Strategy. Franklin Advisers, Inc. (the Sub-Adviser) serves as the Funds sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Funds assets. The Fund seeks to achieve a higher risk-adjusted performance than the MSCI Emerging Markets Index (the Index) over the long term through a portfolio optimization process employed by the Funds Sub-Adviser. The Fund, under normal market conditions, invests at least 80% of its net assets in equity securities of issuers located in emerging market countries. Emerging market countries include those currently considered to be emerging or developing by the United Nations or the countries' authorities or by S&P Dow Jones, Morgan Stanley Capital International or Russell index providers. The Fund considers frontier markets to be a subset of … Show more… Franklin Advisers, Inc. (the Sub-Adviser) serves as the Funds sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Funds assets. The Fund seeks to achieve a higher risk-adjusted performance than the MSCI Emerging Markets Index (the Index) over the long term through a portfolio optimization process employed by the Funds Sub-Adviser. The Fund, under normal market conditions, invests at least 80% of its net assets in equity securities of issuers located in emerging market countries. Emerging market countries include those currently considered to be emerging or developing by the United Nations or the countries' authorities or by S&P Dow Jones, Morgan Stanley Capital International or Russell index providers. The Fund considers frontier markets to be a subset of emerging markets and any investments in frontier markets will be counted toward the Funds 80% investment policy. These countries typically are located in the Asia-Pacific region (including Hong Kong), Eastern Europe, the Middle East, Central and South America, and Africa. The Fund may invest in equity securities of any capitalization and primarily invests in common stock. The Funds investable universe includes equity securities of companies in the MSCI Emerging Markets Index. Under normal market conditions, the Fund holds 300 to 600 of the common stocks in the Index. The Sub-Adviser selects such stocks on a quarterly basis; however, it may change the position size of a stock, determine to buy a new stock or sell an existing one between its quarterly selection if the stock scores change materially or if there are adverse developments concerning a particular stock, an industry, the economy or the stock market generally. The Sub-Adviser may invest in both growth and value stocks. The Sub-Advisers selection process is designed to select stocks for the Fund that have favorable exposure to certain factors, including but not limited to quality, value, momentum, and alternative factors. Factors are common characteristics that relate to a group of issuers or securities that are important in explaining the returns and risks of those issuers securities. The quality factor incorporates measurements such as return on equity, earnings variability, cash return on assets and leverage. The value factor incorporates measurements such as price to earnings, price to forward earnings, price to book value and dividend yield. The momentum factor incorporates measurements such as 6-month risk adjusted price momentum and 12-month risk adjusted price momentum. The alternative factor incorporates measurements such as short interest and option implied volatility from the equity options market. The Sub-Adviser uses a proprietary model to assign a quantitative factor score for each issuer in the Funds investible universe based on that issuers factor exposures. Each stock is then further analyzed based on the assigned factor scores, but taking into account certain sector weight limits and security weight limit constraints determined by, among others, the portfolio management team. The portfolio is rebalanced on a quarterly basis, but may be rebalanced on a monthly basis during periods of high volatility. The Fund may invest in stock index futures and total return swaps to gain exposure to issuers or to equitize cash so that the Fund may remain invested in the equity market while facilitating shareholder redemptions. Show less