Strategy. In pursuing its investment objective, the Fund normally invests at least 65% of its total assets in equity and equity-related securities of companies that it believes have strong capital appreciation potential. The subadviser uses a combination of fundamental research and systematic portfolio construction. The Fund is an actively managed exchange-traded fund (ETF) and therefore does not seek to replicate the performance of any specified index. In deciding which equities to buy, the subadviser uses what is known as a growth investment style to select approximately 20 to 50 issuers. The subadviser believes that growth in earnings and cash flows drives share prices over the long term; that excess returns are generated by investing in market-leading companies that create economic value … Show more… In pursuing its investment objective, the Fund normally invests at least 65% of its total assets in equity and equity-related securities of companies that it believes have strong capital appreciation potential. The subadviser uses a combination of fundamental research and systematic portfolio construction. The Fund is an actively managed exchange-traded fund (ETF) and therefore does not seek to replicate the performance of any specified index. In deciding which equities to buy, the subadviser uses what is known as a growth investment style to select approximately 20 to 50 issuers. The subadviser believes that growth in earnings and cash flows drives share prices over the long term; that excess returns are generated by investing in market-leading companies that create economic value through long-duration competitive advantages; and that a deeply researched understanding of company and industry fundamentals leads to successful stock selection. The subadviser looks for companies with unique business models that build sustained competitive advantages; catalysts that drive growth rates well above that of the market; superior financial characteristics; and attractive long-term valuations. The Fund seeks to capture acceleration or duration of growth that is not fully reflected in a stocks price. The subadviser considers selling or reducing an equity position when, in the opinion of the portfolio managers, the stock has experienced a fundamental disappointment in earnings; it has reached an intermediate-term price objective and its outlook no longer seems sufficiently promising; a relatively more attractive stock emerges; or the stock has experienced adverse price movement. A stock's price decline does not necessarily mean that the subadviser will sell the stock at that time. The subadviser employs a systematic portfolio optimization process that seeks to manage overall investment risk exposures and characteristics in order to manage liquidity considerations and maintain consistency with the Funds objective. The Fund may invest in common stocks of companies of every sizesmall-, medium- and large-capitalizationalthough its investments are mostly in medium- and large-capitalization stocks. The Fund currently considers medium- and large-sized companies to be those with market capitalizations that generally exceed $1 billion. Market capitalization is measured at the time of purchase. The equity and equity-related securities in which the Fund primarily invests are common stocks, non-convertible preferred stocks and convertible securities. Other equity-related securities in which the Fund may invest include American Depositary Receipts (ADRs); warrants and rights that can be exercised to obtain stock or other eligible investments; investments in various types of business ventures, including partnerships and joint ventures; real estate investment trusts (REITs); and similar securities. Convertible securities are securitieslike bonds, corporate notes, and preferred stocksthat the Fund can convert into the companys common stock or some other equity security. The Fund may participate in the initial public offering (IPO) market. The Fund also may invest up to 35% of its total assets in foreign securities. The Fund is non-diversified for purposes of the Investment Company Act of 1940, as amended (the 1940 Act), which means that it can invest a greater percentage of its assets in fewer issuers than a diversified fund. At times, the Fund may have a significant portion of its assets invested in the same economic sector. Show less