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

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

Next, the research team invests in securities of companies whose prices are below average relative to earnings and book value.

The team believes sto

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

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

Next, the research team invests in securities of companies whose prices are below average relative to earnings and book value.

The team believes stocks of these companies have above-average dividend yields.

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 the company’s market expertise, balance sheet, return on equity, and price to earnings ratios.

Also, the team reviews a company’s industry position and strength, as well as management team.

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 equity securities of foreign issuers in the form of American Depositary Receipts.

Also, the fund may, from time to time, take temporary defensive positions in cash and/or cash equivalents in attempting to respond to adverse market, economic, political, or other conditions.

However, the fund will not invest its net assets in any company that is involved in the production or wholesale distribution of alcohol, tobacco, or gambling equipment, gambling enterprises.

The fund also does not invest its net assets in companies involved, either directly or indirectly, in abortion or pornography, or promoting anti-family entertainment or alternative lifestyles.