and management teams that can prudently use free cash flow to grow shareholder value and reduce leverage over the intermediate term.

Next the research process strives to uncover these companies through in-depth fundamental value and credit analysis of the entire capital structure.

Additionally, the research 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 with the goal of producing favorable risk-adjusted returns over time.

The manager potentially invests in lower-quality debt securities, and may invest in growth or value stocks or both.

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index with a high level of outstanding debt, or leverage.

Then the research team focuses on stocks of leveraged companies that issue lower-quality debt and companies with leveraged capital structures.

The team prefers companies with attractive valuations, strong competitive positioning and management teams that can prudently use free cash flow to grow shareholder value and reduce leverage over the intermediate term.

Next the research process strives to uncover these companies through in-depth fundamental value and credit analysis of the entire capital structure.

Additionally, the research 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 with the goal of producing favorable risk-adjusted returns over time.

The manager potentially invests in lower-quality debt securities, and may invest in growth or value stocks or both.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund seeks to provide total return that replicate the price and yield performance of the benchmark index before fees and expenses by investing in companies in the United States.

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

Next the research team utilizes sampling techniques to evaluate a company on factors such as capitalization, industry exposures, dividend yield, and valuation multiples such as earnings, book value and earnings growth.

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

The fund has the flexibility to lend securities to earn income and is non-diversified.

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

The investment process is driven by fundamental analysis to identify companies in the benchmark index whose earnings potential is not yet recognized by investors.

The process seeks to take advantage of significant discrepancies between the current stock market price and the underlying earnings power of a company.

Next the research team identifies early signs of long-term changes in the marketplace and focuses on those companies that may benefit from opportunities created by these changes.

Then the research team examines a company’s technological advances, product innovation, economic plans, demographics, and social attitudes.

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

Then the manager constructs a portfolio from a list of companies favored by the research team and allocates capital based on its conviction level and differentiated view on future earnings power versus its potential payoff.

The fund may invest in emerging growth stocks and broadly across all sectors, market capitalizations and styles.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

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

The investment process is designed to highlight dynamic growth companies listed on the Nasdaq stock exchange.

The process focuses in securities principally traded on NASDAQ or an over-the-counter market, which has more small and medium-sized companies than other markets.

Then the research team focuses on companies demonstrating above-average earnings growth potential with sustainable business models, whose rate and/or durability of growth potential is underappreciated by investors.

The research team looks for companies with the presence of near-term catalysts such as product cycles, a change in management and turnaround situations.

The team believes finding companies with a competitive advantage, pricing power and strong management teams will deliver superior earnings over the long term.

Next, the research team is driven by fundamental analysis to focus on identifying discrepancies between a security’s fundamental value and its market price.

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

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

The fund has the flexibility to investing more than 25% of its net assets in the technology sector.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

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

The investment process is designed to highlight dynamic growth companies listed on the Nasdaq stock exchange.

The process focuses in securities principally traded on NASDAQ or an over-the-counter market, which has more small and medium-sized companies than other markets.

Then the research team focuses on companies demonstrating above-average earnings growth potential with sustainable business models, whose rate and/or durability of growth potential is underappreciated by investors.

The research team looks for companies with the presence of near-term catalysts such as product cycles, a change in management and turnaround situations.

The team believes finding companies with a competitive advantage, pricing power and strong management teams will deliver superior earnings over the long term.

Next, the research team is driven by fundamental analysis to focus on identifying discrepancies between a security’s fundamental value and its market price.

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

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

The fund has the flexibility to investing more than 25% of its net assets in the technology sector.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

The fund seeks to provide investment results that correspond to the total return of low volatility stocks by investing in companies in the United States.

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

The research team focuses on companies in the Fidelity U.S. Low Volatility Focus Index that in the aggregate have lower volatility relative to the broader U.S. equity market.

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

The fund has the flexibility to lend securities to earn income.

The fund seeks to replicate total return performance of the benchmark index before fees and expenses by investing in companies in the United States.

The sub-adviser’s investment process starts with a list of stocks included in the Fidelity U.S. Value Focus Index with attractive valuations.

Then the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund employs statistical sampling techniques to replicate the returns of the index. The technique takes into account factors such as capitalization, industry exposures, dividend yield, and valuation multiples on the basis of earnings, book value, and earnings growth.

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

The fund has the flexibility to lend securities to earn income.

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

The investment process starts with a list of companies in the benchmark index and seeks to deliver attractive risk-adjusted returns over time.

Next the research team relies on fundamental analysis to select stocks within one or more of the major market sectors.

Currently, these sectors include communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities.

Additionally, the portfolio sector weightings are kept similar to those of its benchmark index to add value through active stock selection and minimize the risks associated with sector or market timing.

Then the manager constructs a diversified portfolio where the fund’s assets are invested in one or more central funds which provide exposure to different sectors of the U.S. stock market. Central funds are specialized investment vehicles designed to be used by Fidelity funds.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

The fund invests broadly across all sectors, market capitalizations and styles.

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

The investment process starts with a list of companies in the benchmark index and seeks to deliver attractive risk-adjusted returns over time.

Next the research team relies on fundamental analysis to select stocks within one or more of the major market sectors.

Currently, these sectors include communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate, and utilities.

Additionally, the portfolio sector weightings are kept similar to those of its benchmark index to add value through active stock selection and minimize the risks associated with sector or market timing.

Then the manager constructs a diversified portfolio where the fund’s assets are invested in one or more central funds which provide exposure to different sectors of the U.S. stock market. Central funds are specialized investment vehicles designed to be used by Fidelity funds.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

The fund invests broadly across all sectors, market capitalizations and styles.

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

The fund employs a multi-manager investment strategy to invest directly in securities through sub-advisers or indirectly through underlying funds, which in turn invest directly in securities.

The sub-advisers are FIAM LLC (FIAM), Geode Capital Management, LLC, FMR Investment Management (UK) Limited (FMR UK), Fidelity Management & Research (Hong Kong) Limited (FMR H.K.), and Fidelity Management & Research (Japan) Limited (FMR Japan).

The fund emphasizes prudent manager selection as it believes that different investment strategies may outperform at different times over a full market cycle, and that combining these investment disciplines may result in a more consistent performance profile.

The strategy relies on the distinctive skills of a variety of managers for diversification and more flexibility to invest more adeptly throughout the market cycle, and potentially allow for better risk management.

Next, the fund allocates assets among sub-advisers and underlying funds considering factors such as performance in different market environments, manager experience and investment style, management company infrastructure, costs, asset size, and portfolio turnover.

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

The fund provides diversified exposure to multiple investment vehicles including sub-advised strategies, mutual funds and exchange-traded funds.

The fund has the flexibility to invest in domestic and foreign issuers, and may invest in growth or value stocks or both.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies with recurring revenues, having demonstrated earnings and cash flow growth over multiyear periods.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies with recurring revenues, having demonstrated earnings and cash flow growth over multiyear periods.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

The fund seeks to provide investment results that correspond to the total return of a broad range of stocks by investing in companies across any size in the United States.

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

The strategy attempts to replicate the returns of the Fidelity U.S. Total Investable Market Index utilizing a smaller number of securities.

Next the research team utilizes sampling techniques to evaluate a company on factors such as capitalization, industry exposures, dividend yield, and valuation multiples such as earnings, book value and earnings growth.

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

The fund has the flexibility to lend securities to earn income.

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

The investment process is designed to highlight companies in the benchmark index that have above average intellectual property portfolios.

The process relies on fundamental analysis to identify undervalued companies with strong business models, which may provide for lower levels of market volatility or non-correlated volatility,

In selecting securities for the fund, the research team focuses on factors such as superior earnings and dividend growth.

The team considers companies that have established markets and operations and generate excess cash flow. Other attributes in focus would be a company’s ability to thrive in good markets and survive potential economic setbacks.

Then the manager employs detailed quantitative assessments to construct the portfolio.

The manager assesses the strength of the company’s intellectual property portfolio, consistency of earnings growth, dividend yield, and availability at reasonable earnings valuation multiple.

In addition, the manager may also invest in companies that are experiencing a special situation. Developments creating special situations may include new intellectual property developments, intellectual property licensing deals, mergers, spin-offs, litigation resolutions, new products or management changes.

The fund also seeks to generate income by selling options against the risk taken by owning common stocks.

The fund is non-diversified which means that it can invest a greater percentage of its assets in a small group of issuers or any one issuer than a diversified fund can.

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

The investment process is designed to highlight companies in the benchmark index that have above average intellectual property portfolios.

The process relies on fundamental analysis to identify undervalued companies with strong business models, which may provide for lower levels of market volatility or non-correlated volatility,

In selecting securities for the fund, the research team focuses on factors such as superior earnings and dividend growth.

The team considers companies that have established markets and operations and generate excess cash flow. Other attributes in focus would be a company’s ability to thrive in good markets and survive potential economic setbacks.

Then the manager employs detailed quantitative assessments to construct the portfolio.

The manager assesses the strength of the company’s intellectual property portfolio, consistency of earnings growth, dividend yield, and availability at reasonable earnings valuation multiple.

In addition, the manager may also invest in companies that are experiencing a special situation. Developments creating special situations may include new intellectual property developments, intellectual property licensing deals, mergers, spin-offs, litigation resolutions, new products or management changes.

The fund also seeks to generate income by selling options against the risk taken by owning common stocks.

The fund is non-diversified which means that it can invest a greater percentage of its assets in a small group of issuers or any one issuer than a diversified fund can.

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

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated intrinsic value.

Next, the research team focuses on high-quality companies that exhibit characteristics such as sustainable competitive advantages, conservative capital structure, prudent management team, and attractive financials.

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

However, the fund does not invest more than 5% of its net assets in debt instruments that are below investment grade.

The fund is non-diversified, which means it can invest a greater percentage of its net assets in a small group of issuers or any one issuer than a diversified fund can.

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

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated intrinsic value.

Next, the research team focuses on high-quality companies that exhibit characteristics such as sustainable competitive advantages, conservative capital structure, prudent management team, and attractive financials.

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

However, the fund does not invest more than 5% of its net assets in debt instruments that are below investment grade.

The fund is non-diversified, which means it can invest a greater percentage of its net assets in a small group of issuers or any one issuer than a diversified fund can.

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

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated intrinsic value.