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

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

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

In selecting securities for the portfolio, the research team utilizes both a quantitative screening process and a qualitative stock selection process.

As part of the quantitative screening process, the team relies on a proprietary model to identify approximately 100 qualifying securities of companies in the retail, office, industrial, hotel, healthcare multi-family and self-storage sectors.

In the qualitative stock selection process, the team selects the top 40 to 50 securities from among the approximately 100 qualifying securities on the basis of management quality, external growth potential, corporate governance, quality and location of assets, lease terms, tenant credit quality, debt structure and financial flexibility.

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

The fund may invest 100% of its net assets (other than cash and cash equivalents) in real estate investment trusts, and may also invest in other publicly traded real estate securities that are included in the Index.

Also, the fund invests at least 40% of its net assets in the securities of issuers located in at least three foreign countries.

The fund will limit its investments in issuers located in any single foreign country to no more than 25% of its net assets.

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

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

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

In selecting securities for the portfolio, the research team utilizes both More