Strategy. The Fund invests primarily (no less than 65% of its total assets under normal market conditions) in equity securities, including common and preferred stocks, of foreign companies that the Subadvisor believes will experience growth and benefit from sustainable competitive advantages in their markets. The Fund may invest in companies of any size located in, or economically tied to, any country or region outside of the United States, including developed foreign and emerging markets. The Fund normally invests in at least three different countries outside of the United States. The Fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies. The Subadvisor primarily uses proprietary, fundamental research to seek to identify companies for investment that can exhibit sustained, … Show more… The Fund invests primarily (no less than 65% of its total assets under normal market conditions) in equity securities, including common and preferred stocks, of foreign companies that the Subadvisor believes will experience growth and benefit from sustainable competitive advantages in their markets. The Fund may invest in companies of any size located in, or economically tied to, any country or region outside of the United States, including developed foreign and emerging markets. The Fund normally invests in at least three different countries outside of the United States. The Fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies. The Subadvisor primarily uses proprietary, fundamental research to seek to identify companies for investment that can exhibit sustained, above-average growth with attractive financial characteristics, such as superior profit margins and returns on invested capital. The Subadvisor normally evaluates these characteristics over a three- to five-year time horizon. When evaluating individual companies for investment, the Subadvisor normally focuses on the following: Opportunity: The Subadvisor looks for companies that have identifiable and sustainable competitive advantages, which will enable the company to achieve above average growth rates. These competitive advantages include the degree to which there are barriers to entry in the market, the uniqueness of the companys product offerings, any enduring cost or technology advantages and the loyalty of the companys customers. Execution: The Subadvisor looks for companies that have management teams that are capable of capitalizing on the opportunities available to them. This analysis involves an assessment of the strength of the companys financial position, including its ability to fund growth opportunities internally through sufficiently attractive profit margins, and an assessment of the management teams actions, including how management chooses to put excess capital to work through reinvestment or acquisitions. Valuation: After assessing the growth opportunity and management team at each company being evaluated, the Subadvisor then compares the current stock price with the Subadvisors view of the value of the companys future growth potential. The Subadvisor seeks to invest in companies which appear to be undervalued on this basis. In addition to the investment considerations outlined above, the Subadvisor considers governance matters and integrates social and environmental (collectively, ESG) factors into the decision-making process when the Subadvisor believes they are material to the long-term sustainable growth prospects for a company. The Subadvisor utilizes in-house ESG-related research to enhance its evaluation of individual companies. The extent to which ESG considerations are incorporated into the evaluation of individual companies is based on the materiality of any particular matter to the long-term sustainability of the companys business, as determined by the Subadvisor. As a result, the key ESG considerations may vary depending on the industry, sector, geographic region or other factors and the core business of each company. The Subadvisor may, from time to time and at its discretion, seek to hedge the value of a portion of the Funds foreign currency exposure to attempt to preserve the value of the Funds investments in U.S. dollar terms. However, the Subadvisor does not normally expect to hedge the Funds foreign currency exposure. The Subadvisor may sell or reduce the Funds investment in a portfolio security if the Subadvisor detects a material diminution to either the companys growth opportunity or in the level of confidence the Subadvisor has in company managements ability to exploit that opportunity. The Subadvisor also regularly considers the companys valuation, and whether the current stock price has risen to a level that better reflects the Subadvisors view of the companys future growth potential. However, the Subadvisor does not normally trade based upon short-term price movements, as it considers such moves to be poor predictors of long-term results. Show less