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 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 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 primarily total return and secondarily downside protection by investing in companies across any size in the United States.

The investment process is designed to achieve total return by investing in exchange-traded funds from a list of companies in the benchmark index.

Then the research team employs an asset allocation strategy to select ETFs that invest in equity securities and fixed income securities.

The equity securities range across market capitalizations and the fixed income securities will be primarily investment grade and may be of any duration and maturity.

Next, the team selects individual ETFs based on their performance track record and risk/return analysis against a comparable benchmark.

Then the manager allocates between zero and 100% of the fund’s assets among equity and fixed income securities based on internal technical and economic fundamental research.

Economic fundamental research focuses on macroeconomic factors such as economy and industry conditions.

The fund may also invest between zero and 20% of the fund's net assets in ETFs that invest in alternative investments, such as Real Estate Investment Trusts, limited partnerships, commodities, long/short equity, smart beta, or global macro strategies.

The selection of equity ETFs is based on how well the ETF tracks an index for large cap securities (S&P 500 Index), mid cap securities (S&P Mid Cap 400 Index), and small cap securities (Russell 2000 Index). 

The selection of fixed income ETFs is based on how well the ETF tracks an index for short to intermediate US Treasuries, or the Bloomberg Barclays US Aggregate Bond Index.

The fund is diversified and the manager is not precluded from investing in funds with sales-related expenses, redemption fees, and/or service fees.

The fund seeks primarily total return and secondarily downside protection by investing in companies across any size in the United States.

The investment process is designed to achieve total return by investing in exchange-traded funds from a list of companies in the benchmark index.

Then the research team employs an asset allocation strategy to select ETFs that invest in equity securities and fixed income securities.

The equity securities range across market capitalizations and the fixed income securities will be primarily investment grade and may be of any duration and maturity.

Next, the team selects individual ETFs based on their performance track record and risk/return analysis against a comparable benchmark.

Then the manager allocates between zero and 100% of the fund’s assets among equity and fixed income securities based on internal technical and economic fundamental research.

Economic fundamental research focuses on macroeconomic factors such as economy and industry conditions.

The fund may also invest between zero and 20% of the fund's net assets in ETFs that invest in alternative investments, such as Real Estate Investment Trusts, limited partnerships, commodities, long/short equity, smart beta, or global macro strategies.

The selection of equity ETFs is based on how well the ETF tracks an index for large cap securities (S&P 500 Index), mid cap securities (S&P Mid Cap 400 Index), and small cap securities (Russell 2000 Index). 

The selection of fixed income ETFs is based on how well the ETF tracks an index for short to intermediate US Treasuries, or the Bloomberg Barclays US Aggregate Bond Index.

The fund is diversified and the manager is not precluded from investing in funds with sales-related expenses, redemption fees, and/or service fees.

The fund seeks primarily total return and secondarily downside protection by investing in companies across any size in the United States.

The investment process is designed to achieve total return by investing in exchange-traded funds from a list of companies in the benchmark index.

Then the research team employs an asset allocation strategy to select ETFs that invest in equity securities and fixed income securities.

The equity securities range across market capitalizations and the fixed income securities will be primarily investment grade and may be of any duration and maturity.

Next, the team selects individual ETFs based on their performance track record and risk/return analysis against a comparable benchmark.

Then the manager allocates between zero and 100% of the fund’s assets among equity and fixed income securities based on internal technical and economic fundamental research.

Economic fundamental research focuses on macroeconomic factors such as economy and industry conditions.

The fund may also invest between zero and 20% of the fund's net assets in ETFs that invest in alternative investments, such as Real Estate Investment Trusts, limited partnerships, commodities, long/short equity, smart beta, or global macro strategies.

The selection of equity ETFs is based on how well the ETF tracks an index for large cap securities (S&P 500 Index), mid cap securities (S&P Mid Cap 400 Index), and small cap securities (Russell 2000 Index). 

The selection of fixed income ETFs is based on how well the ETF tracks an index for short to intermediate US Treasuries, or the Bloomberg Barclays US Aggregate Bond Index.

The fund is diversified and the manager is not precluded from investing in funds with sales-related expenses, redemption fees, and/or service fees.

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’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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 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 capital appreciation in the long term by investing in companies across any size in the United States.

The investment process utilizes a proprietary quantitative three factor model designed to select up to 50 stocks from the Russell 3000 Index.

The research team evaluates companies on the basis of fundamental, technical, and macro-economic factors.

Then the manager constructs a portfolio that holds 40 to 50 individual securities from a list of securities in the benchmark index.

The fund has the flexibility to take temporary defensive positions in cash or cash equivalents in response to adverse market, economic, political, or other conditions.

While the fund primarily invests its assets in the securities of large capitalization companies, it may also invest in equity securities of small and mid-cap companies.

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

The investment process utilizes a proprietary quantitative three factor model designed to select up to 50 stocks from the Russell 3000 Index.

The research team evaluates companies on the basis of fundamental, technical, and macro-economic factors.

Then the manager constructs a portfolio that holds 40 to 50 individual securities from a list of securities in the benchmark index.

The fund has the flexibility to take temporary defensive positions in cash or cash equivalents in response to adverse market, economic, political, or other conditions.

While the fund primarily invests its assets in the securities of large capitalization companies, it may also invest in equity securities of small and mid-cap companies.

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

The investment process is designed to highlight companies that are undervalued on the basis of their valuation multiples such as earnings.

The research team employs a buy and hold strategy to focus on companies that appear to be profitable and with high returns on equity.

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 team typically holds securities with a long-term investment outlook in order to maximize after-tax returns.

The fund may also invest in small capitalization stocks, and may from time to time emphasize investments in certain sectors of the market, such as the manufacturing sector.

The fund may also invest in fixed income investments which are rated investment grade and of any maturity.

The fund also may invest without limit in American Depositary Receipts, and invest up to 10% of its net assets in other mutual funds, including exchange-traded funds.

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

The investment process is designed to highlight companies in the benchmark index which appear underpriced relative to their private market value and with near-term catalysts to unlock that value.

Next the research team is driven by fundamental analysis to focus on companies that are selling at a significant discount to their estimated private market value.

The team also considers factors such as price, earnings expectations, earnings and price histories, balance sheet characteristics, and perceived management skills.

In addition, the research team also looks at changes in economic and political outlooks as well as individual corporate developments.

Then the manager constructs a diversified portfolio of companies selling below their private market value favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 25% of its total assets in securities of non-U.S. issuers.

The fund seeks maximum total return in the long term by investing in mega-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.

The research team focuses on companies that demonstrate favorable ratings on environmental issues, social responsibility and corporate governance.

Typically, environmental assessment categories include climate change, natural resource use, waste management and environmental opportunities.

Social evaluation categories include human capital, product safety and social opportunities.

Governance assessment categories include corporate governance, business ethics and government and public policy.

Other ESG considerations would include how well companies adhere to international norms and principles and involvement in major ESG controversies.

In addition, the investment team’s screening process utilizes positive screening to preference companies that demonstrate positive or improving performance on ESG criteria, and negative screening to exclude companies that do not meet minimum ESG performance standards.

Next, the team employs proprietary multi-factor computer models to select stocks that exhibit reasonable prices, good fundamentals and rising earnings expectations.

Also, the team ranks securities based on criteria such as valuation ratios, profitability and earnings-related measures.

Then the manager constructs a portfolio of 80 to 120 holdings that meet the fund’s environmental, socially responsible and governance criteria.

The fund prefers to allocate capital on an equal-weight basis while constructing a portfolio.

The manager strives to optimize the portfolio to seek broad diversification across sectors, industries and individual companies, while controlling turnover.

The fund seeks maximum total return in the long term by investing in companies in the United States.

The investment process combines quantitative techniques and fundamental research to highlight companies in the benchmark index that are reasonably priced demonstrating revenue and earnings growth potential not yet recognized by investors.

Next, the research team focuses on companies that meet earnings, return on capital and growth criteria with sustainable business models, good growth prospects, and attractive valuations.

Then the team focuses on one company at a time to evaluate its business models, management, earnings trends, revenue, and cash flow growth rates.

The team applies multi-factor quantitative screens to identify and rank stocks based on indicators of quality, valuation and growth.

Then the manager constructs a portfolio of 40 to 50 holdings that achieve long-term returns above the benchmark.

The portfolio is diversified across sectors, industries and individual securities, with a focus on multi-year investment time horizon.

Additionally, the manager may invest in stocks with low dividend yields and in companies with above average earnings predictability and stability, holding stocks for several years.

The fund may also invest in foreign securities either directly or through American Depositary Receipts.

The fund seeks maximum total return 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 satisfy its Women in Leadership criteria.

The research team relies on positive screening to preference companies with women in significant roles such as a chairwoman, female board members, a female chief executive officer or women in management positions.

Then the team with the help of proprietary multi-factor models selects stocks having reasonable prices, good fundamentals and rising earnings expectations.

Next the models rank securities based on certain criteria, including valuation ratios, profitability and earnings-related measures.

Then the manager constructs a portfolio of 80 to 120 holdings that meet the fund’s women in leadership criteria. Stocks that are likely to underperform are eliminated from the portfolio.

The fund prefers to allocate capital on an equal-weight basis while constructing a portfolio.

The manager strives to optimize the portfolio to seek broad diversification across sectors, industries and individual companies, while controlling turnover.

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

The investment process is designed to highlight companies in the benchmark index and seeks to capitalize on market inefficiencies.

The investment team utilizes a multi-factor valuation model to exploit market inefficiencies as a result of irrational investor actions, the imperfect flow of information, and the participation of non-economic actors, and economic reality.

The strategy also relies on cross-asset signals and corporate alerts to identify mispriced equity securities.

Then the research team evaluates companies’ published financial information and corporate behavior such as corporate governance, sustainability criteria, securities’ prices, and markets such as equity, bond and currency, the overall global economy, and governmental policies.

The team employs a combination of investment methods to identify securities that exhibit positive return potential and are tied economically to U.S. equity markets.

Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical industry, market or company averages.

Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or groups of securities relative to U.S. equity markets.

Then the manager constructs the portfolio on the basis of factors, including position size, industry and sector exposure, market capitalization, liquidity and transaction costs.

At times, the fund may have substantial exposure to a single asset class, industry, sector or market capitalization.

The fund has the flexibility to invest in exchange-traded and over-the-counter derivatives and exchange-traded funds.

The fund also may lend its portfolio securities.

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

The investment process is designed to highlight companies in the benchmark index and seeks to capitalize on market inefficiencies.

The investment team utilizes a multi-factor valuation model to exploit market inefficiencies as a result of irrational investor actions, the imperfect flow of information, and the participation of non-economic actors, and economic reality.

The strategy also relies on cross-asset signals and corporate alerts to identify mispriced equity securities.

Then the research team evaluates companies’ published financial information and corporate behavior such as corporate governance, sustainability criteria, securities’ prices, and markets such as equity, bond and currency, the overall global economy, and governmental policies.

The team employs a combination of investment methods to identify securities that exhibit positive return potential and are tied economically to U.S. equity markets.

Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical industry, market or company averages.

Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or groups of securities relative to U.S. equity markets.

Then the manager constructs the portfolio on the basis of factors, including position size, industry and sector exposure, market capitalization, liquidity and transaction costs.

At times, the fund may have substantial exposure to a single asset class, industry, sector or market capitalization.

The fund has the flexibility to invest in exchange-traded and over-the-counter derivatives and exchange-traded funds.

The fund also may lend its portfolio securities.

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

The investment process is designed to highlight companies in the benchmark index and seeks to capitalize on market inefficiencies.

The investment team utilizes a multi-factor valuation model to exploit market inefficiencies as a result of irrational investor actions, the imperfect flow of information, and the participation of non-economic actors, and economic reality.

The strategy also relies on cross-asset signals and corporate alerts to identify mispriced equity securities.

Then the research team evaluates companies’ published financial information and corporate behavior such as corporate governance, sustainability criteria, securities’ prices, and markets such as equity, bond and currency, the overall global economy, and governmental policies.

The team employs a combination of investment methods to identify securities that exhibit positive return potential and are tied economically to U.S. equity markets.

Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical industry, market or company averages.

Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or groups of securities relative to U.S. equity markets.

Then the manager constructs the portfolio on the basis of factors, including position size, industry and sector exposure, market capitalization, liquidity and transaction costs.

At times, the fund may have substantial exposure to a single asset class, industry, sector or market capitalization.

The fund has the flexibility to invest in exchange-traded and over-the-counter derivatives and exchange-traded funds.

The fund also may lend its portfolio securities.

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

The investment process is designed to highlight companies in the benchmark index and seeks to capitalize on market inefficiencies.

The investment team utilizes a multi-factor valuation model to exploit market inefficiencies as a result of irrational investor actions, the imperfect flow of information, and the participation of non-economic actors, and economic reality.

The strategy also relies on cross-asset signals and corporate alerts to identify mispriced equity securities.

Then the research team evaluates companies’ published financial information and corporate behavior such as corporate governance, sustainability criteria, securities’ prices, and markets such as equity, bond and currency, the overall global economy, and governmental policies.

The team employs a combination of investment methods to identify securities that exhibit positive return potential and are tied economically to U.S. equity markets.

Some of these methods evaluate individual companies or groups of companies based on the ratio of their security price to historical financial information and forecasted financial information, such as return on invested capital, profitability, cash flow and earnings, and a comparison of these ratios to current and historical industry, market or company averages.

Other methods focus on patterns of information, such as price movement or volatility of an asset class, security, or groups of securities relative to U.S. equity markets.

Then the manager constructs the portfolio on the basis of factors, including position size, industry and sector exposure, market capitalization, liquidity and transaction costs.

At times, the fund may have substantial exposure to a single asset class, industry, sector or market capitalization.

The fund has the flexibility to invest in exchange-traded and over-the-counter derivatives and exchange-traded funds.

The fund also may lend its portfolio securities.

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

The fund manages assets with the help of four sub-advisers namely Irish Life Investment Managers Limited, J.P. Morgan Investment Management Inc., Loomis, Sayles & Company, L.P. and Putnam Investment Management, LLC.

The fund prefers a multi-manager investing approach with the aim of reducing volatility and downside risk. The multiple sub-advisers employ different strategies to identify investment opportunities from the list of companies in the benchmark index.

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

JPMorgan seeks to invest in equity securities of large, well-established companies with market-capitalization equal to those within the universe of the Russell 1000 Growth Index at the time of purchase.

Loomis Sayles seeks to invest in equity securities of small companies, which are of a size similar to those in the Russell 2000 Index at the time of purchase.

Putnam seeks to invest in securities of mid-size and large U.S. companies, which are of a size similar to those in the Russell 1000 Value Index, with a focus on value stocks that offer the potential for capital growth, current income, or both.

Then the manager maintains a strategic asset allocation of the fund’s assets with each sub-adviser and reviews it on a quarterly basis, or more frequently as deemed necessary.

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

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

The strategy employs a multiple portfolio manager structure, which means the fund’s several components are managed separately using different investment styles. Each component sleeve has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale.

The sub-adviser constructs a diversified portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations.

Based on market or economic conditions, the fund may, through its stock selection process, focus in one or more sectors of the market.

The fund may invest in securities of any market capitalization, but tends to focus on medium and large companies.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including companies that conduct their principal business activities in emerging markets.

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

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

The strategy employs a multiple portfolio manager structure, which means the fund’s several components are managed separately using different investment styles. Each component sleeve has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale.

The sub-adviser constructs a diversified portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations.

Based on market or economic conditions, the fund may, through its stock selection process, focus in one or more sectors of the market.

The fund may invest in securities of any market capitalization, but tends to focus on medium and large companies.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including companies that conduct their principal business activities in emerging markets.

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

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

The strategy employs a multiple portfolio manager structure, which means the fund’s several components are managed separately using different investment styles. Each component sleeve has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale.

The sub-adviser constructs a diversified portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations.

Based on market or economic conditions, the fund may, through its stock selection process, focus in one or more sectors of the market.

The fund may invest in securities of any market capitalization, but tends to focus on medium and large companies.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including companies that conduct their principal business activities in emerging markets.

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

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

The strategy employs a multiple portfolio manager structure, which means the fund’s several components are managed separately using different investment styles. Each component sleeve has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale.

The sub-adviser constructs a diversified portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations.

Based on market or economic conditions, the fund may, through its stock selection process, focus in one or more sectors of the market.

The fund may invest in securities of any market capitalization, but tends to focus on medium and large companies.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including companies that conduct their principal business activities in emerging markets.

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

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

The strategy employs a multiple portfolio manager structure, which means the fund’s several components are managed separately using different investment styles. Each component sleeve has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale.

The sub-adviser constructs a diversified portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations.

Based on market or economic conditions, the fund may, through its stock selection process, focus in one or more sectors of the market.

The fund may invest in securities of any market capitalization, but tends to focus on medium and large companies.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including companies that conduct their principal business activities in emerging markets.

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

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

The strategy employs a multiple portfolio manager structure, which means the fund’s several components are managed separately using different investment styles. Each component sleeve has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale.

The sub-adviser constructs a diversified portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations.

Based on market or economic conditions, the fund may, through its stock selection process, focus in one or more sectors of the market.

The fund may invest in securities of any market capitalization, but tends to focus on medium and large companies.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including companies that conduct their principal business activities in emerging markets.

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

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

The strategy employs a multiple portfolio manager structure, which means the fund’s several components are managed separately using different investment styles. Each component sleeve has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale.

The sub-adviser constructs a diversified portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations.

Based on market or economic conditions, the fund may, through its stock selection process, focus in one or more sectors of the market.

The fund may invest in securities of any market capitalization, but tends to focus on medium and large companies.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including companies that conduct their principal business activities in emerging markets.

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

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

The strategy employs a multiple portfolio manager structure, which means the fund’s several components are managed separately using different investment styles. Each component sleeve has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale.

The sub-adviser constructs a diversified portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations.

Based on market or economic conditions, the fund may, through its stock selection process, focus in one or more sectors of the market.

The fund may invest in securities of any market capitalization, but tends to focus on medium and large companies.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including companies that conduct their principal business activities in emerging markets.

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

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

The strategy employs a multiple portfolio manager structure, which means the fund’s several components are managed separately using different investment styles. Each component sleeve has a distinct investment philosophy and analytical process to identify specific securities for purchase or sale.

The sub-adviser constructs a diversified portfolio that represents a wide range of investment philosophies, companies, industries and market capitalizations.

Based on market or economic conditions, the fund may, through its stock selection process, focus in one or more sectors of the market.

The fund may invest in securities of any market capitalization, but tends to focus on medium and large companies.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including companies that conduct their principal business activities in emerging markets.

The fund seeks primarily capital appreciation in the long term and secondarily income from dividends by investing in mid-and large-cap 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.

The process also focuses on dividend-paying stocks to achieve its secondary objective.

The research team prefers well-capitalized, globally diversified companies that have the resources to weather adverse market conditions successfully.

Then the manager constructs a portfolio that holds the stocks of 40 to 60 companies. The diversified portfolio comprises of companies exhibiting both value and positive momentum characteristics.

Value characteristics include a historically low stock price, as well as historically inexpensive fundamental ratios such as earnings, sales, book value, and cash flow.

Positive momentum characteristics include positive earnings revisions, positive earnings surprises, relative price strength and developments such as a new product or management change.

The manager invests in sectors such as healthcare, technology, financial services, communications/entertainment, consumer, consolidating industries and defensive industries.

The fund has been designed to provide solid investment returns with lower risk through the ownership of undervalued stocks.

The fund engages in active trading of portfolio securities which causes a high portfolio turnover rate.

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

The sub-advisor’s investment process is designed to highlight companies in the benchmark index that demonstrate capital appreciation and current income potential.

Next the research team allocates it assets evenly among the constituents of the S&P 500 Equal Weight Index.

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

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 in derivative instruments including futures contracts.

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

The sub-advisor’s investment process is designed to highlight companies in the benchmark index that demonstrate capital appreciation and current income potential.

Next the research team allocates it assets evenly among the constituents of the S&P 500 Equal Weight Index.

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

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 in derivative instruments including futures contracts.

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

The sub-advisor’s investment process is designed to highlight companies in the benchmark index that demonstrate capital appreciation and current income potential.

Next the research team allocates it assets evenly among the constituents of the S&P 500 Equal Weight Index.

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

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 in derivative instruments including futures contracts.

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

The sub-advisor’s investment process is designed to highlight companies in the benchmark index that demonstrate capital appreciation and current income potential.

Next the research team allocates it assets evenly among the constituents of the S&P 500 Equal Weight Index.

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

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 in derivative instruments including futures contracts.

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

The sub-advisor’s investment process is designed to highlight companies in the benchmark index that demonstrate capital appreciation and current income potential.

Next the research team allocates it assets evenly among the constituents of the S&P 500 Equal Weight Index.

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

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 in derivative instruments including futures contracts.

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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Then the research team relies on a fundamental approach to analyze a company’s financial performance, strength and prospects, industry position, and business model and management strength.

The team also considers other factors such as industry outlook, market trends and general economic conditions.

Next, the team ranks securities within each sector to identify potential buy candidates for further fundamental analysis.

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 aims to maintain a diversified portfolio across major economic sectors and the portfolio also includes both growth and value stocks.

The fund may also invest in securities of foreign issuers.

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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Then the research team relies on a fundamental approach to analyze a company’s financial performance, strength and prospects, industry position, and business model and management strength.

The team also considers other factors such as industry outlook, market trends and general economic conditions.

Next, the team ranks securities within each sector to identify potential buy candidates for further fundamental analysis.

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 aims to maintain a diversified portfolio across major economic sectors and the portfolio also includes both growth and value stocks.

The fund may also invest in securities of foreign issuers.

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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Then the research team relies on a fundamental approach to analyze a company’s financial performance, strength and prospects, industry position, and business model and management strength.

The team also considers other factors such as industry outlook, market trends and general economic conditions.

Next, the team ranks securities within each sector to identify potential buy candidates for further fundamental analysis.

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 aims to maintain a diversified portfolio across major economic sectors and the portfolio also includes both growth and value stocks.

The fund may also invest in securities of foreign issuers.

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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Then the research team relies on a fundamental approach to analyze a company’s financial performance, strength and prospects, industry position, and business model and management strength.

The team also considers other factors such as industry outlook, market trends and general economic conditions.

Next, the team ranks securities within each sector to identify potential buy candidates for further fundamental analysis.

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 aims to maintain a diversified portfolio across major economic sectors and the portfolio also includes both growth and value stocks.

The fund may also invest in securities of foreign issuers.

The fund seeks to track the total return performance of a 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 underlying benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The process seeks to measure the performance of securities that are in the top 85% by market capitalization and that, in the aggregate, have lower volatility relative to the broader U.S. equity market.

Then the research team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the underlying Index.

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

The fund seeks to track the total return performance of a 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 underlying benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The process seeks to measure the performance of securities that are in the top 85% by market capitalization and that, in the aggregate, have lower volatility relative to the broader U.S. equity market.

Then the research team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the underlying Index.

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

The fund seeks to track the 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 companies in the underlying benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The process seeks to measure the performance of securities that are in the top 85% by market capitalization and that, in the aggregate, have lower volatility relative to the broader U.S. equity market.

Then the research team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the underlying Index.

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

The fund generally invests at least 90% of its assets in securities of the underlying Index.

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

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

The process seeks to measure the performance of securities that are in the top 85% by market capitalization and that, in the aggregate, have lower volatility relative to the broader U.S. equity market.

Then the research team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the underlying Index.

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

The fund generally invests at least 90% of its assets in securities of the underlying Index.

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

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

The process seeks to measure the performance of securities that are in the top 85% by market capitalization and that, in the aggregate, have lower volatility relative to the broader U.S. equity market.

Then the research team relies on a representative sampling indexing strategy to evaluate companies based on market capitalization and industry weightings.

The team also assesses a company’s return variability and yield and liquidity characteristics similar to those of the underlying Index.

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

The fund generally invests at least 90% of its assets in securities of the underlying Index.

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

The investment process is designed to highlight high-quality companies in the benchmark index exhibiting attractive long-term investment potential.

The research team screens growth-oriented companies whose revenue, earnings and/or cash flow are likely to grow faster than the economy.

Next the team looks at a number of factors in selecting securities, including stability and predictability of earnings growth, acceleration of earnings and/or revenue, improvement in profitability and market share, and sustainable generation of cash flows from operations.

The research process is driven by fundamental analysis of one stock at a time. The team seeks companies that are growing faster than the market and the overall economy, whose capital requirements are generated organically, and that have a history or potential for industry leading profitability.

Then the manager constructs a portfolio that holds the stocks of 35 to 50 companies that have top-line growth, margin structure, return profile, cash flow generation, capital structure, capital intensity, sustainable competitive position, management competency and valuation.

Other items considered include the total addressable market, sector and industry growth rates, and the variability and duration of the market’s growth.

Many of the companies in which the fund may invest have products or services in foreign markets and therefore, the fund may have indirect exposure to various foreign markets.

Additionally, the fund may invest in securities of companies across the valuation spectrum, including securities issued by growth and value companies.

The fund may invest in companies of any size, and of any industry, but the manager will generally emphasize large-capitalization companies.

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

The investment process is designed to highlight high-quality companies in the benchmark index exhibiting attractive long-term investment potential.

The research team screens growth-oriented companies whose revenue, earnings and/or cash flow are likely to grow faster than the economy.

Next the team looks at a number of factors in selecting securities, including stability and predictability of earnings growth, acceleration of earnings and/or revenue, improvement in profitability and market share, and sustainable generation of cash flows from operations.

The research process is driven by fundamental analysis of one stock at a time. The team seeks companies that are growing faster than the market and the overall economy, whose capital requirements are generated organically, and that have a history or potential for industry leading profitability.

Then the manager constructs a portfolio that holds the stocks of 35 to 50 companies that have top-line growth, margin structure, return profile, cash flow generation, capital structure, capital intensity, sustainable competitive position, management competency and valuation.

Other items considered include the total addressable market, sector and industry growth rates, and the variability and duration of the market’s growth.

Many of the companies in which the fund may invest have products or services in foreign markets and therefore, the fund may have indirect exposure to various foreign markets.

Additionally, the fund may invest in securities of companies across the valuation spectrum, including securities issued by growth and value companies.

The fund may invest in companies of any size, and of any industry, but the manager will generally emphasize large-capitalization companies.

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

The investment process is designed to highlight high-quality companies in the benchmark index exhibiting attractive long-term investment potential.

The research team screens growth-oriented companies whose revenue, earnings and/or cash flow are likely to grow faster than the economy.

Next the team looks at a number of factors in selecting securities, including stability and predictability of earnings growth, acceleration of earnings and/or revenue, improvement in profitability and market share, and sustainable generation of cash flows from operations.

The research process is driven by fundamental analysis of one stock at a time. The team seeks companies that are growing faster than the market and the overall economy, whose capital requirements are generated organically, and that have a history or potential for industry leading profitability.

Then the manager constructs a portfolio that holds the stocks of 35 to 50 companies that have top-line growth, margin structure, return profile, cash flow generation, capital structure, capital intensity, sustainable competitive position, management competency and valuation.

Other items considered include the total addressable market, sector and industry growth rates, and the variability and duration of the market’s growth.

Many of the companies in which the fund may invest have products or services in foreign markets and therefore, the fund may have indirect exposure to various foreign markets.

Additionally, the fund may invest in securities of companies across the valuation spectrum, including securities issued by growth and value companies.

The fund may invest in companies of any size, and of any industry, but the manager will generally emphasize large-capitalization companies.

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

The investment process is designed to highlight high-quality companies in the benchmark index exhibiting attractive long-term investment potential.

The research team screens growth-oriented companies whose revenue, earnings and/or cash flow are likely to grow faster than the economy.

Next the team looks at a number of factors in selecting securities, including stability and predictability of earnings growth, acceleration of earnings and/or revenue, improvement in profitability and market share, and sustainable generation of cash flows from operations.

The research process is driven by fundamental analysis of one stock at a time. The team seeks companies that are growing faster than the market and the overall economy, whose capital requirements are generated organically, and that have a history or potential for industry leading profitability.

Then the manager constructs a portfolio that holds the stocks of 35 to 50 companies that have top-line growth, margin structure, return profile, cash flow generation, capital structure, capital intensity, sustainable competitive position, management competency and valuation.

Other items considered include the total addressable market, sector and industry growth rates, and the variability and duration of the market’s growth.

Many of the companies in which the fund may invest have products or services in foreign markets and therefore, the fund may have indirect exposure to various foreign markets.

Additionally, the fund may invest in securities of companies across the valuation spectrum, including securities issued by growth and value companies.

The fund may invest in companies of any size, and of any industry, but the manager will generally emphasize large-capitalization companies.

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

The investment process is designed to highlight high-quality companies in the benchmark index exhibiting attractive long-term investment potential.

The research team screens growth-oriented companies whose revenue, earnings and/or cash flow are likely to grow faster than the economy.

Next the team looks at a number of factors in selecting securities, including stability and predictability of earnings growth, acceleration of earnings and/or revenue, improvement in profitability and market share, and sustainable generation of cash flows from operations.

The research process is driven by fundamental analysis of one stock at a time. The team seeks companies that are growing faster than the market and the overall economy, whose capital requirements are generated organically, and that have a history or potential for industry leading profitability.

Then the manager constructs a portfolio that holds the stocks of 35 to 50 companies that have top-line growth, margin structure, return profile, cash flow generation, capital structure, capital intensity, sustainable competitive position, management competency and valuation.

Other items considered include the total addressable market, sector and industry growth rates, and the variability and duration of the market’s growth.

Many of the companies in which the fund may invest have products or services in foreign markets and therefore, the fund may have indirect exposure to various foreign markets.

Additionally, the fund may invest in securities of companies across the valuation spectrum, including securities issued by growth and value companies.

The fund may invest in companies of any size, and of any industry, but the manager will generally emphasize large-capitalization companies.

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 sustainable leaders.

The team believes sustainable leaders are companies with superior environmental, social and governance records.

The strategy integrates traditional fundamental and ESG research to invest in companies across industry sectors and the capitalization spectrum.

The research team narrows the investable universe to a list of companies with positive ESG practices, and attractive business fundamentals.

The team believes companies that meet its ESG requirements or sustainability criteria typically have attractive sustainability data and policy reporting,

In addition, the team also considers companies that meet earnings, return on capital and growth criteria.

The portfolio is so constructed to focus its investments in a particular sector or sectors of the economy. The sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global Depositary Receipts.

However, the fund will not invest in companies with material exposure to agricultural biotechnology, coal mining, hard rock mining, nuclear power, tar sands, tobacco, or weapons/firearms.

The fund also avoids companies facing what it estimates are temporary issues involving animal welfare, environmental, governance, human rights, product safety, or workplace matters.

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 sustainable leaders.

The team believes sustainable leaders are companies with superior environmental, social and governance records.

The strategy integrates traditional fundamental and ESG research to invest in companies across industry sectors and the capitalization spectrum.

The research team narrows the investable universe to a list of companies with positive ESG practices, and attractive business fundamentals.

The team believes companies that meet its ESG requirements or sustainability criteria typically have attractive sustainability data and policy reporting,

In addition, the team also considers companies that meet earnings, return on capital and growth criteria.

The portfolio is so constructed to focus its investments in a particular sector or sectors of the economy. The sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global Depositary Receipts.

However, the fund will not invest in companies with material exposure to agricultural biotechnology, coal mining, hard rock mining, nuclear power, tar sands, tobacco, or weapons/firearms.

The fund also avoids companies facing what it estimates are temporary issues involving animal welfare, environmental, governance, human rights, product safety, or workplace matters.

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 sustainable leaders.

The team believes sustainable leaders are companies with superior environmental, social and governance records.

The strategy integrates traditional fundamental and ESG research to invest in companies across industry sectors and the capitalization spectrum.

The research team narrows the investable universe to a list of companies with positive ESG practices, and attractive business fundamentals.

The team believes companies that meet its ESG requirements or sustainability criteria typically have attractive sustainability data and policy reporting,

In addition, the team also considers companies that meet earnings, return on capital and growth criteria.

The portfolio is so constructed to focus its investments in a particular sector or sectors of the economy. The sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global Depositary Receipts.

However, the fund will not invest in companies with material exposure to agricultural biotechnology, coal mining, hard rock mining, nuclear power, tar sands, tobacco, or weapons/firearms.

The fund also avoids companies facing what it estimates are temporary issues involving animal welfare, environmental, governance, human rights, product safety, or workplace matters.

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 sustainable leaders.

The team believes sustainable leaders are companies with superior environmental, social and governance records.

The strategy integrates traditional fundamental and ESG research to invest in companies across industry sectors and the capitalization spectrum.

The research team narrows the investable universe to a list of companies with positive ESG practices, and attractive business fundamentals.

The team believes companies that meet its ESG requirements or sustainability criteria typically have attractive sustainability data and policy reporting,

In addition, the team also considers companies that meet earnings, return on capital and growth criteria.

The portfolio is so constructed to focus its investments in a particular sector or sectors of the economy. The sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global Depositary Receipts.

However, the fund will not invest in companies with material exposure to agricultural biotechnology, coal mining, hard rock mining, nuclear power, tar sands, tobacco, or weapons/firearms.

The fund also avoids companies facing what it estimates are temporary issues involving animal welfare, environmental, governance, human rights, product safety, or workplace matters.

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 undervalued companies in the benchmark index that are selling at a substantial discount to their estimated intrinsic value.

The investment team looks for both growth and value opportunities, utilizing the present value of estimated future cash flows to measure intrinsic value.

Then the research team looks for companies that demonstrate key growth drivers, sustainable cash flow production, and high returns on capital, sustainable competitive advantages, and capable management teams.

The team relies on fundamental research to assess a company on the basis of key assumptions that drive sales, margins, and asset intensity.

Then the manager constructs a portfolio that holds stocks of best-of-breed companies and the portfolio is so constructed to focus its investments in a particular sector or sectors of the economy.

Also, the sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global 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 highlight undervalued companies in the benchmark index that are selling at a substantial discount to their estimated intrinsic value.

The investment team looks for both growth and value opportunities, utilizing the present value of estimated future cash flows to measure intrinsic value.

Then the research team looks for companies that demonstrate key growth drivers, sustainable cash flow production, and high returns on capital, sustainable competitive advantages, and capable management teams.

The team relies on fundamental research to assess a company on the basis of key assumptions that drive sales, margins, and asset intensity.

Then the manager constructs a portfolio that holds stocks of best-of-breed companies and the portfolio is so constructed to focus its investments in a particular sector or sectors of the economy.

Also, the sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global 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 highlight undervalued companies in the benchmark index that are selling at a substantial discount to their estimated intrinsic value.

The investment team looks for both growth and value opportunities, utilizing the present value of estimated future cash flows to measure intrinsic value.

Then the research team looks for companies that demonstrate key growth drivers, sustainable cash flow production, and high returns on capital, sustainable competitive advantages, and capable management teams.

The team relies on fundamental research to assess a company on the basis of key assumptions that drive sales, margins, and asset intensity.

Then the manager constructs a portfolio that holds stocks of best-of-breed companies and the portfolio is so constructed to focus its investments in a particular sector or sectors of the economy.

Also, the sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global 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 highlight undervalued companies in the benchmark index that are selling at a substantial discount to their estimated intrinsic value.

The investment team looks for both growth and value opportunities, utilizing the present value of estimated future cash flows to measure intrinsic value.

Then the research team looks for companies that demonstrate key growth drivers, sustainable cash flow production, and high returns on capital, sustainable competitive advantages, and capable management teams.

The team relies on fundamental research to assess a company on the basis of key assumptions that drive sales, margins, and asset intensity.

Then the manager constructs a portfolio that holds stocks of best-of-breed companies and the portfolio is so constructed to focus its investments in a particular sector or sectors of the economy.

Also, the sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global 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 highlight undervalued companies in the benchmark index that are selling at a substantial discount to their estimated intrinsic value.

The investment team looks for both growth and value opportunities, utilizing the present value of estimated future cash flows to measure intrinsic value.

Then the research team looks for companies that demonstrate key growth drivers, sustainable cash flow production, and high returns on capital, sustainable competitive advantages, and capable management teams.

The team relies on fundamental research to assess a company on the basis of key assumptions that drive sales, margins, and asset intensity.

Then the manager constructs a portfolio that holds stocks of best-of-breed companies and the portfolio is so constructed to focus its investments in a particular sector or sectors of the economy.

Also, the sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global 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 highlight undervalued companies in the benchmark index that are selling at a substantial discount to their estimated intrinsic value.

The investment team looks for both growth and value opportunities, utilizing the present value of estimated future cash flows to measure intrinsic value.

Then the research team looks for companies that demonstrate key growth drivers, sustainable cash flow production, and high returns on capital, sustainable competitive advantages, and capable management teams.

The team relies on fundamental research to assess a company on the basis of key assumptions that drive sales, margins, and asset intensity.

Then the manager constructs a portfolio that holds stocks of best-of-breed companies and the portfolio is so constructed to focus its investments in a particular sector or sectors of the economy.

Also, the sub-advisor has the flexibility to invest up to 20% of its net assets in securities of foreign issuers, including American Depositary Receipts and Global Depositary Receipts.

The fund seeks capital appreciation in the long term 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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Then the research team employs a process that combines research, valuation and stock selection.

In selecting growth stocks, the team focuses on companies whose revenue growth potential is underappreciated by investors. The team specifically looks for companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future.

Additionally, these companies exhibit characteristics such as a favorable supply/demand imbalance for the company’s product or service, underappreciated growth opportunities, differentiated business model, ability to gain market share, growth opportunities in emerging industries or those that emerge from industry changes.

Then in selecting value stocks, the team looks for undervalued companies which have durable franchises and the ability to grow intrinsic value per share.

Other factors in consideration include companies with sustainable competitive positions, market leadership, management and balance sheet strength.

The investment team also considers environmental, social and governance factors including accounting and tax policies, disclosure and investor communication, shareholder rights and remuneration policies on the cash flows when assessing investment opportunities.

Then the manager constructs a portfolio that holds no more than 40 stocks with the flexibility to hold cash when attractive investment opportunities are scarce.

The fund may invests in a focused portfolio of growth and value stocks with the flexibility to invest more heavily in either style based on market conditions.

The fund may also invest up to 20% of its net assets in securities of foreign companies, including depositary receipts.

The fund seeks capital appreciation in the long term 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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Then the research team employs a process that combines research, valuation and stock selection.

In selecting growth stocks, the team focuses on companies whose revenue growth potential is underappreciated by investors. The team specifically looks for companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future.

Additionally, these companies exhibit characteristics such as a favorable supply/demand imbalance for the company’s product or service, underappreciated growth opportunities, differentiated business model, ability to gain market share, growth opportunities in emerging industries or those that emerge from industry changes.

Then in selecting value stocks, the team looks for undervalued companies which have durable franchises and the ability to grow intrinsic value per share.

Other factors in consideration include companies with sustainable competitive positions, market leadership, management and balance sheet strength.

The investment team also considers environmental, social and governance factors including accounting and tax policies, disclosure and investor communication, shareholder rights and remuneration policies on the cash flows when assessing investment opportunities.

Then the manager constructs a portfolio that holds no more than 40 stocks with the flexibility to hold cash when attractive investment opportunities are scarce.

The fund may invests in a focused portfolio of growth and value stocks with the flexibility to invest more heavily in either style based on market conditions.

The fund may also invest up to 20% of its net assets in securities of foreign companies, including depositary receipts.

The fund seeks capital appreciation in the long term 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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Then the research team employs a process that combines research, valuation and stock selection.

In selecting growth stocks, the team focuses on companies whose revenue growth potential is underappreciated by investors. The team specifically looks for companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future.

Additionally, these companies exhibit characteristics such as a favorable supply/demand imbalance for the company’s product or service, underappreciated growth opportunities, differentiated business model, ability to gain market share, growth opportunities in emerging industries or those that emerge from industry changes.

Then in selecting value stocks, the team looks for undervalued companies which have durable franchises and the ability to grow intrinsic value per share.

Other factors in consideration include companies with sustainable competitive positions, market leadership, management and balance sheet strength.

The investment team also considers environmental, social and governance factors including accounting and tax policies, disclosure and investor communication, shareholder rights and remuneration policies on the cash flows when assessing investment opportunities.

Then the manager constructs a portfolio that holds no more than 40 stocks with the flexibility to hold cash when attractive investment opportunities are scarce.

The fund may invests in a focused portfolio of growth and value stocks with the flexibility to invest more heavily in either style based on market conditions.

The fund may also invest up to 20% of its net assets in securities of foreign companies, including depositary receipts.

The fund seeks capital appreciation in the long term 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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Then the research team employs a process that combines research, valuation and stock selection.

In selecting growth stocks, the team focuses on companies whose revenue growth potential is underappreciated by investors. The team specifically looks for companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future.

Additionally, these companies exhibit characteristics such as a favorable supply/demand imbalance for the company’s product or service, underappreciated growth opportunities, differentiated business model, ability to gain market share, growth opportunities in emerging industries or those that emerge from industry changes.

Then in selecting value stocks, the team looks for undervalued companies which have durable franchises and the ability to grow intrinsic value per share.

Other factors in consideration include companies with sustainable competitive positions, market leadership, management and balance sheet strength.

The investment team also considers environmental, social and governance factors including accounting and tax policies, disclosure and investor communication, shareholder rights and remuneration policies on the cash flows when assessing investment opportunities.

Then the manager constructs a portfolio that holds no more than 40 stocks with the flexibility to hold cash when attractive investment opportunities are scarce.

The fund may invests in a focused portfolio of growth and value stocks with the flexibility to invest more heavily in either style based on market conditions.

The fund may also invest up to 20% of its net assets in securities of foreign companies, including 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 starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next the research team relies on quantitative techniques to look for companies with robust organic cash flow, balance sheet strength and operational flexibility.

The team employs intensive fundamental analysis to narrow the investable universe to a list of high-conviction names.

Then the manager constructs a concentrated portfolio that holds typically 15 to 35 companies that seek to outperform broad-based securities market indices.

In addition, the fund has the flexibility to invest a significant portion of its net assets in a particular market sector.

The fund is non-diversified and may invest up to 20% of its net assets in securities of non-US 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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next the research team relies on quantitative techniques to look for companies with robust organic cash flow, balance sheet strength and operational flexibility.

The team employs intensive fundamental analysis to narrow the investable universe to a list of high-conviction names.

Then the manager constructs a concentrated portfolio that holds typically 15 to 35 companies that seek to outperform broad-based securities market indices.

In addition, the fund has the flexibility to invest a significant portion of its net assets in a particular market sector.

The fund is non-diversified and may invest up to 20% of its net assets in securities of non-US 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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next the research team relies on quantitative techniques to look for companies with robust organic cash flow, balance sheet strength and operational flexibility.

The team employs intensive fundamental analysis to narrow the investable universe to a list of high-conviction names.

Then the manager constructs a concentrated portfolio that holds typically 15 to 35 companies that seek to outperform broad-based securities market indices.

In addition, the fund has the flexibility to invest a significant portion of its net assets in a particular market sector.

The fund is non-diversified and may invest up to 20% of its net assets in securities of non-US companies.

The fund seeks capital appreciation and income 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 can achieve superior investment performance through group selection.

The investment team considers a group to be a collection of stocks whose investment performance tends to be similarly influenced by a variety of factors.

The fund currently monitors around 110 industry-specific groups composed of narrow themes, such as Airlines, Health Care Facilities, and Semiconductors.

The research team believes that as economic and market conditions change, rotating among equity industry groups has the potential to offer superior investment performance over the long-term.

Then the team relies on a disciplined, quantitative investment strategy to analyze the domestic industry group universe.

Next the team narrows the investable universe to a list of companies with financial strength and exhibiting characteristics that may propel the underlying strength of the group.

Then the manager constructs a portfolio of stocks in those groups which are the most attractive.

The fund offers diversification by way of dynamic rotation between equity industry group concentrations.

The fund invests in companies of all sizes and industries as well as in growth and value stocks.

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

The investment process is designed to highlight high quality companies in the benchmark index that incorporate Catholic values.

The process may also invest in dividend paying securities.

Then the research team focuses on companies with above-average growth in revenues and/or earnings, above-average returns on shareholders’ equity, potential for above-average capital appreciation, and/or attractive relative valuations.

The team narrows the investable universe to a list of companies that exhibit characteristics such as high profitability levels, balance sheet strength, competitive advantages, and ability to generate excess cash flows.

Other factors into consideration would include meaningful management ownership stakes, attractive reinvestment opportunities, and/or superior market share positions.

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 makes investment decisions consistent with the United States Conference of Catholic Bishops’ Socially Responsible Investing Guidelines.

The fund is designed to avoid investments in companies that are believed to be involved with abortion, contraception, embryonic stem cells, human cloning, human rights, weapons production, and pornography that conflict with the USCCB Guidelines.

From time to time, the fund may hold a significant percentage of its investments in specific sectors of the economy, including the information technology sector.

The fund seeks long term capital gains through investing in large-size U.S. companies.

The fund is sub-advised by MacKay Shields LLC with a focus on finding companies that it believes have the most potential to appreciate and attempting to limit risk exposure.

The investment process looks for companies using quantitative screens and models to discover companies that are expected to increase in value because of their market leadership, superior products or competition dynamics. The stock by stock analysis further carried out with the help of qualitative research.

The model based stock selection leads to a broadly diversified stock selection of more than 150 names with a high portfolio turnover.

The fund seeks long term capital gains through investing in large-size U.S. companies.

The fund is sub-advised by MacKay Shields LLC with a focus on finding companies that it believes have the most potential to appreciate and attempting to limit risk exposure.

The investment process looks for companies using quantitative screens and models to discover companies that are expected to increase in value because of their market leadership, superior products or competition dynamics. The stock by stock analysis further carried out with the help of qualitative research.

The model based stock selection leads to a broadly diversified stock selection of more than 150 names with a high portfolio turnover.

The fund seeks long term capital gains through investing in large-size U.S. companies.

The fund is sub-advised by MacKay Shields LLC with a focus on finding companies that it believes have the most potential to appreciate and attempting to limit risk exposure.

The investment process looks for companies using quantitative screens and models to discover companies that are expected to increase in value because of their market leadership, superior products or competition dynamics. The stock by stock analysis further carried out with the help of qualitative research.

The model based stock selection leads to a broadly diversified stock selection of more than 150 names with a high portfolio turnover.

The fund seeks long term capital gains through investing in large-size U.S. companies.

The fund is sub-advised by MacKay Shields LLC with a focus on finding companies that it believes have the most potential to appreciate and attempting to limit risk exposure.

The investment process looks for companies using quantitative screens and models to discover companies that are expected to increase in value because of their market leadership, superior products or competition dynamics. The stock by stock analysis further carried out with the help of qualitative research.

The model based stock selection leads to a broadly diversified stock selection of more than 150 names with a high portfolio turnover.

The fund seeks long term capital gains through investing in large-size U.S. companies.

The fund is sub-advised by MacKay Shields LLC with a focus on finding companies that it believes have the most potential to appreciate and attempting to limit risk exposure.

The investment process looks for companies using quantitative screens and models to discover companies that are expected to increase in value because of their market leadership, superior products or competition dynamics. The stock by stock analysis further carried out with the help of qualitative research.

The model based stock selection leads to a broadly diversified stock selection of more than 150 names with a high portfolio turnover.

The fund seeks long term capital gains through investing in large-size U.S. companies.

The fund is sub-advised by MacKay Shields LLC with a focus on finding companies that it believes have the most potential to appreciate and attempting to limit risk exposure.

The investment process looks for companies using quantitative screens and models to discover companies that are expected to increase in value because of their market leadership, superior products or competition dynamics. The stock by stock analysis further carried out with the help of qualitative research.

The model based stock selection leads to a broadly diversified stock selection of more than 150 names with a high portfolio turnover.

The fund seeks capital appreciation in the long term and a moderate level of income by investing in companies in the United States.

The sub-advisor’s investment process is designed to highlight attractively valued companies with earnings growth and sound finances.

The research team employs a two-step disciplined, repeatable process, which includes proprietary and research-driven analyses.

Next, the team as a part of its proprietary analysis looks for companies that exhibit characteristics such as superior earnings and financial structure, growth capacity, significant free cash flow, and attractive valuations.

In the research-driven process the team evaluates management's strategic vision and ability to execute and withstand business or economic cycle downturns.

In addition, the investment team also assesses the impact of industry trends and economic environments on companies. The process also includes validating data and underlying assumptions.

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 seeks primarily capital preservation and secondarily capital appreciation in the long term by investing in companies across any size in the United States.

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

The research process is driven by fundamental analysis of one stock at a time. The team seeks companies that are in an industry that allows the company to earn high returns on equity over time, imbued with a functional and resilient corporate culture, and estimated to trade below their fair values.

Additionally, the screening process generally involves rigorous analysis that entails developing an understanding of the ecosystem in which a company operates, and determining the value of the company.

Then the manager constructs a portfolio that typically holds from 16 to 24 securities plus a cash position.

The fund does not intend to focus on any particular sector or industry but at any given time may have a substantial investment in a particular sector or industry.

The fund is non-diversified which means that it may invest more of its net assets in the securities of a single issuer or a small number of issuers.

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

The investment process is designed to highlight companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The strategy blends growth and value investing in its securities selection process.

Then the research team evaluates a company on the basis of factors such as business, management, financial, and price.

In selecting securities for the portfolio, the team looks at the best combinations of a desirable business, capable management, balance sheet strength, and a market price that is at or below its fair value presently or in the future.

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 may invest up to 25% of the fund’s net assets to purchase stocks or convertible securities.

The fund is non-diversified so it has the flexibility to invest a large percentage of its assets in a single company.

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

The investment process is designed to highlight companies that exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers.

The team focuses on companies exhibiting the most attractive opportunities in their industries.

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 is diversified by sector with the flexibility to invest across industries and styles and seeks to add value through stock selection. It is managed generally as sector neutral to the benchmark index and typically has holdings that are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of 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 that exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers.

The team focuses on companies exhibiting the most attractive opportunities in their industries.

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 is diversified by sector with the flexibility to invest across industries and styles and seeks to add value through stock selection. It is managed generally as sector neutral to the benchmark index and typically has holdings that are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of 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 that exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers.

The team focuses on companies exhibiting the most attractive opportunities in their industries.

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 is diversified by sector with the flexibility to invest across industries and styles and seeks to add value through stock selection. It is managed generally as sector neutral to the benchmark index and typically has holdings that are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of 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 that exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers.

The team focuses on companies exhibiting the most attractive opportunities in their industries.

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 is diversified by sector with the flexibility to invest across industries and styles and seeks to add value through stock selection. It is managed generally as sector neutral to the benchmark index and typically has holdings that are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of 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 that exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers.

The team focuses on companies exhibiting the most attractive opportunities in their industries.

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 is diversified by sector with the flexibility to invest across industries and styles and seeks to add value through stock selection. It is managed generally as sector neutral to the benchmark index and typically has holdings that are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of 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 that exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers.

The team focuses on companies exhibiting the most attractive opportunities in their industries.

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 is diversified by sector with the flexibility to invest across industries and styles and seeks to add value through stock selection. It is managed generally as sector neutral to the benchmark index and typically has holdings that are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of 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 that exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers.

The team focuses on companies exhibiting the most attractive opportunities in their industries.

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 is diversified by sector with the flexibility to invest across industries and styles and seeks to add value through stock selection. It is managed generally as sector neutral to the benchmark index and typically has holdings that are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of 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 that exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers.

The team focuses on companies exhibiting the most attractive opportunities in their industries.

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 is diversified by sector with the flexibility to invest across industries and styles and seeks to add value through stock selection. It is managed generally as sector neutral to the benchmark index and typically has holdings that are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of 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 that exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers.

The team focuses on companies exhibiting the most attractive opportunities in their industries.

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 is diversified by sector with the flexibility to invest across industries and styles and seeks to add value through stock selection. It is managed generally as sector neutral to the benchmark index and typically has holdings that are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of foreign 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 exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers and construct a portfolio that is less volatile than the benchmark index.

The team utilizes fundamental analysis to assign a proprietary fundamental rating for an issuer.

In addition, the team also utilizes quantitative analysis to determine a quantitative rating for an issuer. The research process combines the proprietary fundamental rating with the proprietary quantitative rating to assign a proprietary blended rating for an issuer.

The portfolio is constructed using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, and volatility. The holdings are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of foreign 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 exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers and construct a portfolio that is less volatile than the benchmark index.

The team utilizes fundamental analysis to assign a proprietary fundamental rating for an issuer.

In addition, the team also utilizes quantitative analysis to determine a quantitative rating for an issuer. The research process combines the proprietary fundamental rating with the proprietary quantitative rating to assign a proprietary blended rating for an issuer.

The portfolio is constructed using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, and volatility. The holdings are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of foreign 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 exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers and construct a portfolio that is less volatile than the benchmark index.

The team utilizes fundamental analysis to assign a proprietary fundamental rating for an issuer.

In addition, the team also utilizes quantitative analysis to determine a quantitative rating for an issuer. The research process combines the proprietary fundamental rating with the proprietary quantitative rating to assign a proprietary blended rating for an issuer.

The portfolio is constructed using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, and volatility. The holdings are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of foreign 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 exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers and construct a portfolio that is less volatile than the benchmark index.

The team utilizes fundamental analysis to assign a proprietary fundamental rating for an issuer.

In addition, the team also utilizes quantitative analysis to determine a quantitative rating for an issuer. The research process combines the proprietary fundamental rating with the proprietary quantitative rating to assign a proprietary blended rating for an issuer.

The portfolio is constructed using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, and volatility. The holdings are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of foreign 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 exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers and construct a portfolio that is less volatile than the benchmark index.

The team utilizes fundamental analysis to assign a proprietary fundamental rating for an issuer.

In addition, the team also utilizes quantitative analysis to determine a quantitative rating for an issuer. The research process combines the proprietary fundamental rating with the proprietary quantitative rating to assign a proprietary blended rating for an issuer.

The portfolio is constructed using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, and volatility. The holdings are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of foreign 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 exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers and construct a portfolio that is less volatile than the benchmark index.

The team utilizes fundamental analysis to assign a proprietary fundamental rating for an issuer.

In addition, the team also utilizes quantitative analysis to determine a quantitative rating for an issuer. The research process combines the proprietary fundamental rating with the proprietary quantitative rating to assign a proprietary blended rating for an issuer.

The portfolio is constructed using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, and volatility. The holdings are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of foreign 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 exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers and construct a portfolio that is less volatile than the benchmark index.

The team utilizes fundamental analysis to assign a proprietary fundamental rating for an issuer.

In addition, the team also utilizes quantitative analysis to determine a quantitative rating for an issuer. The research process combines the proprietary fundamental rating with the proprietary quantitative rating to assign a proprietary blended rating for an issuer.

The portfolio is constructed using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, and volatility. The holdings are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of foreign 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 exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers and construct a portfolio that is less volatile than the benchmark index.

The team utilizes fundamental analysis to assign a proprietary fundamental rating for an issuer.

In addition, the team also utilizes quantitative analysis to determine a quantitative rating for an issuer. The research process combines the proprietary fundamental rating with the proprietary quantitative rating to assign a proprietary blended rating for an issuer.

The portfolio is constructed using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, and volatility. The holdings are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of foreign 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 exhibit above average earnings growth potential. The process also focuses on undervalued companies that are trading at a discount to their estimated intrinsic value.

The research team combines fundamental and quantitative analysis to evaluate potential individual issuers and construct a portfolio that is less volatile than the benchmark index.

The team utilizes fundamental analysis to assign a proprietary fundamental rating for an issuer.

In addition, the team also utilizes quantitative analysis to determine a quantitative rating for an issuer. The research process combines the proprietary fundamental rating with the proprietary quantitative rating to assign a proprietary blended rating for an issuer.

The portfolio is constructed using a portfolio optimization process that considers the blended rating, as well as issuer, industry, and sector weightings, and volatility. The holdings are a combination of growth and value companies.

The fund may invest its assets across different industries and sectors, but may invest a significant percentage of the fund’s assets in issuers in a single industry or sector.

The fund has the flexibility to invest its assets across market capitalizations or in securities of 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 quality companies in the benchmark index.

Next the research team relies on a seasonal investing strategy to identify companies with unique combinations of strength in operations, products, and finances with either growth or value characteristics.

The team looks to invest in companies during favorable periods based on patterns of investor behavior as driven by and related to accounting periods, and taxable events.

In addition, the investment team also takes into consideration those periods during the year in which it anticipates that investors are more likely to invest additional money into the securities markets.

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 may, from time to time, under adverse market, economic, or political conditions invest some or all of its net assets in cash, bank deposits, money market funds, money market securities of U.S. and foreign issuers, short term bonds, repurchase agreements, or similar investments.

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 quantitative analysis to look for companies in the benchmark index that are mispriced and may be out of favor with investors. The investment team seeks to capitalize on these price discrepancies and market inefficiencies.

The value-oriented strategy seeks to maximize returns over a 3 to 5 year period.

Then the research team utilizes a rigorous valuation-based process to assess the long-term free cash flow potential of a business by analyzing its long-term economic model, the quality of assets, management, and capital allocation record.

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

Then the manager constructs a highly-differentiated, concentrated portfolio through a mix of cyclically and secularly mispriced companies.

The fund has the flexibility to invest across investment styles, security types, industries, sectors, and market capitalizations.

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 quantitative analysis to look for companies in the benchmark index that are mispriced and may be out of favor with investors. The investment team seeks to capitalize on these price discrepancies and market inefficiencies.

The value-oriented strategy seeks to maximize returns over a 3 to 5 year period.

Then the research team utilizes a rigorous valuation-based process to assess the long-term free cash flow potential of a business by analyzing its long-term economic model, the quality of assets, management, and capital allocation record.

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

Then the manager constructs a highly-differentiated, concentrated portfolio through a mix of cyclically and secularly mispriced companies.

The fund has the flexibility to invest across investment styles, security types, industries, sectors, and market capitalizations.

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 quantitative analysis to look for companies in the benchmark index that are mispriced and may be out of favor with investors. The investment team seeks to capitalize on these price discrepancies and market inefficiencies.

The value-oriented strategy seeks to maximize returns over a 3 to 5 year period.

Then the research team utilizes a rigorous valuation-based process to assess the long-term free cash flow potential of a business by analyzing its long-term economic model, the quality of assets, management, and capital allocation record.

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

Then the manager constructs a highly-differentiated, concentrated portfolio through a mix of cyclically and secularly mispriced companies.

The fund has the flexibility to invest across investment styles, security types, industries, sectors, and market capitalizations.

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 quantitative analysis to look for companies in the benchmark index that are mispriced and may be out of favor with investors. The investment team seeks to capitalize on these price discrepancies and market inefficiencies.

The value-oriented strategy seeks to maximize returns over a 3 to 5 year period.

Then the research team utilizes a rigorous valuation-based process to assess the long-term free cash flow potential of a business by analyzing its long-term economic model, the quality of assets, management, and capital allocation record.

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

Then the manager constructs a highly-differentiated, concentrated portfolio through a mix of cyclically and secularly mispriced companies.

The fund has the flexibility to invest across investment styles, security types, industries, sectors, and market capitalizations.

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 quantitative analysis to look for companies in the benchmark index that are mispriced and may be out of favor with investors. The investment team seeks to capitalize on these price discrepancies and market inefficiencies.

The value-oriented strategy seeks to maximize returns over a 3 to 5 year period.

Then the research team utilizes a rigorous valuation-based process to assess the long-term free cash flow potential of a business by analyzing its long-term economic model, the quality of assets, management, and capital allocation record.

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

Then the manager constructs a highly-differentiated, concentrated portfolio through a mix of cyclically and secularly mispriced companies.

The fund has the flexibility to invest across investment styles, security types, industries, sectors, and market capitalizations.

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 quantitative analysis to look for companies in the benchmark index that are mispriced and may be out of favor with investors. The investment team seeks to capitalize on these price discrepancies and market inefficiencies.

The value-oriented strategy seeks to maximize returns over a 3 to 5 year period.

Then the research team utilizes a rigorous valuation-based process to assess the long-term free cash flow potential of a business by analyzing its long-term economic model, the quality of assets, management, and capital allocation record.

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

Then the manager constructs a highly-differentiated, concentrated portfolio through a mix of cyclically and secularly mispriced companies.

The fund has the flexibility to invest across investment styles, security types, industries, sectors, and market capitalizations.

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

The sub-adviser’s investment process is designed to highlight companies in the benchmark index that are estimated to trade below their fair values.

Next the research team focuses on companies that exhibit balance sheet strength, high earnings expectations; quality management and potential for future growth.

The team also focuses on financial metrics such as price, price history, and valuation multiple such as earnings.

Then the manager constructs the portfolio of above-average, high-quality securities demonstrating superior growth potential.

The fund may invest up to 20% of its net assets in securities of foreign issuers, and in American Depositary Receipts of foreign companies.

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

The sub-adviser’s investment process is designed to highlight companies in the benchmark index that are estimated to trade below their fair values.

Next the research team focuses on companies that exhibit balance sheet strength, high earnings expectations; quality management and potential for future growth.

The team also focuses on financial metrics such as price, price history, and valuation multiple such as earnings.

Then the manager constructs the portfolio of above-average, high-quality securities demonstrating superior growth potential.

The fund may invest up to 20% of its net assets in securities of foreign issuers, and in American Depositary Receipts of foreign companies.

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

The sub-adviser’s investment process is designed to highlight companies in the benchmark index that are either headquartered in Texas or organized under the laws of Texas, or during the most recent fiscal year, derived at least 50% of its revenues or profits from goods produced or sold, investments made, or services performed in Texas or that have at least 50% of its assets in Texas.

The research team through fundamental techniques analyzes factors such as financial conditions, industry position, and market and economic conditions and trends to select investments.

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

Next, the team initially equally weights the companies within each sector, but does not equally weight each sector within the fund.

The fund will not invest 25% or more of its net assets in any industry or group of related industries.

However, the fund does intend to have a high level of investments in the oil and gas industry due to the fund’s management team’s belief that such industry has superior growth opportunities.

The fund generally limits investment in any sector or industry below 25% of total assets.

The fund seeks to maximize total after-tax return through capital appreciation, and income from dividends and interest 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.

Then the research team focuses on highly profitable companies that are selling at a substantial discount to their estimated intrinsic value.

Next, the team employs a bottom-up process to screen companies at least four times per year. The team seeks an understanding of the sector dynamics in which companies are operating, an assessment of the business cycle, and a review of macroeconomic conditions.

The team looks for companies with good returns that can be purchased cheaply, or companies with improving returns that have not yet been recognized by the market.

Additionally, the team also relies on data produced by various independent research organizations when selecting securities.

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 may also invest in exchange-traded funds and in securities of foreign issuers, including American Depositary Receipts.

The fund may purchase investment grade fixed income or debt securities, of any maturity or duration, from time to time as substitutes for stocks when market conditions warrant their purchase.

The fund may invest up to 100% of its assets in cash, cash equivalents, and high-quality, short-term debt securities and money market instruments in response to adverse market, economic or political conditions.

The fund seeks to appreciate capital through investments in large-size companies around the world including the U.S.

The investment process looks for companies with established market niche and strong long-term industry and company fundamentals. The analyst team then looks for companies with lagging stock prices and are expected to regain favor with investors. The team also considers ESG factors while evaluating investment candidates.

Although the fund has flexibility to invest around the world, it primarily invests in U.S. domestic stocks.

The fund holds between 40 and 50 stocks and top 10 holdings account for 40% of total assets.

The fund seeks to appreciate capital through investments in large-size companies around the world including the U.S.

The investment process looks for companies with established market niche and strong long-term industry and company fundamentals. The analyst team then looks for companies with lagging stock prices and are expected to regain favor with investors. The team also considers ESG factors while evaluating investment candidates.

Although the fund has flexibility to invest around the world, it primarily invests in U.S. domestic stocks.

The fund holds between 40 and 50 stocks and top 10 holdings account for 40% of total assets.

The fund seeks to appreciate capital through investments in large-size companies around the world including the U.S.

The investment process looks for companies with established market niche and strong long-term industry and company fundamentals. The analyst team then looks for companies with lagging stock prices and are expected to regain favor with investors. The team also considers ESG factors while evaluating investment candidates.

Although the fund has flexibility to invest around the world, it primarily invests in U.S. domestic stocks.

The fund holds between 40 and 50 stocks and top 10 holdings account for 40% of total assets.

The fund seeks to appreciate capital through investments in large-size companies around the world including the U.S.

The investment process looks for companies with established market niche and strong long-term industry and company fundamentals. The analyst team then looks for companies with lagging stock prices and are expected to regain favor with investors. The team also considers ESG factors while evaluating investment candidates.

Although the fund has flexibility to invest around the world, it primarily invests in U.S. domestic stocks.

The fund holds between 40 and 50 stocks and top 10 holdings account for 40% of total assets.

The fund seeks to appreciate capital through investments in large-size companies around the world including the U.S.

The investment process looks for companies with established market niche and strong long-term industry and company fundamentals. The analyst team then looks for companies with lagging stock prices and are expected to regain favor with investors. The team also considers ESG factors while evaluating investment candidates.

Although the fund has flexibility to invest around the world, it primarily invests in U.S. domestic stocks.

The fund holds between 40 and 50 stocks and top 10 holdings account for 40% of total assets.

The fund seeks to appreciate capital through investments in large-size companies around the world including the U.S.

The investment process looks for companies with established market niche and strong long-term industry and company fundamentals. The analyst team then looks for companies with lagging stock prices and are expected to regain favor with investors. The team also considers ESG factors while evaluating investment candidates.

Although the fund has flexibility to invest around the world, it primarily invests in U.S. domestic stocks.

The fund holds between 40 and 50 stocks and top 10 holdings account for 40% of total assets.

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

The investment process combines quantitative and qualitative analysis to identify companies in the benchmark index that have the potential to increase in value.

The disciplined, bottom-up process focuses on a company’s free cash flow generation, product or process enhancements, margin increases, and improved capital structure management.

Then the research team selects companies on the basis of their financial condition, industry position, market opportunities, senior management teams as well as any relevant economic, political and regulatory factors.

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

Then the manager constructs a concentrated portfolio with typically 30 to 40 core holdings invested across three distinct categories such as Special Situations, Opportunistic and Classic.

Special Situations have unique attributes such as restructurings, spin-offs, post-bankruptcy equities that require specific methodologies and customized investment research.

Opportunistic investments are companies that have become inexpensive for a tangible reason that the manager believes is temporary.

Classic investments are those companies with long histories of shareholder-friendly policies, high-quality management teams and consistent operating performance.

The fund has the flexibility to invest in stocks of foreign companies. At times, the manager may emphasize certain sectors that will benefit from market or economic trends.

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

The investment process combines quantitative and qualitative analysis to identify companies in the benchmark index that have the potential to increase in value.

The disciplined, bottom-up process focuses on a company’s free cash flow generation, product or process enhancements, margin increases, and improved capital structure management.

Then the research team selects companies on the basis of their financial condition, industry position, market opportunities, senior management teams as well as any relevant economic, political and regulatory factors.

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

Then the manager constructs a concentrated portfolio with typically 30 to 40 core holdings invested across three distinct categories such as Special Situations, Opportunistic and Classic.

Special Situations have unique attributes such as restructurings, spin-offs, post-bankruptcy equities that require specific methodologies and customized investment research.

Opportunistic investments are companies that have become inexpensive for a tangible reason that the manager believes is temporary.

Classic investments are those companies with long histories of shareholder-friendly policies, high-quality management teams and consistent operating performance.

The fund has the flexibility to invest in stocks of foreign companies. At times, the manager may emphasize certain sectors that will benefit from market or economic trends.

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

The investment process combines quantitative and qualitative analysis to identify companies in the benchmark index that have the potential to increase in value.

The disciplined, bottom-up process focuses on a company’s free cash flow generation, product or process enhancements, margin increases, and improved capital structure management.

Then the research team selects companies on the basis of their financial condition, industry position, market opportunities, senior management teams as well as any relevant economic, political and regulatory factors.

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

Then the manager constructs a concentrated portfolio with typically 30 to 40 core holdings invested across three distinct categories such as Special Situations, Opportunistic and Classic.

Special Situations have unique attributes such as restructurings, spin-offs, post-bankruptcy equities that require specific methodologies and customized investment research.

Opportunistic investments are companies that have become inexpensive for a tangible reason that the manager believes is temporary.

Classic investments are those companies with long histories of shareholder-friendly policies, high-quality management teams and consistent operating performance.

The fund has the flexibility to invest in stocks of foreign companies. At times, the manager may emphasize certain sectors that will benefit from market or economic trends.

The fund seeks capital appreciation by investing in high quality companies that also meet the environmental, social and governance criteria.

The fund focuses on mid-size companies with at least $2 billion in market capitalization and large-size companies with at least $10 billion. The fund also avoids companies involved with tobacco, alcohol, gambling, weapons, or nuclear power. The fund also avoids companies with primary revenues derived from non-consumer sales to the military.

The investment process looks for companies with attractive and proven growth profiles and stocks trading at a discount to long term valuations. In addition, the investment team looks at a company’s record in public health and the nature of its products.

The fund holds around 40 stocks and allocates about 40% of total assets to top 10 holdings.

The fund seeks capital appreciation by investing in high quality companies that also meet the environmental, social and governance criteria.

The fund focuses on mid-size companies with at least $2 billion in market capitalization and large-size companies with at least $10 billion. The fund also avoids companies involved with tobacco, alcohol, gambling, weapons, or nuclear power. The fund also avoids companies with primary revenues derived from non-consumer sales to the military.

The investment process looks for companies with attractive and proven growth profiles and stocks trading at a discount to long term valuations. In addition, the investment team looks at a company’s record in public health and the nature of its products.

The fund holds around 40 stocks and allocates about 40% of total assets to top 10 holdings.

The fund seeks capital appreciation by investing in high quality companies that also meet the environmental, social and governance criteria.

The fund focuses on mid-size companies with at least $2 billion in market capitalization and large-size companies with at least $10 billion. The fund also avoids companies involved with tobacco, alcohol, gambling, weapons, or nuclear power. The fund also avoids companies with primary revenues derived from non-consumer sales to the military.

The investment process looks for companies with attractive and proven growth profiles and stocks trading at a discount to long term valuations. In addition, the investment team looks at a company’s record in public health and the nature of its products.

The fund holds around 40 stocks and allocates about 40% of total assets to top 10 holdings.

The fund seeks capital appreciation by investing in high quality companies that also meet the environmental, social and governance criteria.

The fund focuses on mid-size companies with at least $2 billion in market capitalization and large-size companies with at least $10 billion. The fund also avoids companies involved with tobacco, alcohol, gambling, weapons, or nuclear power. The fund also avoids companies with primary revenues derived from non-consumer sales to the military.

The investment process looks for companies with attractive and proven growth profiles and stocks trading at a discount to long term valuations. In addition, the investment team looks at a company’s record in public health and the nature of its products.

The fund holds around 40 stocks and allocates about 40% of total assets to top 10 holdings.

The fund seeks capital appreciation by investing in high quality companies that also meet the environmental, social and governance criteria.

The fund focuses on mid-size companies with at least $2 billion in market capitalization and large-size companies with at least $10 billion. The fund also avoids companies involved with tobacco, alcohol, gambling, weapons, or nuclear power. The fund also avoids companies with primary revenues derived from non-consumer sales to the military.

The investment process looks for companies with attractive and proven growth profiles and stocks trading at a discount to long term valuations. In addition, the investment team looks at a company’s record in public health and the nature of its products.

The fund holds around 40 stocks and allocates about 40% of total assets to top 10 holdings.

The fund seeks capital appreciation by investing in high quality companies that also meet the environmental, social and governance criteria.

The fund focuses on mid-size companies with at least $2 billion in market capitalization and large-size companies with at least $10 billion. The fund also avoids companies involved with tobacco, alcohol, gambling, weapons, or nuclear power. The fund also avoids companies with primary revenues derived from non-consumer sales to the military.

The investment process looks for companies with attractive and proven growth profiles and stocks trading at a discount to long term valuations. In addition, the investment team looks at a company’s record in public health and the nature of its products.

The fund holds around 40 stocks and allocates about 40% of total assets to top 10 holdings.

The fund seeks capital appreciation by investing in high quality companies that also meet the environmental, social and governance criteria.

The fund focuses on mid-size companies with at least $2 billion in market capitalization and large-size companies with at least $10 billion. The fund also avoids companies involved with tobacco, alcohol, gambling, weapons, or nuclear power. The fund also avoids companies with primary revenues derived from non-consumer sales to the military.

The investment process looks for companies with attractive and proven growth profiles and stocks trading at a discount to long term valuations. In addition, the investment team looks at a company’s record in public health and the nature of its products.

The fund holds around 40 stocks and allocates about 40% of total assets to top 10 holdings.

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

The investment process utilizes a proprietary multi-factor model to highlight companies in the benchmark index that are sustainable leaders.

The research team believes sustainable leaders are companies with favorable environmental, social and governance qualities.

The team seeks to invest in companies that meet certain criteria for ESG sustainability and exhibit strong business fundamentals, solid management, and reliable cash flows.

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 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 change the allocation of its investments at any time.

The fund invests primarily in securities listed on securities exchanges or actively traded in over-the-counter markets. The securities may be listed or traded in the form of American Depositary Receipts, Global Depositary Receipts or dual listed securities.

The fund invests in securities of foreign issuers located in emerging market or developing market countries.

The fund also may invest in exchange-traded funds and a variety of derivatives, including futures, options and other derivative instruments.

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

The investment process focuses on companies that are lagging in market price and estimated to trade below their fair values, but having attractive growth prospects.

The investment team places particular emphasis on market leaders and disruptors.

Then the research team focuses on under-researched, high-growth situations, as well as companies with substantial asset value not yet recognized by investors and improving earnings prospects.

The research process is driven by fundamental analysis of one stock at a time. Then the manager constructs a portfolio of stocks of companies that offer superior investment value and opportunity for growth.

The fund’s investments in any one sector may exceed 25% of its net assets.

Additionally, the fund may invest in convertible securities and publicly traded Master Limited Partnerships. MLPs are generally energy or natural resource-related companies and may comprise up to 15% of the fund’s assets.

The fund may also invest up to 30% of its net assets in securities of foreign issuers and/or depositary receipts that are traded on domestic or foreign exchanges, including those in emerging markets.

In addition to taking temporary defensive positions in cash and short-term bonds from time to time, the fund may invest up to 50% of its assets in fixed income securities.

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

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

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

The aim of the strategy is to provide good workplaces for their employees.

Then the research team believes companies with good workplaces usually are able to recruit and retain better employees, and perform at a higher level in terms of innovation, productivity, customer loyalty and profitability.

The team evaluates companies with good workplaces based on factors such as respectful and fair treatment of employees, employee satisfaction and engagement, pay and benefits, family-friendly policies, and support for volunteerism and philanthropy.

The research team prefers companies that are financially sound and have good prospects for the future.

The manager also reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s sustainable strategic advantage and management team. Then the team also looks for companies with quality management teams that will act in the best interest of shareholders.

The research team emphasizes companies with wide moats or strong competitive advantages that protect market share and profitability.

Then the manager constructs a portfolio of 30 holdings from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio comprises of companies that offer outstanding workplaces, and this workplace focus can result in significant exposure to technology companies, many of which are leaders in offering positive and innovative workplaces.

The fund is fossil-fuel free, as it does not invest in companies that derive significant revenues from the extraction, exploration, production or refining of fossil fuels.  However, the fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes.

The fund may invest to a lesser extent in small- and mid-capitalization companies, and may purchase foreign securities directly on foreign markets.

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

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

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

The aim of the strategy is to provide good workplaces for their employees.

Then the research team believes companies with good workplaces usually are able to recruit and retain better employees, and perform at a higher level in terms of innovation, productivity, customer loyalty and profitability.

The team evaluates companies with good workplaces based on factors such as respectful and fair treatment of employees, employee satisfaction and engagement, pay and benefits, family-friendly policies, and support for volunteerism and philanthropy.

The research team prefers companies that are financially sound and have good prospects for the future.

The manager also reviews the company’s income statement, cash flow statement and balance sheet, and analyzes the company’s sustainable strategic advantage and management team. Then the team also looks for companies with quality management teams that will act in the best interest of shareholders.

The research team emphasizes companies with wide moats or strong competitive advantages that protect market share and profitability.

Then the manager constructs a portfolio of 30 holdings from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio comprises of companies that offer outstanding workplaces, and this workplace focus can result in significant exposure to technology companies, many of which are leaders in offering positive and innovative workplaces.

The fund is fossil-fuel free, as it does not invest in companies that derive significant revenues from the extraction, exploration, production or refining of fossil fuels.  However, the fund may invest in companies that use fossil fuel-based energy to power their operations or for other purposes.

The fund may invest to a lesser extent in small- and mid-capitalization companies, and may purchase foreign securities directly on foreign markets.

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

The fund manages assets with the help of five sub-advisors namely Davis Selected Advisers, L.P., Fiduciary Management, Inc., Harris Associates L.P., Nuance Investments, LLC, and Sands Capital Management, LLC.

The fund prefers a multi-manager investing approach with the aim of reducing volatility and downside risk. The multiple sub-advisers employ different strategies to identify investment opportunities from the list of companies in the benchmark index.

Each of the sub-advisors separately runs a portion of the fund's portfolio, and each represents a different stock-picking approach or market cap segment.

The sub-advisors’ investment process is designed to highlight companies that demonstrate superior appreciation potential.

Then each sub-advisor manages a portfolio typically composed of at least 5, but not more than 15, stocks. There is no minimum or maximum allocation of the fund’s net assets to each sub-advisor.

The multimanager structure results in a broadly diversified portfolio in terms of styles, industries, and stocks. Typically, the fund holds between 75 and 105 stocks.

The portfolio is concentrated in certain sectors such as the communications services, consumer discretionary, financial, healthcare, industrial and technology sectors.

The fund has the flexibility to invest up to 50% of the fund’s net assets in foreign equity securities, which may include emerging markets.

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

The sub-adviser follows a sustainable investing approach, combining financial analysis with environmental, social and governance analysis in order to identify potential investments.

Then the research team focuses on higher quality companies that have superior environmental, social and governance profiles and reasonable valuations.

The team favors securities with stronger ESG scores, higher profitability, higher earnings quality, lower risk and lower valuations relative to the benchmark index.

ESG scores are calculated based on the manager’s assessment of an issuer’s ESG profile. The scores emphasize management of ESG-related risks, incorporate ESG trends and adjust for involvement in significant ESG-related controversies.

Additionally, the research team utilizes a quantitative process, optimizing ESG, quality factors and valuation factors relative to benchmark constraints.

Quality factors include but are not limited to quantitative determinations of profitability and earnings quality. Valuation is determined by considering a combination of earnings-based valuation measures.

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 managers may take significant positions in companies in the information technology sector, which could lead to increased volatility.

The fund excludes companies that are significantly involved in the extraction and/or refining of fossil fuels. However, the fund has the flexibility wherein energy company holdings are replaced with energy efficiency stocks.

The fund may invest a portion of its assets in securities of non-U.S. issuers, including emerging market investments and American Depositary Receipts, but may invest no more than 25% of its assets in securities of non-U.S. issuers other than ADRs.

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

The sub-adviser follows a sustainable investing approach, combining financial analysis with environmental, social and governance analysis in order to identify potential investments.

Then the research team focuses on higher quality companies that have superior environmental, social and governance profiles and reasonable valuations.

The team favors securities with stronger ESG scores, higher profitability, higher earnings quality, lower risk and lower valuations relative to the benchmark index.

ESG scores are calculated based on the manager’s assessment of an issuer’s ESG profile. The scores emphasize management of ESG-related risks, incorporate ESG trends and adjust for involvement in significant ESG-related controversies.

Additionally, the research team utilizes a quantitative process, optimizing ESG, quality factors and valuation factors relative to benchmark constraints.

Quality factors include but are not limited to quantitative determinations of profitability and earnings quality. Valuation is determined by considering a combination of earnings-based valuation measures.

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 managers may take significant positions in companies in the information technology sector, which could lead to increased volatility.

The fund excludes companies that are significantly involved in the extraction and/or refining of fossil fuels. However, the fund has the flexibility wherein energy company holdings are replaced with energy efficiency stocks.

The fund may invest a portion of its assets in securities of non-U.S. issuers, including emerging market investments and American Depositary Receipts, but may invest no more than 25% of its assets in securities of non-U.S. issuers other than ADRs.

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

The sub-adviser follows a sustainable investing approach, combining financial analysis with environmental, social and governance analysis in order to identify potential investments.

Then the research team focuses on higher quality companies that have superior environmental, social and governance profiles and reasonable valuations.

The team favors securities with stronger ESG scores, higher profitability, higher earnings quality, lower risk and lower valuations relative to the benchmark index.

ESG scores are calculated based on the manager’s assessment of an issuer’s ESG profile. The scores emphasize management of ESG-related risks, incorporate ESG trends and adjust for involvement in significant ESG-related controversies.

Additionally, the research team utilizes a quantitative process, optimizing ESG, quality factors and valuation factors relative to benchmark constraints.

Quality factors include but are not limited to quantitative determinations of profitability and earnings quality. Valuation is determined by considering a combination of earnings-based valuation measures.

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 managers may take significant positions in companies in the information technology sector, which could lead to increased volatility.

The fund excludes companies that are significantly involved in the extraction and/or refining of fossil fuels. However, the fund has the flexibility wherein energy company holdings are replaced with energy efficiency stocks.

The fund may invest a portion of its assets in securities of non-U.S. issuers, including emerging market investments and American Depositary Receipts, but may invest no more than 25% of its assets in securities of non-U.S. issuers other than ADRs.

The fund seeks aggressive growth 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 fund invests at least 80% of its net assets in equity securities of Underlying Funds, and may also invest a portion of its net assets in Underlying Funds that invest in international securities, fixed-income securities, or cash equivalents.

Then the research team utilizes a proprietary investment analysis called Rational Analysis to integrate elements of fundamental analysis, technical analysis and quantitative analysis into a rational decision-making model, in selecting Underlying Funds for the fund.

Technical analysis involves evaluating securities by analyzing statistics generated by market activity, such as past prices and volume and stock price momentum.

Fundamental analysis involves evaluating intrinsic value of securities by examining economic, financial and other qualitative and quantitative factors.

Fundamental analysis attempts to examine all of the factors that can affect the value of securities of an Underlying Fund, including macroeconomic factors like the overall economy and industry conditions and factors specific to an individual security such as the financial condition and management of a company.

In the quantitative analysis the investment team utilizes mathematical and statistical calculations for an analysis of Beta, standard deviation, and Sharpe ratios.

The research team then seeks to blend together information from each approach depending on a particular security, or a specific portfolio of securities into a rational approach to investment decision making.

Further, the team utilizes RiskPro which provides an estimate of the range of gain or loss of a portfolio of securities over a forward-looking rolling twelve-month period.

RiskPro’s algorithms take into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio’s volatility over the prior twelve-month period, to the volatility and the long-term volatility of the S&P 500 Index.

Depending on market conditions, the fund’s potential gain or loss, as estimated by RiskPro may be below 30% from time to time.

The fund seeks aggressive growth 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 fund invests at least 80% of its net assets in equity securities of Underlying Funds, and may also invest a portion of its net assets in Underlying Funds that invest in international securities, fixed-income securities, or cash equivalents.

Then the research team utilizes a proprietary investment analysis called Rational Analysis to integrate elements of fundamental analysis, technical analysis and quantitative analysis into a rational decision-making model, in selecting Underlying Funds for the fund.

Technical analysis involves evaluating securities by analyzing statistics generated by market activity, such as past prices and volume and stock price momentum.

Fundamental analysis involves evaluating intrinsic value of securities by examining economic, financial and other qualitative and quantitative factors.

Fundamental analysis attempts to examine all of the factors that can affect the value of securities of an Underlying Fund, including macroeconomic factors like the overall economy and industry conditions and factors specific to an individual security such as the financial condition and management of a company.

In the quantitative analysis the investment team utilizes mathematical and statistical calculations for an analysis of Beta, standard deviation, and Sharpe ratios.

The research team then seeks to blend together information from each approach depending on a particular security, or a specific portfolio of securities into a rational approach to investment decision making.

Further, the team utilizes RiskPro which provides an estimate of the range of gain or loss of a portfolio of securities over a forward-looking rolling twelve-month period.

RiskPro’s algorithms take into account, among other factors, the volatility of the portfolio over the prior twelve months; a comparison of the portfolio’s volatility over the prior twelve-month period, to the volatility and the long-term volatility of the S&P 500 Index.

Depending on market conditions, the fund’s potential gain or loss, as estimated by RiskPro may be below 30% from time to time.
 

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 underappreciated and trading at a discount to their estimated intrinsic value.

The process seeks companies that demonstrate above-average growth potential at attractive prices.

Next, the research team begins with an analysis of the economy and various macroeconomic factors, followed by an evaluation of specific sectors and industries.

Then the team focuses on the most attractive companies on the basis of qualitative and quantitative factors.

In addition, the research team looks for companies that have potential for growth in sales and earnings, as determined by a superior business model.

Then the manager constructs a portfolio that will generally hold between 25 and 40 stocks. The stock selection and industry weightings are based on fundamental analysis and an assessment of a stock’s risk-reward.

The fund may to a lesser extent invest in real estate investment trusts, securities of foreign companies and American Depositary Receipts.

The manager has a long-term focus and seeks to keep the fund’s portfolio turnover to a minimum relative to its peers.

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 trading at a discount to their private market value.

The research team also focuses on companies that have a competitive advantage, and/or that have barriers to entry in their respective industries.

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 small or medium market capitalization companies, but the manager will generally emphasize large-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 is designed to highlight companies in the benchmark index that are trading at a discount to their private market value.

The research team also focuses on companies that have a competitive advantage, and/or that have barriers to entry in their respective industries.

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 small or medium market capitalization companies, but the manager will generally emphasize large-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 is designed to highlight companies in the benchmark index that are trading at a discount to their private market value.

The research team also focuses on companies that have a competitive advantage, and/or that have barriers to entry in their respective industries.

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 small or medium market capitalization companies, but the manager will generally emphasize large-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 is designed to highlight companies in the benchmark index that are trading at a discount to their private market value.

The research team also focuses on companies that have a competitive advantage, and/or that have barriers to entry in their respective industries.

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 small or medium market capitalization companies, but the manager will generally emphasize large-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 is designed to highlight companies in the benchmark index that are trading at a discount to their private market value.

The research team also focuses on companies that have a competitive advantage, and/or that have barriers to entry in their respective industries.

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 small or medium market capitalization companies, but the manager will generally emphasize large-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 is designed to highlight companies in the benchmark index that are trading at a discount to their private market value.

The research team also focuses on companies that have a competitive advantage, and/or that have barriers to entry in their respective industries.

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 small or medium market capitalization companies, but the manager will generally emphasize large-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 is designed to highlight companies in the benchmark index that are trading at a discount to their private market value.

The research team also focuses on companies that have a competitive advantage, and/or that have barriers to entry in their respective industries.

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 small or medium market capitalization companies, but the manager will generally emphasize large-capitalization companies.

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

The fund pursues a flexible investment strategy and invests in companies that may be trading cheaper than the broader market or peers and companies that are growing at faster rates.

The team divides investment opportunities in three buckets, established companies with proven business models, early innovators with potential to disrupt, and special situations that could unlock unrealized values.

The investment process is driven by fundamental analysis and quantitative tools guide the research team in stock analysis and looks for multiple sources of return. The team also looks for companies that offer attractive relative values based on the long-term growth outlook.

The fund practices strong sell discipline and control risk with position sizes and diversification across sectors, industries and regions.

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

The fund pursues a flexible investment strategy and invests in companies that may be trading cheaper than the broader market or peers and companies that are growing at faster rates.

The team divides investment opportunities in three buckets, established companies with proven business models, early innovators with potential to disrupt, and special situations that could unlock unrealized values.

The investment process is driven by fundamental analysis and quantitative tools guide the research team in stock analysis and looks for multiple sources of return. The team also looks for companies that offer attractive relative values based on the long-term growth outlook.

The fund practices strong sell discipline and control risk with position sizes and diversification across sectors, industries and regions.

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

The fund pursues a flexible investment strategy and invests in companies that may be trading cheaper than the broader market or peers and companies that are growing at faster rates.

The team divides investment opportunities in three buckets, established companies with proven business models, early innovators with potential to disrupt, and special situations that could unlock unrealized values.

The investment process is driven by fundamental analysis and quantitative tools guide the research team in stock analysis and looks for multiple sources of return. The team also looks for companies that offer attractive relative values based on the long-term growth outlook.

The fund practices strong sell discipline and control risk with position sizes and diversification across sectors, industries and regions.

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

The fund pursues a flexible investment strategy and invests in companies that may be trading cheaper than the broader market or peers and companies that are growing at faster rates.

The team divides investment opportunities in three buckets, established companies with proven business models, early innovators with potential to disrupt, and special situations that could unlock unrealized values.

The investment process is driven by fundamental analysis and quantitative tools guide the research team in stock analysis and looks for multiple sources of return. The team also looks for companies that offer attractive relative values based on the long-term growth outlook.

The fund practices strong sell discipline and control risk with position sizes and diversification across sectors, industries and regions.

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

The fund pursues a flexible investment strategy and invests in companies that may be trading cheaper than the broader market or peers and companies that are growing at faster rates.

The team divides investment opportunities in three buckets, established companies with proven business models, early innovators with potential to disrupt, and special situations that could unlock unrealized values.

The investment process is driven by fundamental analysis and quantitative tools guide the research team in stock analysis and looks for multiple sources of return. The team also looks for companies that offer attractive relative values based on the long-term growth outlook.

The fund practices strong sell discipline and control risk with position sizes and diversification across sectors, industries and regions.

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

The fund pursues a flexible investment strategy and invests in companies that may be trading cheaper than the broader market or peers and companies that are growing at faster rates.

The team divides investment opportunities in three buckets, established companies with proven business models, early innovators with potential to disrupt, and special situations that could unlock unrealized values.

The investment process is driven by fundamental analysis and quantitative tools guide the research team in stock analysis and looks for multiple sources of return. The team also looks for companies that offer attractive relative values based on the long-term growth outlook.

The fund practices strong sell discipline and control risk with position sizes and diversification across sectors, industries and regions.

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

The sub-advisor’s investment process is designed to highlight the most attractive brands contained in the Alpha Brands Consumer Spending Index.

The Index tracks the performance of 200 highly recognizable and relevant U.S. and foreign brands with a business to consumer and business to business focus. The Index is equally weighted and is rebalanced and reconstituted annually in December.

Companies with a business to consumer focus primarily operate to create and sell products and/or services to the consumer on a direct basis or through intermediaries.

Companies with a business to business focus generally create and sell products and/or services to other businesses, which are typically used to aid these businesses in serving their clients.

The fund’s strategy is based on the premise that consumption drives the U.S. economy with roughly 70% of U.S. GDP derived from household consumption, and that brand loyalty, demographics, and incomes typically drive consumption habits.

The Index measures the performance of 180 U.S. listed companies and 20 non-U.S. listed companies selected from 70 sub-industries.

The Index methodology is designed to track the leading companies by isolating those companies with the highest market cap, three-year total sales and three-year sales growth.

A company is deemed a leading company in its consumer-focused industry or its business to business focused industry by virtue of being at the top of these rankings.

Then the research team employs fundamental analysis to identify companies with growth, value, size, momentum, balance sheet strength, profitability and dividend yield.

The team also considers interest rate movements and U.S. dollar movements when analyzing stock and sector allocations.

The sub-advisor utilizes fundamental and technical analysis to identify companies to include in the fund’s portfolio.

Fundamental analysis includes analyzing a company’s cash flow, sales, earnings per share, and intangible assets.

Technical analysis includes analyzing a company’s price movements over various time frames to identify the most attractive investment opportunity.

Then the manager constructs a focused portfolio that holds 25 to 50 stocks.

The fund may invest, directly or indirectly through investments in exchange traded funds, in both U.S. and foreign companies included in the Index, including through American Depositary Receipts and companies domiciled in emerging markets.

The fund may also invest in cash and cash equivalents and in asset classes that have historically been safe havens when equities were experiencing drawdowns.

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

The sub-advisor’s investment process is designed to highlight the most attractive brands contained in the Alpha Brands Consumer Spending Index.

The Index tracks the performance of 200 highly recognizable and relevant U.S. and foreign brands with a business to consumer and business to business focus. The Index is equally weighted and is rebalanced and reconstituted annually in December.

Companies with a business to consumer focus primarily operate to create and sell products and/or services to the consumer on a direct basis or through intermediaries.

Companies with a business to business focus generally create and sell products and/or services to other businesses, which are typically used to aid these businesses in serving their clients.

The fund’s strategy is based on the premise that consumption drives the U.S. economy with roughly 70% of U.S. GDP derived from household consumption, and that brand loyalty, demographics, and incomes typically drive consumption habits.

The Index measures the performance of 180 U.S. listed companies and 20 non-U.S. listed companies selected from 70 sub-industries.

The Index methodology is designed to track the leading companies by isolating those companies with the highest market cap, three-year total sales and three-year sales growth.

A company is deemed a leading company in its consumer-focused industry or its business to business focused industry by virtue of being at the top of these rankings.

Then the research team employs fundamental analysis to identify companies with growth, value, size, momentum, balance sheet strength, profitability and dividend yield.

The team also considers interest rate movements and U.S. dollar movements when analyzing stock and sector allocations.

The sub-advisor utilizes fundamental and technical analysis to identify companies to include in the fund’s portfolio.

Fundamental analysis includes analyzing a company’s cash flow, sales, earnings per share, and intangible assets.

Technical analysis includes analyzing a company’s price movements over various time frames to identify the most attractive investment opportunity.

Then the manager constructs a focused portfolio that holds 25 to 50 stocks.

The fund may invest, directly or indirectly through investments in exchange traded funds, in both U.S. and foreign companies included in the Index, including through American Depositary Receipts and companies domiciled in emerging markets.

The fund may also invest in cash and cash equivalents and in asset classes that have historically been safe havens when equities were experiencing drawdowns.

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

The sub-advisor’s investment process is designed to highlight the most attractive brands contained in the Alpha Brands Consumer Spending Index.

The Index tracks the performance of 200 highly recognizable and relevant U.S. and foreign brands with a business to consumer and business to business focus. The Index is equally weighted and is rebalanced and reconstituted annually in December.

Companies with a business to consumer focus primarily operate to create and sell products and/or services to the consumer on a direct basis or through intermediaries.

Companies with a business to business focus generally create and sell products and/or services to other businesses, which are typically used to aid these businesses in serving their clients.

The fund’s strategy is based on the premise that consumption drives the U.S. economy with roughly 70% of U.S. GDP derived from household consumption, and that brand loyalty, demographics, and incomes typically drive consumption habits.

The Index measures the performance of 180 U.S. listed companies and 20 non-U.S. listed companies selected from 70 sub-industries.

The Index methodology is designed to track the leading companies by isolating those companies with the highest market cap, three-year total sales and three-year sales growth.

A company is deemed a leading company in its consumer-focused industry or its business to business focused industry by virtue of being at the top of these rankings.

Then the research team employs fundamental analysis to identify companies with growth, value, size, momentum, balance sheet strength, profitability and dividend yield.

The team also considers interest rate movements and U.S. dollar movements when analyzing stock and sector allocations.

The sub-advisor utilizes fundamental and technical analysis to identify companies to include in the fund’s portfolio.

Fundamental analysis includes analyzing a company’s cash flow, sales, earnings per share, and intangible assets.

Technical analysis includes analyzing a company’s price movements over various time frames to identify the most attractive investment opportunity.

Then the manager constructs a focused portfolio that holds 25 to 50 stocks.

The fund may invest, directly or indirectly through investments in exchange traded funds, in both U.S. and foreign companies included in the Index, including through American Depositary Receipts and companies domiciled in emerging markets.

The fund may also invest in cash and cash equivalents and in asset classes that have historically been safe havens when equities were experiencing drawdowns.

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 are sustainable leaders. The investment team believes sustainable leaders are companies with superior environmental, social and governance factors.

The multi-manager fund employs long-short equity strategies and discretionary and non-discretionary money managers.

The fund’s discretionary money managers select the individual portfolio instruments for the assets assigned to them.

The fund’s non-discretionary money managers provide a model portfolio to Russell Investment Management representing their investment recommendations, based upon which RIM purchases and sells securities for the fund.

RIM manages the fund’s assets not allocated to money manager strategies and utilizes quantitative and/or rules-based processes and qualitative analysis to assess fund characteristics and invest in securities and instruments which provide the desired exposures.

RIM may use strategies based on indexes.

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.

In particular, the portfolio is tilted towards companies that are expected to contribute to, and benefit from, a transition to a low carbon emission producing economy and away from companies with the greatest exposure to potential negative impacts of such a transition.

The portfolio is usually, but not always fully invested by purchasing equity securities and/or derivatives, which typically include index futures contracts.

The fund may invest in derivative instruments and may use derivatives to take both long and short positions.

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.

The fund also pursues multi-style investment including value, momentum, quality, capitalization size, lower volatility, growth, industry, sector, defensive or dynamic styles.

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 tilts the fund’s exposures by over or underweighting any of the portfolio’s characteristics relative to the Russell 1000 Index over the short, intermediate or long term.

The portfolio is usually, but not always fully invested by purchasing equity securities and/or derivatives, which typically include index futures contracts.

The fund may also invest in index futures, index put or call options or exchange traded funds as a substitute for the purchase of stocks to achieve desired exposures.

The fund may also invest a portion of its assets in real estate investment trusts that own and/or manage properties.

The fund has the flexibility to invest in small capitalization U.S. companies.

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

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

The process utilizes a market capitalization weighted approach to weight the securities in the fund’s portfolio.

In general, the higher the relative market capitalization of the issuer, the greater its representation in the fund.

Then the research team assesses companies on factors such as free float, profitability, trading strategies, liquidity, size, value, momentum, and investment characteristics.

In assessing profitability, the team may consider different ratios, such as that of earnings or profits from operations relative to book value or assets.

In assessing a company’s investment characteristics, the investment team may consider ratios such as recent changes in assets or book value scaled by assets or book value.

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 also invest up to 5% of its total assets in the U.S. Micro Cap Portfolio, a portfolio of DFA Investment Dimensions Group Inc.

The fund may lend its portfolio securities to generate additional income.

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

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

The process utilizes a market capitalization weighted approach to weight the securities in the fund’s portfolio.

In general, the higher the relative market capitalization of the issuer, the greater its representation in the fund.

Then the research team assesses companies on factors such as free float, profitability, trading strategies, liquidity, size, value, momentum, and investment characteristics.

In assessing profitability, the team may consider different ratios, such as that of earnings or profits from operations relative to book value or assets.

In assessing a company’s investment characteristics, the investment team may consider ratios such as recent changes in assets or book value scaled by assets or book value.

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 also invest up to 5% of its total assets in the U.S. Micro Cap Portfolio, a portfolio of DFA Investment Dimensions Group Inc.

The fund may lend its portfolio securities to generate additional income.

The fund seeks capital appreciation in the long term 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 utilizes quantitative techniques and fundamental analysis to identify investable opportunities.

The investment team relies on quantitative techniques to evaluate securities based on three components such as fundamentals, valuation, and momentum.

Next the research team selects portfolio securities utilizing the Schwab Equity Ratings, a model that assigns ratings to approximately 3,000 of the largest traded stocks.

In addition, the research team utilizes investment data and other analytics to assess a company.

Then the manager constructs a portfolio of stocks that are highly rated by Schwab Equity Ratings. Additionally, the manager purchases lower-rated stocks for purposes of diversification, or for managing the fund’s liquidity, turnover, or volatility relative to the Index.

Also, the portfolio optimization process provides the optimal balance between risk and expected return subject to factors such as the number of stocks desired in the portfolio, the level of portfolio turnover, industry and sector diversification, and volatility considerations.

The fund may invest in derivatives, principally futures contracts primarily to seek returns on the fund’s otherwise uninvested cash assets.

The fund also may lend portfolio securities to earn additional income.

The fund may invest up to 100% of its assets in cash, money market instruments, repurchase agreements and other short-term obligations for temporary defensive purposes during unusual economic or market conditions or for liquidity purposes.

The fund seeks high capital appreciation in the long term 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 utilizes quantitative techniques and fundamental analysis to identify investable opportunities.

The strategy of the fund is to allocate 100% of its net assets in stock investments, with certain percentages for different segments of the stock market.

The fund has the flexibility to invest directly in individual securities.

Next, the research team invests in the Schwab index funds and exchange-traded funds known as the underlying funds, which use a variety of indexing strategies.

These underlying funds seek to replicate the total returns of various stock market indices, holding each security in approximately the same proportion as its weighting in the Index.

The team may also utilize a sampling methodology in seeking to achieve the underlying fund’s objective.

Then the manager constructs a portfolio from a list of companies favored by the research team. The managers may allocate the fund’s investments among underlying funds that track indices based on market capitalization as well as funds that track Russell RAFI Indexes based on the Fundamental Index methodology.

The Russell RAFI Index Series selects and weights stocks according to fundamental measures such as company size, adjusted sales, retained operating cash flow, and dividends plus buybacks.

The fund may invest up to 100% of its assets directly in cash, money market instruments, repurchase agreements and other short-term obligations for temporary defensive purposes during unusual economic or market conditions or for liquidity purposes.

The fund also may lend portfolio securities to earn additional income.

The fund seeks to track the total return performance of a benchmark index before fees and expenses 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 investable opportunities.

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

However, the research team may cause the fund’s weighting of a stock to be more or less than the index’s weighting of the stock for tax or to address liquidity considerations.

Then the research team also utilizes a sampling methodology to evaluate a company’s market capitalization, performance attributes, dividend yield, price/earnings ratio, risk and industry factors.

The manager constructs a portfolio from a list of companies favored by the research team. The fund may concentrate its investments in an industry or group of industries to approximately the extent that the index the fund is designed to track is also so concentrated.

The fund may invest in derivatives, principally futures contracts, and lend its securities.

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 superior growth potential and are trading at a discount to their estimated intrinsic value.

The research team is driven by fundamental research utilizing a combination of external and proprietary research to narrow the list of investable companies.

Then the team seeks to identify companies that have historically generated, or are positioned to generate, superior returns on investments.

The team relies on fundamental analysis to focus on companies that have capable management, broad resources and a competitive market position.

Then the manager constructs a portfolio of high-quality companies typically spread across economic sectors.

The manager allocates assets opportunistically and is not constrained by market capitalization or style parameters.

The fund seeks to maximize after-tax returns by investing in companies across any size in the United States.

The fund manages assets with the help of three sub-advisers namely LSV Asset Management, Parametric Portfolio Associates LLC, and Wells Capital Management Incorporated.

The fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment philosophies and strategies to manage portions of the fund’s portfolio.

In managing its portion of the fund’s assets, each sub-adviser intends to achieve returns similar to those of the broad U.S. equity markets in a tax efficient fashion but with a lower level of volatility.

Then the sub-advisers construct portfolios with a low beta relative to the overall U.S. equity market. In addition, the sub-advisers look to manage the impact of taxes by controlling portfolio turnover levels, selling stocks with the highest tax cost first and opportunistically harvesting losses to offset gains where possible.

The fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

The fund may also invest in American Depositary Receipts, real estate investment trusts and securities of non-U.S. companies.

The fund seeks to maximize after-tax returns by investing in companies across any size in the United States.

The fund manages assets with the help of three sub-advisers namely LSV Asset Management, Parametric Portfolio Associates LLC, and Wells Capital Management Incorporated.

The fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment philosophies and strategies to manage portions of the fund’s portfolio.

In managing its portion of the fund’s assets, each sub-adviser intends to achieve returns similar to those of the broad U.S. equity markets in a tax efficient fashion but with a lower level of volatility.

Then the sub-advisers construct portfolios with a low beta relative to the overall U.S. equity market. In addition, the sub-advisers look to manage the impact of taxes by controlling portfolio turnover levels, selling stocks with the highest tax cost first and opportunistically harvesting losses to offset gains where possible.

The fund seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

The fund may also invest in American Depositary Receipts, real estate investment trusts and securities of non-U.S. companies.

The fund seeks capital appreciation and growth 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.

Next, the research team relies on a model-based approach to make investment decisions.

Then the team utilizes quantitative techniques to categorize and selects securities based on factors, such as volatility, share price performance, earnings, book value, revenues, cash flow or stock price.

In addition, the team selects securities through the model-based systems so that each factor contributes proportionately to the fund’s long-term risk-adjusted expected payoff.

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’s portfolio is diversified and will not be concentrated in any particular industry or sector. However, based on perceived market opportunities, the investment team may reallocate the fund’s assets to tilt in favor of one or more factors.

The fund may also invest in American Depositary Receipts and real estate investment trusts.

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

The fund manages assets with the help of two sub-advisers namely LSV Asset Management, and Wells Capital Management Incorporated.

The fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment philosophies and strategies to manage portions of the fund’s portfolio.

Asset allocation to a given manager is based on the manager's skill set, the current macroeconomic environment, and the risks inherent in each manager's strategy.

Then the sub-adviser 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 seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

The fund seeks to generate returns in excess of the benchmark, and at the same time provide diversification by avoiding over-concentration in a single investment style, sector or market trend.

The fund may also invest in American Depositary Receipts, real estate investment trusts and securities of non-U.S. companies.

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

The fund manages assets with the help of two sub-advisers namely LSV Asset Management, and Wells Capital Management Incorporated.

The fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment philosophies and strategies to manage portions of the fund’s portfolio.

Asset allocation to a given manager is based on the manager's skill set, the current macroeconomic environment, and the risks inherent in each manager's strategy.

Then the sub-adviser 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 seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

The fund seeks to generate returns in excess of the benchmark, and at the same time provide diversification by avoiding over-concentration in a single investment style, sector or market trend.

The fund may also invest in American Depositary Receipts, real estate investment trusts and securities of non-U.S. companies.

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

The fund manages assets with the help of two sub-advisers namely LSV Asset Management, and Wells Capital Management Incorporated.

The fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment philosophies and strategies to manage portions of the fund’s portfolio.

Asset allocation to a given manager is based on the manager's skill set, the current macroeconomic environment, and the risks inherent in each manager's strategy.

Then the sub-adviser 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 seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

The fund seeks to generate returns in excess of the benchmark, and at the same time provide diversification by avoiding over-concentration in a single investment style, sector or market trend.

The fund may also invest in American Depositary Receipts, real estate investment trusts and securities of non-U.S. companies.

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

The fund manages assets with the help of two sub-advisers namely LSV Asset Management, and Wells Capital Management Incorporated.

The fund uses a multi-manager approach, relying on a number of sub-advisers with differing investment philosophies and strategies to manage portions of the fund’s portfolio.

Asset allocation to a given manager is based on the manager's skill set, the current macroeconomic environment, and the risks inherent in each manager's strategy.

Then the sub-adviser 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 seeks to achieve lower volatility by constructing a portfolio of securities that effectively weighs securities based on their total expected risk and return without regard to market capitalization and industry.

The fund seeks to generate returns in excess of the benchmark, and at the same time provide diversification by avoiding over-concentration in a single investment style, sector or market trend.

The fund may also invest in American Depositary Receipts, real estate investment trusts and securities of non-U.S. 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 focuses on companies in the benchmark index that are estimated to trade below their fair values, but having attractive growth prospects.

The research team evaluates investments with the mindset of a long-term owner of a business rather than a short-term holder of a stock.

Then the research team reviews a company’s balance sheet, earnings history and future growth potential in selecting securities.

The team also looks at the quality of a business franchise, the competence of a management team, or the structure of an industry.

Generally, the team prefers high-quality companies that have the potential for rapid earnings growth over periods of time.

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 seeks to concentrate the fund’s assets in a small group of companies.

The fund’s portfolio is invested in securities of U.S. and non-U.S. companies.

The fund seeks superior performance 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 follows an investing strategy called Upgrading to identify potential investment opportunities.

Upgrading is based on research indicating that, as economic conditions change, market leadership rotates among companies of different sizes, and among different investment approaches.

The research team ranks thousands of mutual funds by type in order to determine which ones have been performing the best recently.

Then the team narrows the investable universe to funds showing superior performance relative to their peer group and buys those funds that are excelling currently and which reflect the market's continually evolving leadership.

In addition, the investment team focuses only on returns over the past 12 months in determining which funds are the best candidates for ownership. This approach to selecting new funds, coupled with a strong discipline to replace lagging funds, is the key to the Upgrading strategy.

Then the manager constructs a diversified portfolio from a list of companies favored by the research team.

The fund typically invests in underlying funds in the categories such as small- to mid-cap growth, small- to mid-cap value, large-cap growth, large-cap value, and international.

Also, the fund owns a mixture of foreign and domestic investments at any given time, as well as a mixture of funds that invest in both larger and smaller stocks.

In addition, the fund benefits from diversification among various management styles such as growth, and value.

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

The investment process focuses on companies in the benchmark index that are lagging in market price due to temporary economic circumstances and trading at a discount to their estimated intrinsic value.

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

Then the research team looks for companies exhibiting above-average revenue and profit growth. The research team combines fundamental analysis overlaid with top-down macroeconomic trends.

The team is driven by fundamental analysis to examine the valuation, growth and momentum characteristics of a particular issuer.

Valuation is a key determinant in selecting stocks for the portfolio. The team looks for below average valuations with above average earnings with below average risk and above average returns.

Then the manager utilizes a multi-style approach to construct a concentrated portfolio of 30 to 35 stocks. The manager has the flexibility to invest across different capitalization levels and invest in both value- and growth-oriented companies.

The fund seeks to achieve best perceived combination of underlying growth potential at the lowest available valuation.

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

The investment process focuses on companies in the benchmark index that are lagging in market price due to temporary economic circumstances and trading at a discount to their estimated intrinsic value.

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

Then the research team looks for companies exhibiting above-average revenue and profit growth. The research team combines fundamental analysis overlaid with top-down macroeconomic trends.

The team is driven by fundamental analysis to examine the valuation, growth and momentum characteristics of a particular issuer.

Valuation is a key determinant in selecting stocks for the portfolio. The team looks for below average valuations with above average earnings with below average risk and above average returns.

Then the manager utilizes a multi-style approach to construct a concentrated portfolio of 30 to 35 stocks. The manager has the flexibility to invest across different capitalization levels and invest in both value- and growth-oriented companies.

The fund seeks to achieve best perceived combination of underlying growth potential at the lowest available valuation.

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

The investment process focuses on companies in the benchmark index that are lagging in market price due to temporary economic circumstances and trading at a discount to their estimated intrinsic value.

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

Then the research team looks for companies exhibiting above-average revenue and profit growth. The research team combines fundamental analysis overlaid with top-down macroeconomic trends.

The team is driven by fundamental analysis to examine the valuation, growth and momentum characteristics of a particular issuer.

Valuation is a key determinant in selecting stocks for the portfolio. The team looks for below average valuations with above average earnings with below average risk and above average returns.

Then the manager utilizes a multi-style approach to construct a concentrated portfolio of 30 to 35 stocks. The manager has the flexibility to invest across different capitalization levels and invest in both value- and growth-oriented companies.

The fund seeks to achieve best perceived combination of underlying growth potential at the lowest available valuation.

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

The investment process focuses on companies in the benchmark index that are lagging in market price due to temporary economic circumstances and trading at a discount to their estimated intrinsic value.

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

Then the research team looks for companies exhibiting above-average revenue and profit growth. The research team combines fundamental analysis overlaid with top-down macroeconomic trends.

The team is driven by fundamental analysis to examine the valuation, growth and momentum characteristics of a particular issuer.

Valuation is a key determinant in selecting stocks for the portfolio. The team looks for below average valuations with above average earnings with below average risk and above average returns.

Then the manager utilizes a multi-style approach to construct a concentrated portfolio of 30 to 35 stocks. The manager has the flexibility to invest across different capitalization levels and invest in both value- and growth-oriented companies.

The fund seeks to achieve best perceived combination of underlying growth potential at the lowest available valuation.

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

The investment process focuses on companies in the benchmark index that are lagging in market price due to temporary economic circumstances and trading at a discount to their estimated intrinsic value.

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

Then the research team looks for companies exhibiting above-average revenue and profit growth. The research team combines fundamental analysis overlaid with top-down macroeconomic trends.

The team is driven by fundamental analysis to examine the valuation, growth and momentum characteristics of a particular issuer.

Valuation is a key determinant in selecting stocks for the portfolio. The team looks for below average valuations with above average earnings with below average risk and above average returns.

Then the manager utilizes a multi-style approach to construct a concentrated portfolio of 30 to 35 stocks. The manager has the flexibility to invest across different capitalization levels and invest in both value- and growth-oriented companies.

The fund seeks to achieve best perceived combination of underlying growth potential at the lowest available valuation.

The fund seeks to match the performance of a benchmark index before fees and expenses 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 process does not attempt to fully replicate the index by owning each of the stocks in it.

Next, the research team relies on historical price movement, market capitalization, and transaction costs in selecting stocks for the fund.

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 may also purchase stock index futures contracts and exchange-traded funds to reduce cash balances in the fund and increase the level of fund assets exposed to common stocks represented in the fund’s benchmark index.

In addition, the fund lends its portfolio securities to generate additional income.

The fund seeks to appreciate capital through investing in the U.S. based companies across all market capitalization.

The index-focused fund replicates holdings of Russell 3000 Index. The fund not necessarily buys all of the stocks in the index and the fund attempts to closely match the overall attributes and market weight characteristics of its benchmark.

The use of a particular index by the fund is not considered by the investment team as a fundamental policy and may be chanted without shareholder approval.

The fund seeks to appreciate capital through investing in the U.S. based companies across all market capitalization.

The index-focused fund replicates holdings of Russell 3000 Index. The fund not necessarily buys all of the stocks in the index and the fund attempts to closely match the overall attributes and market weight characteristics of its benchmark.

The use of a particular index by the fund is not considered by the investment team as a fundamental policy and may be chanted without shareholder approval.

The fund seeks to appreciate capital through investing in the U.S. based companies across all market capitalization.

The index-focused fund replicates holdings of Russell 3000 Index. The fund not necessarily buys all of the stocks in the index and the fund attempts to closely match the overall attributes and market weight characteristics of its benchmark.

The use of a particular index by the fund is not considered by the investment team as a fundamental policy and may be chanted without shareholder approval.

The fund seeks to appreciate capital through investing in the U.S. based companies across all market capitalization.

The index-focused fund replicates holdings of Russell 3000 Index. The fund not necessarily buys all of the stocks in the index and the fund attempts to closely match the overall attributes and market weight characteristics of its benchmark.

The use of a particular index by the fund is not considered by the investment team as a fundamental policy and may be chanted without shareholder approval.

The fund seeks to appreciate capital through investing in the U.S. based companies across all market capitalization.

The index-focused fund replicates holdings of Russell 3000 Index. The fund not necessarily buys all of the stocks in the index and the fund attempts to closely match the overall attributes and market weight characteristics of its benchmark.

The use of a particular index by the fund is not considered by the investment team as a fundamental policy and may be chanted without shareholder approval.

The fund seeks to appreciate capital through investing in U.S. based companies that meet the fund’s environmental, social and governance criteria.

The fund specifically does not invest in business activities including but not limited to the production of tobacco, alcohol, casino and gambling activities, military weapons, fire arms, nuclear power, and thermal coal.

The ESG criteria that the fund applies are considered non-fundamental investment policies and such criteria and the universe of investments that the fund utilizes may be changed without the fund’s shareholder approval. Moreover, the fund is not required to invest in all companies that meet the ESG criteria.

The fund essentially tries to replicate overall risk characteristics of the benchmark Russell 3000 Index. The investment process then applies an additional overlay of ESG criteria and excludes companies that do not meet the guidelines.

The fund seeks to appreciate capital through investing in U.S. based companies that meet the fund’s environmental, social and governance criteria.

The fund specifically does not invest in business activities including but not limited to the production of tobacco, alcohol, casino and gambling activities, military weapons, fire arms, nuclear power, and thermal coal.

The ESG criteria that the fund applies are considered non-fundamental investment policies and such criteria and the universe of investments that the fund utilizes may be changed without the fund’s shareholder approval. Moreover, the fund is not required to invest in all companies that meet the ESG criteria.

The fund essentially tries to replicate overall risk characteristics of the benchmark Russell 3000 Index. The investment process then applies an additional overlay of ESG criteria and excludes companies that do not meet the guidelines.

The fund seeks to appreciate capital through investing in U.S. based companies that meet the fund’s environmental, social and governance criteria.

The fund specifically does not invest in business activities including but not limited to the production of tobacco, alcohol, casino and gambling activities, military weapons, fire arms, nuclear power, and thermal coal.

The ESG criteria that the fund applies are considered non-fundamental investment policies and such criteria and the universe of investments that the fund utilizes may be changed without the fund’s shareholder approval. Moreover, the fund is not required to invest in all companies that meet the ESG criteria.

The fund essentially tries to replicate overall risk characteristics of the benchmark Russell 3000 Index. The investment process then applies an additional overlay of ESG criteria and excludes companies that do not meet the guidelines.

The fund seeks to appreciate capital through investing in U.S. based companies that meet the fund’s environmental, social and governance criteria.

The fund specifically does not invest in business activities including but not limited to the production of tobacco, alcohol, casino and gambling activities, military weapons, fire arms, nuclear power, and thermal coal.

The ESG criteria that the fund applies are considered non-fundamental investment policies and such criteria and the universe of investments that the fund utilizes may be changed without the fund’s shareholder approval. Moreover, the fund is not required to invest in all companies that meet the ESG criteria.

The fund essentially tries to replicate overall risk characteristics of the benchmark Russell 3000 Index. The investment process then applies an additional overlay of ESG criteria and excludes companies that do not meet the guidelines.

The fund seeks to appreciate capital through investing in U.S. based companies that meet the fund’s environmental, social and governance criteria.

The fund specifically does not invest in business activities including but not limited to the production of tobacco, alcohol, casino and gambling activities, military weapons, fire arms, nuclear power, and thermal coal.

The ESG criteria that the fund applies are considered non-fundamental investment policies and such criteria and the universe of investments that the fund utilizes may be changed without the fund’s shareholder approval. Moreover, the fund is not required to invest in all companies that meet the ESG criteria.

The fund essentially tries to replicate overall risk characteristics of the benchmark Russell 3000 Index. The investment process then applies an additional overlay of ESG criteria and excludes companies that do not meet the guidelines.

The fund seeks to appreciate capital through investing in U.S. companies that meet the fund’s environmental, social and governance and carbon emissions and fossil fuel reserves criteria.

The fund specifically does not invest in business activities including but not limited to the production of tobacco, alcohol, casino and gambling activities, military weapons, fire arms, nuclear power, and thermal coal.

The ESG criteria are implemented based on data provided by independent research vendors.

The ESG criteria that the fund applies are considered non-fundamental investment policies and such criteria and the universe of investments that the fund utilizes may be changed without the fund’s shareholder approval. Moreover, the fund is not required to invest in all companies that meet the ESG criteria.

The fund essentially tries to replicate overall risk characteristics of the benchmark Russell 3000 Index. The investment process then applies an additional overlay of ESG criteria and excludes companies that do not meet the guidelines.

In addition, the fund favors companies that demonstrate in mitigating current carbon emissions and have limited exposure to oil, gas and coal reserves.

The fund seeks to appreciate capital through investing in U.S. companies that meet the fund’s environmental, social and governance and carbon emissions and fossil fuel reserves criteria.

The fund specifically does not invest in business activities including but not limited to the production of tobacco, alcohol, casino and gambling activities, military weapons, fire arms, nuclear power, and thermal coal.

The ESG criteria are implemented based on data provided by independent research vendors.

The ESG criteria that the fund applies are considered non-fundamental investment policies and such criteria and the universe of investments that the fund utilizes may be changed without the fund’s shareholder approval. Moreover, the fund is not required to invest in all companies that meet the ESG criteria.

The fund essentially tries to replicate overall risk characteristics of the benchmark Russell 3000 Index. The investment process then applies an additional overlay of ESG criteria and excludes companies that do not meet the guidelines.

In addition, the fund favors companies that demonstrate in mitigating current carbon emissions and have limited exposure to oil, gas and coal reserves.

The fund seeks to appreciate capital through investing in U.S. companies that meet the fund’s environmental, social and governance and carbon emissions and fossil fuel reserves criteria.

The fund specifically does not invest in business activities including but not limited to the production of tobacco, alcohol, casino and gambling activities, military weapons, fire arms, nuclear power, and thermal coal.

The ESG criteria are implemented based on data provided by independent research vendors.

The ESG criteria that the fund applies are considered non-fundamental investment policies and such criteria and the universe of investments that the fund utilizes may be changed without the fund’s shareholder approval. Moreover, the fund is not required to invest in all companies that meet the ESG criteria.

The fund essentially tries to replicate overall risk characteristics of the benchmark Russell 3000 Index. The investment process then applies an additional overlay of ESG criteria and excludes companies that do not meet the guidelines.

In addition, the fund favors companies that demonstrate in mitigating current carbon emissions and have limited exposure to oil, gas and coal reserves.

The fund seeks to appreciate capital through investing in U.S. companies that meet the fund’s environmental, social and governance and carbon emissions and fossil fuel reserves criteria.

The fund specifically does not invest in business activities including but not limited to the production of tobacco, alcohol, casino and gambling activities, military weapons, fire arms, nuclear power, and thermal coal.

The ESG criteria are implemented based on data provided by independent research vendors.

The ESG criteria that the fund applies are considered non-fundamental investment policies and such criteria and the universe of investments that the fund utilizes may be changed without the fund’s shareholder approval. Moreover, the fund is not required to invest in all companies that meet the ESG criteria.

The fund essentially tries to replicate overall risk characteristics of the benchmark Russell 3000 Index. The investment process then applies an additional overlay of ESG criteria and excludes companies that do not meet the guidelines.

In addition, the fund favors companies that demonstrate in mitigating current carbon emissions and have limited exposure to oil, gas and coal reserves.

The fund seeks to appreciate capital through investing in U.S. companies that meet the fund’s environmental, social and governance and carbon emissions and fossil fuel reserves criteria.

The fund specifically does not invest in business activities including but not limited to the production of tobacco, alcohol, casino and gambling activities, military weapons, fire arms, nuclear power, and thermal coal.

The ESG criteria are implemented based on data provided by independent research vendors.

The ESG criteria that the fund applies are considered non-fundamental investment policies and such criteria and the universe of investments that the fund utilizes may be changed without the fund’s shareholder approval. Moreover, the fund is not required to invest in all companies that meet the ESG criteria.

The fund essentially tries to replicate overall risk characteristics of the benchmark Russell 3000 Index. The investment process then applies an additional overlay of ESG criteria and excludes companies that do not meet the guidelines.

In addition, the fund favors companies that demonstrate in mitigating current carbon emissions and have limited exposure to oil, gas and coal reserves.

The fund seeks medium to high levels of capital appreciation in the long term 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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund is an asset allocation fund, or fund of funds that invests its capital in other Timothy Plan funds (the Traditional Funds) to provide diversification.

The underlying managers are Westwood Management Corp., Chartwell Investment Partners, Barrow, Hanley, Mewhinney & Strauss, Eagle Global Advisors, CoreCommodity Management, Chilton Capital Management, and Victory Capital Management.

The manager determines the specific asset allocation program on a continuous basis, based on its forecast of the overall market.

The manager also will reallocate the fund’s investments in the Traditional Funds at the end of each fiscal quarter to maintain the asset allocation program.

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 portfolio is constructed of companies that have the potential for capital appreciation in the long term.

The fund seeks medium to high levels of capital appreciation in the long term 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 utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund is an asset allocation fund, or fund of funds that invests its capital in other Timothy Plan funds (the Traditional Funds) to provide diversification.

The underlying managers are Westwood Management Corp., Chartwell Investment Partners, Barrow, Hanley, Mewhinney & Strauss, Eagle Global Advisors, CoreCommodity Management, Chilton Capital Management, and Victory Capital Management.

The manager determines the specific asset allocation program on a continuous basis, based on its forecast of the overall market.

The manager also will reallocate the fund’s investments in the Traditional Funds at the end of each fiscal quarter to maintain the asset allocation program.

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 portfolio is constructed of companies that have the potential for capital appreciation in the long term.