Strategy. Under normal circumstances, the Fund will invest at least 80% of its investable assets in equity and equity-related securities of non-U.S. small and medium capitalization companies. For purposes of this policy, the Fund considers small and medium capitalization companies to be those companies that have market capitalizations at time of purchase that are less than the largest market capitalization included in the MSCI All Country World ex USA Small Mid Cap Net Index (the Index) during the most recent 3-year period. Under normal market conditions, the subadviser expects that the weighted average market capitalization of the Fund will not exceed $50 billion. The approximate range of market capitalizations from the smallest to the largest constituent included in the Index at … Show more… Under normal circumstances, the Fund will invest at least 80% of its investable assets in equity and equity-related securities of non-U.S. small and medium capitalization companies. For purposes of this policy, the Fund considers small and medium capitalization companies to be those companies that have market capitalizations at time of purchase that are less than the largest market capitalization included in the MSCI All Country World ex USA Small Mid Cap Net Index (the Index) during the most recent 3-year period. Under normal market conditions, the subadviser expects that the weighted average market capitalization of the Fund will not exceed $50 billion. The approximate range of market capitalizations from the smallest to the largest constituent included in the Index at each month end during the 3-year period ending on December 31, 2024, was $31 million to $102 billion. As of December 31, 2024, the Index included companies with approximate market capitalizations ranging from $246 million to $41 billion. The Fund is not sponsored by or affiliated with MSCI. The term investable assets refers to the Fund's net assets plus any borrowings for investment purposes. The Fund's investable assets will be less than its total assets to the extent that it has borrowed money for non-investment purposes, such as to meet anticipated redemptions. The Funds policy of investing at least 80% of its investable assets in equity and equity-related securities of non-U.S. small and medium capitalization companies does not require the Fund to sell the security of a small or medium capitalization company if such companys market capitalization moves outside of the small and medium market capitalization range specified above; however, additional purchases of such security will be subject to the 20% limitation for securities outside of the Funds small and medium capitalization portfolio. Equity and equity-related securities include, but are not limited to, common stocks, securities convertible or exchangeable for common stock or the cash value of common stock, preferred stocks, warrants and rights that can be exercised to obtain stock, investments in various types of business ventures including partnerships and business development companies, investments in other mutual funds, exchange-traded funds (ETFs), securities of real estate investment trusts (REITs) and income and royalty trusts, structured securities including participation notes (P-Notes), structured notes (S-Notes) and low exercise price warrants (LEPWs) or other similar securities and American Depositary Receipts (ADRs) and other similar receipts or shares, in both listed and unlisted form. The Fund may also invest in A-Shares using the Hong Kong-Shanghai Stock Connect program and other similar programs. The Fund invests in equity and equity-related securities of non-U.S. companies located in various countries outside the United States, including non-U.S. issuers located in or otherwise economically tied to emerging markets countries (identified by the subadviser as countries classified by MSCI as emerging and frontier markets or otherwise deemed by the subadviser to be emerging markets). The Fund can invest without limit in foreign securities and typically invests in a number of different countries. The Fund may invest up to 50% of its investable assets in companies located in emerging markets. The Funds investments may be U.S. or non-U.S. dollar denominated. The Fund may from time to time be geographically concentrated and may invest a substantial amount of its assets in securities of issuers located in a single country or a small number of countries. The Funds subadviser employs a growth investment style. As part of this growth investment style, the Fund seeks to invest in companies in the early stages of accelerating growth, with sustainable competitive advantages, long-term structural growth drivers, attractive cash flow returns on invested capital, and management teams focused on creating long-term value for shareholders. The subadviser may consider selling or reducing a portfolio holding due to an unfavorable change in that portfolio holdings fundamentals, such as a weakening financial or competitive position, change in company strategy or business model, or a significant change in management or governance issues. The emergence of what is believed to be a more attractive portfolio candidate may also lead to eliminating or reducing the weight of a position in the Fund. A stock's price decline does not necessarily mean that the subadviser will sell the stock at that time. At times, the Fund may have a significant portion of its assets invested in the same economic sector. Show less