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

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

Next, the research team invests in securities of real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, gross income or net profits are attributable to ownership, construction, management or sale of residential, commercial or industrial real estate.

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

When constructing the portfolio, the manager evaluates factors such as property market cycle analysis, property evaluation and management and structure review.

The manager then prefers securities having quality underlying properties, capable management teams, and attractive valuations.

Other factors in consideration include cash flow consistency and growth, dividend yield, dividend coverage and growth, and cash flow and assets to price multiples.

The fund will invest in companies economically tied to at least three different countries, including the U.S.

Also, the fund may invest at least 40%, unless market conditions are not deemed favorable, in which case at least 30%, of the fund’s net assets in companies that are economically tied to countries other than the U.S.

The fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally in the early stages of their industrial cycles.

The fund may also invest in China A shares, and may also invest in debt securities of domestic and foreign issuers.

Additionally, the fund may invest up to 10% of its net assets in non-investment grade debt securities of real estate and real estate-related issuers.

In addition, the fund may invest in derivative instruments, including forward foreign currency contracts.

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

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

Next, the research team invests in securities of real estate and real estate-related issuers, and in derivatives and other instruments that have economic characteristics similar to such securities.

The fund considers an issuer to be a real estate or real estate-related issuer if at least 50% of its assets, More