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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The fund is non-diversified which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

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

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

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

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

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

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

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

The fund is non-diversified which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

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

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

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

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

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

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

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

The fund is non-diversified which means that it may invest a larger percentage of its assets in a smaller number of issuers than a diversified fund.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Also, the team prefers companies with ethical businesses.

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

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

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

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

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

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

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

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

Next, the research team calculates intrinsic value as the present value of the company’s future free cash flow.

The team also considers a company’s financial health, and predictions of earnings and cash flow and management team capabilities.

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

The manager seeks diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

The portfolio holds 50 to 70 stocks that seek to outperform the benchmark index over market cycles.

The fund also invests across investment styles, and may invest up to 25% of its net assets in securities of foreign issuers, including American Depositary Receipts.

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

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

Next, the research team calculates intrinsic value as the present value of the company’s future free cash flow.

The team also considers a company’s financial health, and predictions of earnings and cash flow and management team capabilities.

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

The manager seeks diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

The portfolio holds 50 to 70 stocks that seek to outperform the benchmark index over market cycles.

The fund also invests across investment styles, and may invest up to 25% of its net assets in securities of foreign issuers, including American Depositary Receipts.

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

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

Next, the research team calculates intrinsic value as the present value of the company’s future free cash flow.

The team also considers a company’s financial health, and predictions of earnings and cash flow and management team capabilities.

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

The manager seeks diversification by company, industry, sector, country and currency and focusing on macro-level investment themes.

The portfolio holds 50 to 70 stocks that seek to outperform the benchmark index over market cycles.

The fund also invests across investment styles, and may invest up to 25% of its net assets in securities of foreign issuers, including American Depositary Receipts.

The fund seeks total return including current income by investing in U.S. companies across all market capitalizations.

The investment process starts with a list of companies in the benchmark index and the research team using quantitative research and fundamental analysis narrows the list for deeper evaluation.

Next, the team with the help of qualitative research identifies earnings and cash flow drivers, determines the long-term earnings outlook and analyzes the sustainability of business models.

The fund favors companies that trade at attractive prices compared to their intrinsic valuation with the presence of near-term catalysts for higher valuations. Companies with a track-record of dividend or are estimated to have the capacity to increase dividends are also attractive to the fund.

The fund normally invests in large-size companies but may also invest in small or medium size companies for more attractive value opportunities. In addition, the fund may invest up to 25% of its net assets equity securities of foreign companies.

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

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

Next, the research team calculates intrinsic value on the basis of a company’s forecasted future free cash flow, returns on capital capability, and private market value, and the costs to replicate the business.

The research team looks for companies with superior valuation, high active share, and a long-term investment horizon.

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

The manager prefers companies with consistent fundamentals in varying market cycles.

The fund may invest in foreign securities, including securities of emerging market issuers.

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

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

Next, the research team calculates intrinsic value on the basis of a company’s forecasted future free cash flow, returns on capital capability, and private market value, and the costs to replicate the business.

The research team looks for companies with superior valuation, high active share, and a long-term investment horizon.

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

The manager prefers companies with consistent fundamentals in varying market cycles.

The fund may invest in foreign securities, including securities of emerging market issuers.

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

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

Next, the research team calculates intrinsic value on the basis of a company’s forecasted future free cash flow, returns on capital capability, and private market value, and the costs to replicate the business.

The research team looks for companies with superior valuation, high active share, and a long-term investment horizon.

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

The manager prefers companies with consistent fundamentals in varying market cycles.

The fund may invest in foreign securities, including securities of emerging market issuers.

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

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

Next, the research team calculates intrinsic value on the basis of a company’s forecasted future free cash flow, returns on capital capability, and private market value, and the costs to replicate the business.

The research team looks for companies with superior valuation, high active share, and a long-term investment horizon.

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

The manager prefers companies with consistent fundamentals in varying market cycles.

The fund may invest in foreign securities, including securities of emerging market issuers.

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

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

Next, the research team calculates intrinsic value on the basis of a company’s forecasted future free cash flow, returns on capital capability, and private market value, and the costs to replicate the business.

The research team looks for companies with superior valuation, high active share, and a long-term investment horizon.

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

The manager prefers companies with consistent fundamentals in varying market cycles.

The fund may invest in foreign securities, including securities of emerging market issuers.

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

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

Then the research process is driven by fundamental analysis of one stock at a time. The research team evaluates a company on the basis of valuation multiples such as earnings, book value, and cash flow; estimated private market value; liquidation and discounted cash flow analyses; and dividend discount models.

The team seeks to capitalize on market inefficiencies by focusing on companies whose future earnings growth potential is not reflected in their current market prices.

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

The portfolio holds between 25 and 35 securities that are either core value or deep value stocks.

Core value stocks are high-quality companies that earn high returns on capital and these stocks represent 50% to 75% of the fund’s holdings.

Deep value stocks are companies which the manager believes are deeply-undervalued. These stocks, plus the fund’s cash holdings represent the remaining 25% to 50% of the fund.

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

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

Then the research process is driven by fundamental analysis of one stock at a time. The research team evaluates a company on the basis of valuation multiples such as earnings, book value, and cash flow; estimated private market value; liquidation and discounted cash flow analyses; and dividend discount models.

The team seeks to capitalize on market inefficiencies by focusing on companies whose future earnings growth potential is not reflected in their current market prices.

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

The portfolio holds between 25 and 35 securities that are either core value or deep value stocks.

Core value stocks are high-quality companies that earn high returns on capital and these stocks represent 50% to 75% of the fund’s holdings.

Deep value stocks are companies which the manager believes are deeply-undervalued. These stocks, plus the fund’s cash holdings represent the remaining 25% to 50% of the fund.

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

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

The fund invests in both public and non-public securities, which is key to the core objective of its total return.

As part of its strategy, the fund invests its net assets in equity and fixed income securities. The fund will invest opportunistically or be wholly invested in either equity or debt securities.

When evaluating securities, the research team focuses on a company’s ability to generate profit, cash flow, balance sheet, franchise or brand value.

The team also reviews a company’s intellectual property and competitive advantages as drivers of performance in the long term.

The fund invests in debt securities that have a maturity between 1 and 15 years.

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

The fund may invest up to 15% of its net assets in high-yield bonds that are below investment grade.
 

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

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

Then the research team utilizes a proprietary value-oriented process to focus on companies exhibiting change, neglect and relative valuation characteristics.

The team also assesses a company’s operations and future prospects to seek potential investment opportunities.

Next, the team narrows the investable universe to a list of companies that are estimated to trade below their fair values.

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

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

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

Then the research team utilizes a proprietary value-oriented process to focus on companies exhibiting change, neglect and relative valuation characteristics.

The team also assesses a company’s operations and future prospects to seek potential investment opportunities.

Next, the team narrows the investable universe to a list of companies that are estimated to trade below their fair values.

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

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

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

Next, the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The team utilizes fundamental analysis to focus on companies offering high free cash flow yields, rate of return with no risk of loss, having prudent capital allocation policies, superior competitive positions, and balance sheet strength.

Also, the team considers a company’s liquidity, leverage, tangible assets, returns on invested equity and capital and the production of essential services and products.

The research team also assesses how the management team performs under unexpected pressure and is it engaging in stressed industries having reasonable prospects for recovery.

In addition, the team emphasizes companies that are experiencing special situations such as stock appreciation as a result of company-specific developments rather than general business conditions or movements of the market as a whole.

Then the manager constructs a focused portfolio of equity and fixed income securities, and may shift frequently among asset classes and market sectors.

The fund may maintain a significant portion of its net assets in cash and securities generally considered to be cash equivalents.

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

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

Next, the research team relies on fundamental analysis to look for companies whose future earnings growth potential is not reflected in their current market prices.

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

The manager may also invest in the securities of both domestic and foreign issuers, including exchange-traded funds.

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

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

Next, the research team relies on fundamental analysis to look for companies whose future earnings growth potential is not reflected in their current market prices.

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

The manager may also invest in the securities of both domestic and foreign issuers, including exchange-traded funds.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to their peers.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to their peers.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to their peers.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to their peers.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or cash flow, or relative to their peers.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The sub-adviser’s investment process starts with a list of stocks included in the Fidelity U.S. Value Focus Index with attractive valuations.

Then the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

The fund employs statistical sampling techniques to replicate the returns of the index. The technique takes into account factors such as capitalization, industry exposures, dividend yield, and valuation multiples on the basis of earnings, book value, and earnings growth.

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

The fund has the flexibility to lend securities to earn income.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies with recurring revenues, having demonstrated earnings and cash flow growth over multiyear periods.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

The process seeks to deliver attractive risk-adjusted returns over the long term.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, earnings, or growth potential.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies with recurring revenues, having demonstrated earnings and cash flow growth over multiyear periods.

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

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

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on undervalued companies relative to factors such as assets, sales, earnings, growth potential, or free cash flow.

Next, the team emphasizes high-quality companies with excellent competitive positions and superior returns on invested capital.

The research team focuses on companies, whose management can estimate future performance, having demonstrated earnings and cash flow growth over multiyear periods.

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

Then the manager constructs a diversified portfolio of 60 to 80 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund has the flexibility to invest in domestic and foreign issuers.

The fund invests in medium-sized companies, but also may invest substantially in larger or small companies.

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

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

Next, the research team focuses on high-quality companies that exhibit characteristics such as sustainable competitive advantages, conservative capital structure, prudent management team, and attractive financials.

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

However, the fund does not invest more than 5% of its net assets in debt instruments that are below investment grade.

The fund is non-diversified, which means it can invest a greater percentage of its net assets in a small group of issuers or any one issuer than a diversified fund can.

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

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

Next, the research team focuses on high-quality companies that exhibit characteristics such as sustainable competitive advantages, conservative capital structure, prudent management team, and attractive financials.

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

However, the fund does not invest more than 5% of its net assets in debt instruments that are below investment grade.

The fund is non-diversified, which means it can invest a greater percentage of its net assets in a small group of issuers or any one issuer than a diversified fund can.

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

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

Next, the research team focuses on high-quality companies that exhibit characteristics such as sustainable competitive advantages, conservative capital structure, prudent management team, and attractive financials.

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

However, the fund does not invest more than 5% of its net assets in debt instruments that are below investment grade.

The fund is non-diversified, which means it can invest a greater percentage of its net assets in a small group of issuers or any one issuer than a diversified fund can.

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

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

Next, the research team focuses on high-quality companies that exhibit characteristics such as sustainable competitive advantages, conservative capital structure, prudent management team, and attractive financials.

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

However, the fund does not invest more than 5% of its net assets in debt instruments that are below investment grade.

The fund is non-diversified, which means it can invest a greater percentage of its net assets in a small group of issuers or any one issuer than a diversified fund can.

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

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

Next, the research team focuses on high-quality companies that exhibit characteristics such as sustainable competitive advantages, conservative capital structure, prudent management team, and attractive financials.

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

However, the fund does not invest more than 5% of its net assets in debt instruments that are below investment grade.

The fund is non-diversified, which means it can invest a greater percentage of its net assets in a small group of issuers or any one issuer than a diversified fund can.

The fund seeks capital appreciation 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 estimated intrinsic value.

The goal of the process is to avoid permanent loss of capital.

Next, the research team prefers companies exhibiting financial strength and stability, capable management and fundamental 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.

Additionally, the fund may invest up to 25% of its net assets through a special purpose trading subsidiary (the ‘‘Subsidiary’’). The Subsidiary is a wholly-owned and controlled subsidiary of the fund, organized under the laws of the Cayman Islands as an exempted company.

Generally, the Subsidiary will invest in commodities and related instruments, primarily gold bullion and other precious metals and related futures contracts.

The fund seeks capital appreciation 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 estimated intrinsic value.

The goal of the process is to avoid permanent loss of capital.

Next, the research team prefers companies exhibiting financial strength and stability, capable management and fundamental 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.

Additionally, the fund may invest up to 25% of its net assets through a special purpose trading subsidiary (the ‘‘Subsidiary’’). The Subsidiary is a wholly-owned and controlled subsidiary of the fund, organized under the laws of the Cayman Islands as an exempted company.

Generally, the Subsidiary will invest in commodities and related instruments, primarily gold bullion and other precious metals and related futures contracts.

The fund seeks capital appreciation 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 estimated intrinsic value.

The goal of the process is to avoid permanent loss of capital.

Next, the research team prefers companies exhibiting financial strength and stability, capable management and fundamental 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.

Additionally, the fund may invest up to 25% of its net assets through a special purpose trading subsidiary (the ‘‘Subsidiary’’). The Subsidiary is a wholly-owned and controlled subsidiary of the fund, organized under the laws of the Cayman Islands as an exempted company.

Generally, the Subsidiary will invest in commodities and related instruments, primarily gold bullion and other precious metals and related futures contracts.

The fund seeks capital appreciation 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 estimated intrinsic value.

The goal of the process is to avoid permanent loss of capital.

Next, the research team prefers companies exhibiting financial strength and stability, capable management and fundamental 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.

Additionally, the fund may invest up to 25% of its net assets through a special purpose trading subsidiary (the ‘‘Subsidiary’’). The Subsidiary is a wholly-owned and controlled subsidiary of the fund, organized under the laws of the Cayman Islands as an exempted company.

Generally, the Subsidiary will invest in commodities and related instruments, primarily gold bullion and other precious metals and related futures contracts.

The fund seeks capital appreciation 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 estimated intrinsic value.

The goal of the process is to avoid permanent loss of capital.

Next, the research team prefers companies exhibiting financial strength and stability, capable management and fundamental 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.

Additionally, the fund may invest up to 25% of its net assets through a special purpose trading subsidiary (the ‘‘Subsidiary’’). The Subsidiary is a wholly-owned and controlled subsidiary of the fund, organized under the laws of the Cayman Islands as an exempted company.

Generally, the Subsidiary will invest in commodities and related instruments, primarily gold bullion and other precious metals and related futures contracts.

The fund seeks primarily capital appreciation and secondarily income 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 invests in equity securities of U.S. and foreign companies.

The team focuses on companies that are estimated to trade below their fair values.

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

The fund may invest up to 35% of its net assets in foreign securities and participations in foreign government debt.

Also, from time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

While the fund does not concentrate in any one industry, from time to time, based on economic conditions, it may make significant investments in certain sectors.

The fund seeks primarily capital appreciation and secondarily income 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 invests in equity securities of U.S. and foreign companies.

The team focuses on companies that are estimated to trade below their fair values.

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

The fund may invest up to 35% of its net assets in foreign securities and participations in foreign government debt.

Also, from time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

While the fund does not concentrate in any one industry, from time to time, based on economic conditions, it may make significant investments in certain sectors.

The fund seeks primarily capital appreciation and secondarily income 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 invests in equity securities of U.S. and foreign companies.

The team focuses on companies that are estimated to trade below their fair values.

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

The fund may invest up to 35% of its net assets in foreign securities and participations in foreign government debt.

Also, from time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

While the fund does not concentrate in any one industry, from time to time, based on economic conditions, it may make significant investments in certain sectors.

The fund seeks primarily capital appreciation and secondarily income 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 invests in equity securities of U.S. and foreign companies.

The team focuses on companies that are estimated to trade below their fair values.

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

The fund may invest up to 35% of its net assets in foreign securities and participations in foreign government debt.

Also, from time to time, based on economic conditions, the fund may have significant positions in particular countries or regions.

While the fund does not concentrate in any one industry, from time to time, based on economic conditions, it may make significant investments in certain sectors.

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 that are trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies that may be out of favor for temporary reasons or due to actual or perceived cyclical or secular challenges, or lowered expectations, or inefficient management, or financial distress.

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 in the securities of companies involved in mergers, consolidations, liquidations and reorganizations.

The fund does not invest more than 10% of its net assets in non-U.S. securities.

The fund may also invest in real estate investment trusts, and from time to time, may have significant positions in particular sectors, such as financial services companies.

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 that are trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies that may be out of favor for temporary reasons or due to actual or perceived cyclical or secular challenges, or lowered expectations, or inefficient management, or financial distress.

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 in the securities of companies involved in mergers, consolidations, liquidations and reorganizations.

The fund does not invest more than 10% of its net assets in non-U.S. securities.

The fund may also invest in real estate investment trusts, and from time to time, may have significant positions in particular sectors, such as financial services companies.

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 that are trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies that may be out of favor for temporary reasons or due to actual or perceived cyclical or secular challenges, or lowered expectations, or inefficient management, or financial distress.

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 in the securities of companies involved in mergers, consolidations, liquidations and reorganizations.

The fund does not invest more than 10% of its net assets in non-U.S. securities.

The fund may also invest in real estate investment trusts, and from time to time, may have significant positions in particular sectors, such as financial services companies.

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 that are trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies that may be out of favor for temporary reasons or due to actual or perceived cyclical or secular challenges, or lowered expectations, or inefficient management, or financial distress.

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 in the securities of companies involved in mergers, consolidations, liquidations and reorganizations.

The fund does not invest more than 10% of its net assets in non-U.S. securities.

The fund may also invest in real estate investment trusts, and from time to time, may have significant positions in particular sectors, such as financial services companies.

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 that are trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies that may be out of favor for temporary reasons or due to actual or perceived cyclical or secular challenges, or lowered expectations, or inefficient management, or financial distress.

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 in the securities of companies involved in mergers, consolidations, liquidations and reorganizations.

The fund does not invest more than 10% of its net assets in non-U.S. securities.

The fund may also invest in real estate investment trusts, and from time to time, may have significant positions in particular sectors, such as financial services 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 estimated to trade below their fair values with capital appreciation potential.

Next the research team focuses on companies that are selling at a significant discount to their estimated private market value, and with near-term catalysts to unlock that value.

The team also considers factors such as a company’s stock price, balance sheet strength and the perceived management skills.

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 overweights its top twenty-five positions.

Additionally, the fund may invest up to 25% of its net assets in securities of non-U.S. issuers, including issuers in emerging markets.

The fund may invest up to 50% of its net assets in securities for which a tender or exchange offer has been made or announced and in securities of companies for which a merger, consolidation, liquidation, or similar reorganization proposal has been announced.

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

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

The strategy seeks to minimize permanent loss of capital.

Next, the research team relies on fundamental analysis to look for companies with exceptional business models, superior financial strength, and durable competitive positions.

The team focuses on companies that are trading at a discount to their estimated intrinsic value.

Then the team utilizes qualitative techniques to narrow the investable universe. As part of this process, the team emphasizes companies that are market leaders, offer stable products, have low capital requirements and have proven management teams with ownership stakes.

In addition, the team utilizes quantitative analysis and emphasizes companies with high returns on capital, high correlation between earnings and cash flow, low financial risk and valuations based on discounted cash flow models.

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 also may invest in foreign companies, either directly or through depositary receipts.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows the investable universe with the help of quantitative research and fundamental analysis.

The team looks for companies that are trading at discounts to their peers and long term outlooks and are also out of favor with investors but have financial capacity and management depth to improve their performance over time.

The team reviews trends in business fundamentals and relative values to peers in determining portfolio inclusion.

The fund favors to invest in 60 to 80 companies that are financially strong and are deemed to be temporarily out of favor with investors or are mispriced or misunderstood.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows the investable universe with the help of quantitative research and fundamental analysis.

The team looks for companies that are trading at discounts to their peers and long term outlooks and are also out of favor with investors but have financial capacity and management depth to improve their performance over time.

The team reviews trends in business fundamentals and relative values to peers in determining portfolio inclusion.

The fund favors to invest in 60 to 80 companies that are financially strong and are deemed to be temporarily out of favor with investors or are mispriced or misunderstood.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows the investable universe with the help of quantitative research and fundamental analysis.

The team looks for companies that are trading at discounts to their peers and long term outlooks and are also out of favor with investors but have financial capacity and management depth to improve their performance over time.

The team reviews trends in business fundamentals and relative values to peers in determining portfolio inclusion.

The fund favors to invest in 60 to 80 companies that are financially strong and are deemed to be temporarily out of favor with investors or are mispriced or misunderstood.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows the investable universe with the help of quantitative research and fundamental analysis.

The team looks for companies that are trading at discounts to their peers and long term outlooks and are also out of favor with investors but have financial capacity, significant cash flow, and management depth to improve their performance over time.

The team reviews trends in business fundamentals and relative values to peers in determining portfolio inclusion.

The fund favors investing in 40 to 75 companies that are financially strong and represent best ideas across the market cap spectrum in offering the most attractive risk reward profile.

The fund also invests opportunistically in special situations, merger stock arbitrage and high-yield and investment grade bonds.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows the investable universe with the help of quantitative research and fundamental analysis.

The team looks for companies that are trading at discounts to their peers and long term outlooks and are also out of favor with investors but have financial capacity, significant cash flow, and management depth to improve their performance over time.

The team reviews trends in business fundamentals and relative values to peers in determining portfolio inclusion.

The fund favors investing in 40 to 75 companies that are financially strong and represent best ideas across the market cap spectrum in offering the most attractive risk reward profile.

The fund also invests opportunistically in special situations, merger stock arbitrage and high-yield and investment grade bonds.

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

The investment process starts with a list of companies in the benchmark index and the research team narrows the investable universe with the help of quantitative research and fundamental analysis.

The team looks for companies that are trading at discounts to their peers and long term outlooks and are also out of favor with investors but have financial capacity, significant cash flow, and management depth to improve their performance over time.

The team reviews trends in business fundamentals and relative values to peers in determining portfolio inclusion.

The fund favors investing in 40 to 75 companies that are financially strong and represent best ideas across the market cap spectrum in offering the most attractive risk reward profile.

The fund also invests opportunistically in special situations, merger stock arbitrage and high-yield and investment grade bonds.

The fund seeks 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 that are estimated to trade below their fair values.

Next, the research team focuses on companies that are trading at a discount to their estimated intrinsic value. The team emphasizes quality businesses with potential to grow intrinsic value over time.

Additionally, the team prefers companies with superior growth prospects, attractive return on invested capital and a management team having prudent capital allocation skills.

Then the research team focuses on companies experiencing special circumstances, such as initial public offerings, new management or management reliant upon one or a few key people, special products and techniques.

Other special circumstances include limited or cyclical product lines, services, markets or resources or unusual developments, such as acquisitions, mergers, liquidations, bankruptcies or leveraged buyouts.

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.

As part of its stock selection process, the manager invests a significant portion of the fund’s net assets in companies within the same industries or sectors of the market.

The fund may invest up to 10% of its net assets in real estate investment trusts.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including securities of issuers located in emerging markets countries, and depositary receipts.

The fund seeks 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 that are estimated to trade below their fair values.

Next, the research team focuses on companies that are trading at a discount to their estimated intrinsic value. The team emphasizes quality businesses with potential to grow intrinsic value over time.

Additionally, the team prefers companies with superior growth prospects, attractive return on invested capital and a management team having prudent capital allocation skills.

Then the research team focuses on companies experiencing special circumstances, such as initial public offerings, new management or management reliant upon one or a few key people, special products and techniques.

Other special circumstances include limited or cyclical product lines, services, markets or resources or unusual developments, such as acquisitions, mergers, liquidations, bankruptcies or leveraged buyouts.

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.

As part of its stock selection process, the manager invests a significant portion of the fund’s net assets in companies within the same industries or sectors of the market.

The fund may invest up to 10% of its net assets in real estate investment trusts.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including securities of issuers located in emerging markets countries, and depositary receipts.

The fund seeks 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 that are estimated to trade below their fair values.

Next, the research team focuses on companies that are trading at a discount to their estimated intrinsic value. The team emphasizes quality businesses with potential to grow intrinsic value over time.

Additionally, the team prefers companies with superior growth prospects, attractive return on invested capital and a management team having prudent capital allocation skills.

Then the research team focuses on companies experiencing special circumstances, such as initial public offerings, new management or management reliant upon one or a few key people, special products and techniques.

Other special circumstances include limited or cyclical product lines, services, markets or resources or unusual developments, such as acquisitions, mergers, liquidations, bankruptcies or leveraged buyouts.

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.

As part of its stock selection process, the manager invests a significant portion of the fund’s net assets in companies within the same industries or sectors of the market.

The fund may invest up to 10% of its net assets in real estate investment trusts.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including securities of issuers located in emerging markets countries, and depositary receipts.

The fund seeks 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 that are estimated to trade below their fair values.

Next, the research team focuses on companies that are trading at a discount to their estimated intrinsic value. The team emphasizes quality businesses with potential to grow intrinsic value over time.

Additionally, the team prefers companies with superior growth prospects, attractive return on invested capital and a management team having prudent capital allocation skills.

Then the research team focuses on companies experiencing special circumstances, such as initial public offerings, new management or management reliant upon one or a few key people, special products and techniques.

Other special circumstances include limited or cyclical product lines, services, markets or resources or unusual developments, such as acquisitions, mergers, liquidations, bankruptcies or leveraged buyouts.

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.

As part of its stock selection process, the manager invests a significant portion of the fund’s net assets in companies within the same industries or sectors of the market.

The fund may invest up to 10% of its net assets in real estate investment trusts.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including securities of issuers located in emerging markets countries, and depositary receipts.

The fund seeks 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 that are estimated to trade below their fair values.

Next, the research team focuses on companies that are trading at a discount to their estimated intrinsic value. The team emphasizes quality businesses with potential to grow intrinsic value over time.

Additionally, the team prefers companies with superior growth prospects, attractive return on invested capital and a management team having prudent capital allocation skills.

Then the research team focuses on companies experiencing special circumstances, such as initial public offerings, new management or management reliant upon one or a few key people, special products and techniques.

Other special circumstances include limited or cyclical product lines, services, markets or resources or unusual developments, such as acquisitions, mergers, liquidations, bankruptcies or leveraged buyouts.

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.

As part of its stock selection process, the manager invests a significant portion of the fund’s net assets in companies within the same industries or sectors of the market.

The fund may invest up to 10% of its net assets in real estate investment trusts.

The fund may invest up to 25% of its net assets in securities of foreign issuers, including securities of issuers located in emerging markets countries, and depositary receipts.

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 identify quality businesses in the benchmark index with sustainable competitive advantages. The investment team believes quality companies create value that can over time provide attractive returns with less risk than the overall market.

Next, the research team focuses on companies that are estimated to trade below their fair values, and are out of favor for temporary reasons.

Then the research team relies on fundamental analysis to look for high-quality companies whose future earnings growth potential is not reflected in their current market prices.

In addition, the team utilizes a proprietary index to include only those businesses that have produced a return on shareholder equity of 15% or greater in each of the past ten years.

Other aspects of fundamental analysis include an assessment of a company’s industry, strategy, competitive advantages, business segments, geographic distribution, growth and profitability, and financial statements.

The team also evaluates a company’s discounted cash flow models, relative valuation methods and ratio methods and narrows the investable universe to a list of companies demonstrating consistent earnings growth and superior business performance.

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

The portfolio holds between 30 and 50 securities, and strives to be fully invested at all times.

The fund must always own the securities of a minimum of 25 different companies in its portfolio.

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 identify quality businesses in the benchmark index with sustainable competitive advantages. The investment team believes quality companies create value that can over time provide attractive returns with less risk than the overall market.

Next, the research team focuses on companies that are estimated to trade below their fair values, and are out of favor for temporary reasons.

Then the research team relies on fundamental analysis to look for high-quality companies whose future earnings growth potential is not reflected in their current market prices.

In addition, the team utilizes a proprietary index to include only those businesses that have produced a return on shareholder equity of 15% or greater in each of the past ten years.

Other aspects of fundamental analysis include an assessment of a company’s industry, strategy, competitive advantages, business segments, geographic distribution, growth and profitability, and financial statements.

The team also evaluates a company’s discounted cash flow models, relative valuation methods and ratio methods and narrows the investable universe to a list of companies demonstrating consistent earnings growth and superior business performance.

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

The portfolio holds between 30 and 50 securities, and strives to be fully invested at all times.

The fund must always own the securities of a minimum of 25 different companies in its portfolio.

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 identify companies in the benchmark index that are estimated to trade below their fair values on the basis of estimated future earnings and cash flow.

The investment team prefers companies that are lagging in market price for temporary reasons and trading at a significant discount to their estimated intrinsic value.

Next, the research team screens a dynamic universe of the 500 largest companies to select securities for the portfolio.

Then the team combines fundamental research and proprietary modeling to rank companies from the cheapest to the most expensive based on current share price relative to estimated long-term earnings power.

Additionally, the team narrows the investable universe to a list of the cheapest-ranked companies.

Then the manager constructs a portfolio of stocks of companies with profits that are less than estimated, a business plan to restore earnings to normal, and a durable business advantage.

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

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

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

The sub-advisor’s investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values on the basis of estimated future earnings and cash flow.

The investment team prefers companies that are lagging in market price for temporary reasons and trading at a significant discount to their estimated intrinsic value.

Next, the research team screens a dynamic universe of the 500 largest companies to select securities for the portfolio.

Then the team combines fundamental research and proprietary modeling to rank companies from the cheapest to the most expensive based on current share price relative to estimated long-term earnings power.

Additionally, the team narrows the investable universe to a list of the cheapest-ranked companies.

Then the manager constructs a portfolio of stocks of companies with profits that are less than estimated, a business plan to restore earnings to normal, and a durable business advantage.

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

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

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

The sub-advisor’s investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values on the basis of estimated future earnings and cash flow.

The investment team prefers companies that are lagging in market price for temporary reasons and trading at a significant discount to their estimated intrinsic value.

Next, the research team screens a dynamic universe of the 500 largest companies to select securities for the portfolio.

Then the team combines fundamental research and proprietary modeling to rank companies from the cheapest to the most expensive based on current share price relative to estimated long-term earnings power.

Additionally, the team narrows the investable universe to a list of the cheapest-ranked companies.

Then the manager constructs a portfolio of stocks of companies with profits that are less than estimated, a business plan to restore earnings to normal, and a durable business advantage.

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

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

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

The sub-advisor’s investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values on the basis of estimated future earnings and cash flow.

The investment team prefers companies that are lagging in market price for temporary reasons and trading at a significant discount to their estimated intrinsic value.

Next, the research team screens a dynamic universe of the 500 largest companies to select securities for the portfolio.

Then the team combines fundamental research and proprietary modeling to rank companies from the cheapest to the most expensive based on current share price relative to estimated long-term earnings power.

Additionally, the team narrows the investable universe to a list of the cheapest-ranked companies.

Then the manager constructs a portfolio of stocks of companies with profits that are less than estimated, a business plan to restore earnings to normal, and a durable business advantage.

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

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

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

The sub-advisor’s investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values on the basis of estimated future earnings and cash flow.

The investment team prefers companies that are lagging in market price for temporary reasons and trading at a significant discount to their estimated intrinsic value.

Next, the research team screens a dynamic universe of the 500 largest companies to select securities for the portfolio.

Then the team combines fundamental research and proprietary modeling to rank companies from the cheapest to the most expensive based on current share price relative to estimated long-term earnings power.

Additionally, the team narrows the investable universe to a list of the cheapest-ranked companies.

Then the manager constructs a portfolio of stocks of companies with profits that are less than estimated, a business plan to restore earnings to normal, and a durable business advantage.

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

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

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

The sub-advisor’s investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values on the basis of estimated future earnings and cash flow.

The investment team prefers companies that are lagging in market price for temporary reasons and trading at a significant discount to their estimated intrinsic value.

Next, the research team screens a dynamic universe of the 500 largest companies to select securities for the portfolio.

Then the team combines fundamental research and proprietary modeling to rank companies from the cheapest to the most expensive based on current share price relative to estimated long-term earnings power.

Additionally, the team narrows the investable universe to a list of the cheapest-ranked companies.

Then the manager constructs a portfolio of stocks of companies with profits that are less than estimated, a business plan to restore earnings to normal, and a durable business advantage.

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

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

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

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

Then the research team focuses on companies that have the potential to grow their intrinsic values per share and looks to buy them at a discount.

Additionally, the Investment team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. 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 a significant portion of its net assets in companies of one particular market capitalization category, such as large-capitalization companies.

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

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

Then the research team focuses on companies that have the potential to grow their intrinsic values per share and looks to buy them at a discount.

Additionally, the Investment team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. 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 a significant portion of its net assets in companies of one particular market capitalization category, such as large-capitalization companies.

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

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

Then the research team focuses on companies that have the potential to grow their intrinsic values per share and looks to buy them at a discount.

Additionally, the Investment team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. 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 a significant portion of its net assets in companies of one particular market capitalization category, such as large-capitalization companies.

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

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

Then the research team focuses on companies that have the potential to grow their intrinsic values per share and looks to buy them at a discount.

Additionally, the Investment team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. 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 a significant portion of its net assets in companies of one particular market capitalization category, such as large-capitalization companies.

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

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

Then the research team focuses on companies that have the potential to grow their intrinsic values per share and looks to buy them at a discount.

Additionally, the Investment team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. 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 a significant portion of its net assets in companies of one particular market capitalization category, such as large-capitalization companies.

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

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

Then the research team focuses on companies that have the potential to grow their intrinsic values per share and looks to buy them at a discount.

Additionally, the Investment team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. 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 a significant portion of its net assets in companies of one particular market capitalization category, such as large-capitalization companies.

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

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

Then the research team focuses on companies that have the potential to grow their intrinsic values per share and looks to buy them at a discount.

Additionally, the Investment team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. 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 a significant portion of its net assets in companies of one particular market capitalization category, such as large-capitalization companies.

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

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

Then the research team focuses on companies that have the potential to grow their intrinsic values per share and looks to buy them at a discount.

Additionally, the Investment team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. 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 a significant portion of its net assets in companies of one particular market capitalization category, such as large-capitalization companies.

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

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

Then the research team focuses on companies that have the potential to grow their intrinsic values per share and looks to buy them at a discount.

Additionally, the Investment team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. 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 a significant portion of its net assets in companies of one particular market capitalization category, such as 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 starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Then the research team relies on fundamental research to identify companies that are estimated to trade below their fair values.

The team focuses on companies that are lagging in market price for temporary reasons and are trading at a discount to their estimated intrinsic value but have the potential to increase market price over time.

As part of its stock selection process, the team evaluates a stock with a long-term investment horizon.

The team prefers companies with superior business prospects, excellent financial structures and proven management teams aligned with shareholders’ interests.

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 also invests in spin-offs, post-bankruptcy reorganizations and other corporate restructurings.

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

The investment process starts with a list of companies with $5 billion in market capitalization or higher. Then the research team with the help of fundamental analysis and quantitative research narrows the list to market leaders with growing free cash flows and strong financial positions.

The team then with the help of qualitative analysis estimates intrinsic value of the select businesses that are clearly understood by investment team.

The team favors companies that are trading at least below 60% of their intrinsic values.

The fund may invest as much as 30% of its assets in non-U.S. securities including securities issues by companies in emerging markets and American depository receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values and selling at reasonable prices.

Next, the research team integrates environmental, social and governance factors as part of its process.

Then the research process is driven by fundamental analysis of one stock at a time. The manager constructs a diversified portfolio from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest up to 10% of its net assets in securities of foreign companies, including emerging market companies, American Depositary Receipts, and other similar depositary receipts.

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

The fund attempts to build a portfolio of companies that are likely to outperform market in the long term and also exhibit return profiles that expected to fluctuate less than the broader equity market.

The deep value focused investment process is designed to highlight companies in the benchmark index or larger than $1 billion in market capitalization that are trading at discounts to their peers and history.

The research team with the help of quantitative research and fundamental analysis identifies companies with a proven track record of earnings and are mispriced or out of favor with investors.

Next, the team with the help of qualitative research estimates long term growth outlook for these companies and identifies near-term appreciation potential.

The investment team uses a quantitative model and favors highly ranked companies on fundamental measures and expected return in near-term and with less volatile return profiles than the broader index.

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

The fund attempts to build a portfolio of companies that are likely to outperform market in the long term and also exhibit return profiles that expected to fluctuate less than the broader equity market.

The deep value focused investment process is designed to highlight companies in the benchmark index or larger than $1 billion in market capitalization that are trading at discounts to their peers and history.

The research team with the help of quantitative research and fundamental analysis identifies companies with a proven track record of earnings and are mispriced or out of favor with investors.

Next, the team with the help of qualitative research estimates long term growth outlook for these companies and identifies near-term appreciation potential.

The investment team uses a quantitative model and favors highly ranked companies on fundamental measures and expected return in near-term and with less volatile return profiles than the broader index.

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

The deep value focused investment process is designed to highlight companies in the benchmark index or larger than $1 billion in market capitalization that are trading at discounts to their peers and history.

The research team with the help of quantitative research and fundamental analysis identifies companies with a proven track record of earnings and are mispriced or out of favor with investors.

Next, the team with the help of qualitative research estimates long term growth outlook for these companies and identifies near-term appreciation potential.

The investment team uses a quantitative model and favors highly ranked companies on fundamental measures and expected return in near-term.

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

The deep value focused investment process is designed to highlight companies in the benchmark index or larger than $1 billion in market capitalization that are trading at discounts to their peers and history.

The research team with the help of quantitative research and fundamental analysis identifies companies with a proven track record of earnings and are mispriced or out of favor with investors.

Next, the team with the help of qualitative research estimates long term growth outlook for these companies and identifies near-term appreciation potential.

The investment team uses a quantitative model and favors highly ranked companies on fundamental measures and expected return in near-term.

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

The investment process is driven by fundamental research to identify companies that are significantly undervalued based on market price relative to normalized earnings.

The investment team estimates the intrinsic value of a stock on the basis of its historical earnings and estimated future earnings.

Then the research team utilizes a proprietary screening process to narrow the investable universe from among the top 1,000 companies ranked by market capitalization.

Next, the research team assesses a company’s growth and profitability drivers and position in the industry relative to competitors.

The process also emphasizes financial statements analysis, study of competitors, customers and suppliers, meetings with management teams, review of past earnings calls and investor presentations, and research from brokerage and independent research firms.

Then the research team makes an in-depth research of undervalued stocks to assess if they are out of favor for temporary or permanent reasons.

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

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

The investment process is driven by fundamental research to identify companies that are significantly undervalued based on market price relative to normalized earnings.

The investment team estimates the intrinsic value of a stock on the basis of its historical earnings and estimated future earnings.

Then the research team utilizes a proprietary screening process to narrow the investable universe from among the top 1,000 companies ranked by market capitalization.

Next, the research team assesses a company’s growth and profitability drivers and position in the industry relative to competitors.

The process also emphasizes financial statements analysis, study of competitors, customers and suppliers, meetings with management teams, review of past earnings calls and investor presentations, and research from brokerage and independent research firms.

Then the research team makes an in-depth research of undervalued stocks to assess if they are out of favor for temporary or permanent reasons.

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

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

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

Next, the research team looks to purchase growth stocks at a reasonable price relative to its estimated intrinsic value.

In addition, the team analyzes a company’s fundamentals and management strength as part of its valuation process.

The team also considers a company with a higher private market 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 invest up to 5% of its net assets in junk bonds, and also may invest up to 25% of its net assets in equity or debt securities of any maturity of foreign issuers, directly or through American Depositary Receipts.

Also, the fund has the flexibility to invest up to 20% of its net assets in money market funds, investment grade money market instruments, fixed income securities, repurchase agreements, commercial paper, other short-term debt securities and cash equivalents.

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 starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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 at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

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 starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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 at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

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 starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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 at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

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 starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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 at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

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 starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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 at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

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 starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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 at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

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 starts with a list of companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team utilizes a proprietary multi-factor model to select securities that it believes share complementary factor exposures.

The team focuses on complementary factors such as mean-reversion, trend following, risk aversion, and risk seeking.

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 at times have significant exposure to one or more industries or sectors, and may hold a portion of its net assets in cash or cash equivalents.

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

The investment process is designed to identify companies in the benchmark index that are estimated to trade below their fair values but have the potential to exceed market returns.

Then the research team relies on fundamental analysis to look for companies that are trading at a significant discount to their estimated intrinsic value.

The team typically holds a stock for a period between two and six years.

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 in foreign equity securities and sponsored and unsponsored American Depositary Receipts of companies located in developed countries.

Additionally, the fund will only invest in fixed-income investments of investment grade quality.

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 is designed to highlight companies in the benchmark index which appear underpriced as determined by valuation multiples such as earnings and cash flow.

Then the research team relies on fundamental analysis to narrow the investable universe of potential investment opportunities.

Next, the team utilizes proprietary screening software to exclude companies that produce, promote, advertise, sponsor, or offer services related to, abortion or abortion products, pornography, human rights, and gambling.

In addition, the team avoids investing in entertainment companies that produce or support anti-family content in film, games, print, or television.

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 relies on stock selection to achieve its results, rather than trying to time market fluctuations.

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

The investment process is designed to identify high-quality companies in the benchmark index that are out of favor for temporary reasons.

Next, the research team combines quantitative screening and fundamental research to seek companies that are trading at a discount to their estimated intrinsic value with the potential to generate above-average rates of returns over time.

The team also focuses on companies with superior and durable market share positions.

Then the manager constructs a diversified portfolio of 15 to 35 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager invests across a range of industries and market sectors, and from time to time, may invest in securities of companies in the same economic sector, including the financial sector.

The fund may invest up to 25% of its net assets in non-U.S. companies located in developed countries.

The fund is non-diversified meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of 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 identify high-quality companies in the benchmark index that are out of favor for temporary reasons.

Next, the research team combines quantitative screening and fundamental research to seek companies that are trading at a discount to their estimated intrinsic value with the potential to generate above-average rates of returns over time.

The team also focuses on companies with superior and durable market share positions.

Then the manager constructs a diversified portfolio of 15 to 35 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager invests across a range of industries and market sectors, and from time to time, may invest in securities of companies in the same economic sector, including the financial sector.

The fund may invest up to 25% of its net assets in non-U.S. companies located in developed countries.

The fund is non-diversified meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

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

The investment process starts with a list of companies in the benchmark Russell 3000 Value Index. The research team then looks for companies with established market presence, solid financial statements and stable or improving earnings and cash flows.

The team then estimates the long term value of a select list of companies that meet financial and earnings criteria and compares with the current price in the stock market. The companies with near-term identifiable catalysts that could lift stocks prices near to long term estimated values are favored for the inclusion in the portfolio.

The fund generally invests in companies with market capitalization more than $3 billion.

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

The investment process starts with a list of companies in the benchmark Russell 3000 Value Index. The research team then looks for companies with established market presence, solid financial statements and stable or improving earnings and cash flows.

The team then estimates the long term value of a select list of companies that meet financial and earnings criteria and compares with the current price in the stock market. The companies with near-term identifiable catalysts that could lift stocks prices near to long term estimated values are favored for the inclusion in the portfolio.

The fund generally invests in companies with market capitalization more than $3 billion.

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

The investment process starts with a list of companies in the benchmark Russell 3000 Value Index. The research team then looks for companies with established market presence, solid financial statements and stable or improving earnings and cash flows.

The team then estimates the long term value of a select list of companies that meet financial and earnings criteria and compares with the current price in the stock market. The companies with near-term identifiable catalysts that could lift stocks prices near to long term estimated values are favored for the inclusion in the portfolio.

The fund generally invests in companies with market capitalization more than $3 billion.

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 trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies with free cash flows and growing and predictable earnings.

In addition, the team prefers companies with management teams having prudent capital allocation skills, and the highest level of ownership in business outcomes.

Then the research process is driven by fundamental analysis of one stock at a time. . As part of its process, the team visit and conduct research on companies and their industries.

The portfolio generally will have approximately twenty securities and as a result, a higher percentage of the fund’s net assets may at times be invested in a particular sector or industry.

The fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund.

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 trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies with free cash flows and growing and predictable earnings.

In addition, the team prefers companies with management teams having prudent capital allocation skills, and the highest level of ownership in business outcomes.

Then the research process is driven by fundamental analysis of one stock at a time. . As part of its process, the team visit and conduct research on companies and their industries.

The portfolio generally will have approximately twenty securities and as a result, a higher percentage of the fund’s net assets may at times be invested in a particular sector or industry.

The fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund.

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 trading at a discount to their estimated intrinsic value.

Next, the research team focuses on companies with free cash flows and growing and predictable earnings.

In addition, the team prefers companies with management teams having prudent capital allocation skills, and the highest level of ownership in business outcomes.

Then the research process is driven by fundamental analysis of one stock at a time. . As part of its process, the team visit and conduct research on companies and their industries.

The portfolio generally will have approximately twenty securities and as a result, a higher percentage of the fund’s net assets may at times be invested in a particular sector or industry.

The fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund.

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

The investment process relies on fundamental analysis to highlight companies that are market leaders.

Then the research team utilizes a factor-based model to screen niche companies. The team evaluates companies on the basis of factors such as valuations, financial strength, quality and growth of earnings, market capitalization and volume.

Next, the team also focuses companies that exhibit Shareholder Yield strength, which is the combination of dividends and share repurchases.

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

The fund may from time to time emphasize investment in certain sectors of the market.

The fund may also invest up to 20% of its net assets in securities of foreign issuers, which may also include issuers located in emerging markets and frontier markets.

The fund may invest up to 25% of its net assets in real estate investment trusts or foreign real estate companies.

Additionally, the fund has the flexibility to invest up to 20% of its net assets in depositary receipts of foreign based companies and Global Depositary Receipts.

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.

Next, the research team invests primarily in a variety of equity and equity-related securities, including common stocks, convertible preferred and convertible debt securities.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on companies that are estimated to trade below their fair values.

In addition, the team favors companies with balance sheet strength and that are trading at attractive valuations.

In evaluating potential investments, the team also considers quality of management, quality of product or service, overall franchise or brand value, composition of the board of directors, and the uniqueness of the business model.

Also, the team looks for the presence of catalysts such as a change in management, a new management incentive program, the sale of an underperforming asset or business unit, or a positive change in industry fundamentals.
 

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

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

Then the research team relies on fundamental analysis to identify companies that are inexpensive on the basis of book value, cash flow and earnings.

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 manager has the flexibility to exclude a company based on factors such as free float, size, value, profitability, trading strategies, liquidity, and momentum.

The fund may lend its portfolio securities to generate additional income.

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

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

Then the research team relies on fundamental analysis to identify companies that are inexpensive on the basis of book value, cash flow and earnings.

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 manager has the flexibility to exclude a company based on factors such as free float, size, value, profitability, trading strategies, liquidity, and momentum.

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 investment process starts with a list of high quality companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team screens companies with products or services that meet a clear economic need and superior competitive advantage, a track record of profitability, increased cash flow generation capacity and that are available at reasonable prices.

Other factors that the team focuses on are balance sheet strength, and management teams that take high-levels of ownership in business outcomes and are shareholder friendly.

Then the manager constructs a diversified portfolio of 25 to 30 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager may invest a large percentage of its net assets in a few sectors, including consumer discretionary and financials.

The fund is non-diversified meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

Additionally, the fund has the flexibility to take temporary defensive positions in high-quality, short-term debt securities and money market instruments in response to adverse market, economic, political, or other conditions.

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

The investment process starts with a list of high quality companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team screens companies with products or services that meet a clear economic need and superior competitive advantage, a track record of profitability, increased cash flow generation capacity and that are available at reasonable prices.

Other factors that the team focuses on are balance sheet strength, and management teams that take high-levels of ownership in business outcomes and are shareholder friendly.

Then the manager constructs a diversified portfolio of 25 to 30 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager may invest a large percentage of its net assets in a few sectors, including consumer discretionary and financials.

The fund is non-diversified meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

Additionally, the fund has the flexibility to take temporary defensive positions in high-quality, short-term debt securities and money market instruments in response to adverse market, economic, political, or other conditions.

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

The investment process starts with a list of high quality companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team screens companies with products or services that meet a clear economic need and superior competitive advantage, a track record of profitability, increased cash flow generation capacity and that are available at reasonable prices.

Other factors that the team focuses on are balance sheet strength, and management teams that take high-levels of ownership in business outcomes and are shareholder friendly.

Then the manager constructs a diversified portfolio of 25 to 30 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager may invest a large percentage of its net assets in a few sectors, including consumer discretionary and financials.

The fund is non-diversified meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

Additionally, the fund has the flexibility to take temporary defensive positions in high-quality, short-term debt securities and money market instruments in response to adverse market, economic, political, or other conditions.

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

The investment process starts with a list of high quality companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team screens companies with products or services that meet a clear economic need and superior competitive advantage, a track record of profitability, increased cash flow generation capacity and that are available at reasonable prices.

Other factors that the team focuses on are balance sheet strength, and management teams that take high-levels of ownership in business outcomes and are shareholder friendly.

Then the manager constructs a diversified portfolio of 25 to 30 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager may invest a large percentage of its net assets in a few sectors, including consumer discretionary and financials.

The fund is non-diversified meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

Additionally, the fund has the flexibility to take temporary defensive positions in high-quality, short-term debt securities and money market instruments in response to adverse market, economic, political, or other conditions.

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

The investment process starts with a list of high quality companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team screens companies with products or services that meet a clear economic need and superior competitive advantage, a track record of profitability, increased cash flow generation capacity and that are available at reasonable prices.

Other factors that the team focuses on are balance sheet strength, and management teams that take high-levels of ownership in business outcomes and are shareholder friendly.

Then the manager constructs a diversified portfolio of 25 to 30 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager may invest a large percentage of its net assets in a few sectors, including consumer discretionary and financials.

The fund is non-diversified meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

Additionally, the fund has the flexibility to take temporary defensive positions in high-quality, short-term debt securities and money market instruments in response to adverse market, economic, political, or other conditions.

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

The investment process starts with a list of high quality companies in the benchmark index and the research team narrows down the list utilizing quantitative research and fundamental analysis.

Next, the research team screens companies with products or services that meet a clear economic need and superior competitive advantage, a track record of profitability, increased cash flow generation capacity and that are available at reasonable prices.

Other factors that the team focuses on are balance sheet strength, and management teams that take high-levels of ownership in business outcomes and are shareholder friendly.

Then the manager constructs a diversified portfolio of 25 to 30 stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager may invest a large percentage of its net assets in a few sectors, including consumer discretionary and financials.

The fund is non-diversified meaning that a relatively high percentage of its net assets may be invested in a limited number of issuers of securities.

Additionally, the fund has the flexibility to take temporary defensive positions in high-quality, short-term debt securities and money market instruments in response to adverse market, economic, political, or other conditions.

The fund seeks capital appreciation 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 narrows down the list utilizing quantitative research and fundamental analysis.

The process considers companies with financial strength that are underperforming and have not yet been recognized by the market.

Then the research process is driven by fundamental analysis of one stock at a time with a 12 to 36 month investment time horizon. The team relies on valuation screens to focus on companies that are selling at low absolute and relative earnings multiples.

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

The fund may, from time to time, have significant exposure to one or more sectors of the market, and strives to be at or near fully invested.

The fund has the flexibility to invest in securities issued by non-U.S. companies including American Depositary Receipts.

The fund seeks capital appreciation 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 narrows down the list utilizing quantitative research and fundamental analysis.

The process considers companies with financial strength that are underperforming and have not yet been recognized by the market.

Then the research process is driven by fundamental analysis of one stock at a time with a 12 to 36 month investment time horizon. The team relies on valuation screens to focus on companies that are selling at low absolute and relative earnings multiples.

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

The fund may, from time to time, have significant exposure to one or more sectors of the market, and strives to be at or near fully invested.

The fund has the flexibility to invest in securities issued by non-U.S. companies including American Depositary Receipts.

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

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

Next, the research team employs a quantitative management strategy to identify potential investment opportunities.

Then the research process is driven by fundamental analysis of one stock at a time. The team ranks stocks on the basis of valuation, profitability, stability, capital allocation policy of management, and market indicators of near term appreciation potential.

In addition, the team also focuses on valuation multiples such as earnings, cash flows, and book value.

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

The fund may invest up to 20% of its net assets in securities of foreign issuers, including securities of emerging market issuers.

The fund has the flexibility to invest across all market capitalizations.

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 trading at a discount to their estimated fair value.

Next, the research team employs a quantitative management strategy to identify potential investment opportunities.

Then the research process is driven by fundamental analysis of one stock at a time. The team ranks stocks on the basis of valuation, profitability, stability, capital allocation policy of management, and market indicators of near term appreciation potential.

In addition, the team also focuses on valuation multiples such as earnings, cash flows, and book value.

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

The fund may invest up to 20% of its net assets in securities of foreign issuers, including securities of emerging market issuers.

The fund has the flexibility to invest across all market capitalizations.

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 trading at a discount to their estimated fair value.

Next, the research team employs a quantitative management strategy to identify potential investment opportunities.

Then the research process is driven by fundamental analysis of one stock at a time. The team ranks stocks on the basis of valuation, profitability, stability, capital allocation policy of management, and market indicators of near term appreciation potential.

In addition, the team also focuses on valuation multiples such as earnings, cash flows, and book value.

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

The fund may invest up to 20% of its net assets in securities of foreign issuers, including securities of emerging market issuers.

The fund has the flexibility to invest across all market capitalizations.

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

The investment process is driven by fundamental research to identify companies demonstrating consistent revenue and earnings growth.

Next, the research team invests in varying proportions in categories such as basic value, consistent earner, and emerging franchise.

Basic Value companies operate in mature or cyclical industries and exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

The team considers consistent earners to be companies exhibiting characteristics such as predictable growth and profitability, and steady cash flow.

In addition, the team believes emerging franchises are companies that can rapidly grow due to a new product innovation or take share from players already in the market.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting stocks, the investment team seeks businesses with prospects for earnings growth, a sustainable business model, capable management team, leverage, return on invested capital, and attractive valuation metrics.

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

The fund may invest in companies of any size, but focuses on mid-and small-size companies.

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

The investment process is driven by fundamental research to identify companies demonstrating consistent revenue and earnings growth.

Next, the research team invests in varying proportions in categories such as basic value, consistent earner, and emerging franchise.

Basic Value companies operate in mature or cyclical industries and exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

The team considers consistent earners to be companies exhibiting characteristics such as predictable growth and profitability, and steady cash flow.

In addition, the team believes emerging franchises are companies that can rapidly grow due to a new product innovation or take share from players already in the market.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting stocks, the investment team seeks businesses with prospects for earnings growth, a sustainable business model, capable management team, leverage, return on invested capital, and attractive valuation metrics.

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

The fund may invest in companies of any size, but focuses on mid-and small-size companies.

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

The investment process is driven by fundamental research to identify companies demonstrating consistent revenue and earnings growth.

Next, the research team invests in varying proportions in categories such as basic value, consistent earner, and emerging franchise.

Basic Value companies operate in mature or cyclical industries and exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

The team considers consistent earners to be companies exhibiting characteristics such as predictable growth and profitability, and steady cash flow.

In addition, the team believes emerging franchises are companies that can rapidly grow due to a new product innovation or take share from players already in the market.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting stocks, the investment team seeks businesses with prospects for earnings growth, a sustainable business model, capable management team, leverage, return on invested capital, and attractive valuation metrics.

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

The fund may invest in companies of any size, but focuses on mid-and small-size companies.

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

The investment process is driven by fundamental research to identify companies demonstrating consistent revenue and earnings growth.

Next, the research team invests in varying proportions in categories such as basic value, consistent earner, and emerging franchise.

Basic Value companies operate in mature or cyclical industries and exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

The team considers consistent earners to be companies exhibiting characteristics such as predictable growth and profitability, and steady cash flow.

In addition, the team believes emerging franchises are companies that can rapidly grow due to a new product innovation or take share from players already in the market.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting stocks, the investment team seeks businesses with prospects for earnings growth, a sustainable business model, capable management team, leverage, return on invested capital, and attractive valuation metrics.

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

The fund may invest in companies of any size, but focuses on mid-and small-size companies.

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

The investment process is driven by fundamental research to identify companies demonstrating consistent revenue and earnings growth.

Next, the research team invests in varying proportions in categories such as basic value, consistent earner, and emerging franchise.

Basic Value companies operate in mature or cyclical industries and exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

The team considers consistent earners to be companies exhibiting characteristics such as predictable growth and profitability, and steady cash flow.

In addition, the team believes emerging franchises are companies that can rapidly grow due to a new product innovation or take share from players already in the market.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting stocks, the investment team seeks businesses with prospects for earnings growth, a sustainable business model, capable management team, leverage, return on invested capital, and attractive valuation metrics.

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

The fund may invest in companies of any size, but focuses on mid-and small-size companies.

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

The investment process is driven by fundamental research to identify companies demonstrating consistent revenue and earnings growth.

Next, the research team invests in varying proportions in categories such as basic value, consistent earner, and emerging franchise.

Basic Value companies operate in mature or cyclical industries and exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

The team considers consistent earners to be companies exhibiting characteristics such as predictable growth and profitability, and steady cash flow.

In addition, the team believes emerging franchises are companies that can rapidly grow due to a new product innovation or take share from players already in the market.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting stocks, the investment team seeks businesses with prospects for earnings growth, a sustainable business model, capable management team, leverage, return on invested capital, and attractive valuation metrics.

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

The fund may invest in companies of any size, but focuses on mid-and small-size companies.

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

The sub-advisor’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.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting securities for the portfolio, the research team evaluates companies on the basis of various financial metrics such as return on equity and earnings multiple as well as management capability, and industry position.

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.

Additionally, 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.

The fund will not invest in any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, or gambling enterprises.

The fund also avoids a company which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or alternative lifestyles.

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

The sub-advisor’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.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting securities for the portfolio, the research team evaluates companies on the basis of various financial metrics such as return on equity and earnings multiple as well as management capability, and industry position.

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.

Additionally, 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.

The fund will not invest in any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, or gambling enterprises.

The fund also avoids a company which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or alternative lifestyles.

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

The sub-advisor’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.

Also, the research process is driven by fundamental analysis of one stock at a time. When selecting securities for the portfolio, the research team evaluates companies on the basis of various financial metrics such as return on equity and earnings multiple as well as management capability, and industry position.

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.

Additionally, 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.

The fund will not invest in any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, or gambling enterprises.

The fund also avoids a company which is involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or alternative lifestyles.

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

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated fair value relative to factors such as earnings and book value.

Then the research team focuses on companies whose intrinsic value is not reflected in their current market prices.

The team believes these companies will increase in value over time as investors become more optimistic about the company’s valuation.

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

The fund may invest up to 20% of its net assets in securities of foreign issuers, including securities issued in emerging markets.

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

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated fair value relative to factors such as earnings and book value.

Then the research team focuses on companies whose intrinsic value is not reflected in their current market prices.

The team believes these companies will increase in value over time as investors become more optimistic about the company’s valuation.

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

The fund may invest up to 20% of its net assets in securities of foreign issuers, including securities issued in emerging markets.

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

The investment process is designed to highlight companies in the benchmark index that are trading at a discount to their estimated fair value relative to factors such as earnings and book value.

Then the research team focuses on companies whose intrinsic value is not reflected in their current market prices.

The team believes these companies will increase in value over time as investors become more optimistic about the company’s valuation.

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

The fund may invest up to 20% of its net assets in securities of foreign issuers, including securities issued in emerging markets.

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

The fund manages assets with the help of three advisors namely Donald Smith & Co., Inc., Pzena Investment Management, LLC, and Cooke & Bieler.

The fund prefers a multi-manager investing approach with the aim of reducing volatility and downside risk. Each manager independently selects and maintains a portfolio of stocks for the fund.

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

Then the research team focuses on companies that are lagging in market price and are trading at a discount to their estimated intrinsic value relative to factors such as earnings and book value.

The team believes these stocks exhibit above-average dividend yields.

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 is typically concentrated in a small number of stocks.

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

The fund manages assets with the help of two advisors namely Wellington Management Company LLP, and Pzena Investment Management, LLC.

The fund prefers a multi-manager investing approach with the aim of reducing volatility and downside risk. Each manager independently selects and maintains a portfolio of stocks for the fund.

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

Next, the research team focuses on companies that are lagging in market price and are trading at a discount to their estimated intrinsic value relative to factors such as earnings and book value.

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

The fund manages assets with the help of two advisors namely Wellington Management Company LLP, and Pzena Investment Management, LLC.

The fund prefers a multi-manager investing approach with the aim of reducing volatility and downside risk. Each manager independently selects and maintains a portfolio of stocks for the fund.

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

Next, the research team focuses on companies that are lagging in market price and are trading at a discount to their estimated intrinsic value relative to factors such as earnings and book value.

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