TIER

The fund seeks long-term capital appreciation. The adviser also attempts to create a portfolio with similar characteristics to the MSCI ACWI ex USA Index (Index) with the potential to provide excess returns relative to the Index. The Index gives a representation of equity stocks across both developed and emerging market countries globally, excluding the United States. The Index also gives coverage of large and mid-cap equity stocks across all sectors and style segments. The fund uses a disciplined portfolio construction process whereby it weights each country/region, sector, and industry approximately the same as the Index. Within each country/region, sector, and industry, the weighting of individual fund holdings can vary significantly from their weighting within the Index.