Strategy. The Funds investment team employs a fundamental investment process to construct a diversified portfolio of US mid-cap growth companies. The team seeks to invest in companies that it believes possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The Funds investment process focuses on two distinct elementssecurity selection and capital allocation. The team overlays its investment process with sustainability considerations and broad knowledge of the global economy. Security Selection The team seeks to identify companies that have franchise characteristics (e.g., low cost production capability, possession of a proprietary asset, dominant market share or a defensible brand name), are benefiting from an accelerating profit cycle and are … Show more… The Funds investment team employs a fundamental investment process to construct a diversified portfolio of US mid-cap growth companies. The team seeks to invest in companies that it believes possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The Funds investment process focuses on two distinct elementssecurity selection and capital allocation. The team overlays its investment process with sustainability considerations and broad knowledge of the global economy. Security Selection The team seeks to identify companies that have franchise characteristics (e.g., low cost production capability, possession of a proprietary asset, dominant market share or a defensible brand name), are benefiting from an accelerating profit cycle and are trading at a discount to the teams estimate of private market value. The team looks for companies that are well positioned for long-term growth, which is driven by demand for their products and services at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle. Capital Allocation Based on the teams fundamental analysis of a companys profit cycle, it divides the portfolio into three parts. Garden SM investments are small positions in the early part of their profit cycle that may warrant more sizeable allocations as their profit cycle accelerates. Crop SM investments are positions that are being increased to a full weight because the team believes they are moving through the strongest part of their profit cycles. Harvest SM investments are positions that are being reduced as they near the teams estimates of full valuation or their profit cycles begin to decelerate. Sustainability Considerations The team employs a framework in assessing material sustainability exposures factors that informs its security selection and capital allocation process. Broad Knowledge The team overlays the security selection and capital allocation elements of its investment process with a desire to invest opportunistically across the entire global economy. The team seeks broad knowledge of the global economy in order to position it to find growth wherever it occurs. The Fund invests primarily in US companies and, under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of medium-sized companies. The Fund defines a medium-sized company as one with a market capitalization greater than the market capitalization of the smallest company in the Russell Midcap Index and less than three times the weighted average market capitalization of companies in the Russell Midcap Index. Under normal circumstances, the Fund generally maintains a weighted average market capitalization of not more than 1.5 times the weighted average market capitalization of the companies included in the Russell Midcap Index or Russell Midcap Growth Index, whichever is greater. The Fund may invest up to 15% of its total assets at market value at the time of purchase in common stocks and other securities of non-US companies (including depositary receipts). The Funds investments in non-US securities may include investments in developed markets, as well as emerging and less developed markets. Show less