Strategy. The Fund invests primarily in the common stocks of non-U.S. companies, including those located in emerging market countries. Companies in the Funds portfolio generally have free float market capitalizations greater than $1.5 billion at the time of purchase. The Fund may also invest in depositary receipts. The Fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies. The Subadvisers investment philosophy centers on the belief that sustainable earnings growth leads to above-average investment returns at below-average risk. The Subadviser seeks to identify high-quality companies that it believes can sustain above-average earnings growth for an extended period of time. Characteristics the Subadviser believes are indicative of a high-quality company include: Strong competitive position Strong and sustainable free cash … Show more… The Fund invests primarily in the common stocks of non-U.S. companies, including those located in emerging market countries. Companies in the Funds portfolio generally have free float market capitalizations greater than $1.5 billion at the time of purchase. The Fund may also invest in depositary receipts. The Fund may invest in securities denominated in, and/or receiving revenues in, foreign currencies. The Subadvisers investment philosophy centers on the belief that sustainable earnings growth leads to above-average investment returns at below-average risk. The Subadviser seeks to identify high-quality companies that it believes can sustain above-average earnings growth for an extended period of time. Characteristics the Subadviser believes are indicative of a high-quality company include: Strong competitive position Strong and sustainable free cash flow generation Above average profit margins and returns on equity A sound balance sheet Capable management with a record of sensible capital allocation The Subadvisers investment process is conducted in two stages. During the first stage, the Subadvisers regional investment teams construct regional universes of what they believe are high-quality growth stocks, the constituents of which will comprise the investment opportunity set for the Fund. During the second stage, the Funds portfolio managers conduct their own independent research on those stocks to select what they believe to be the highest quality, and most attractively valued non-U.S. stocks. The Subadvisers investment process employs fundamental, bottom-up research to assess company quality, growth drivers, and risks. The process combines financial analysis with field research, including meetings with company management, operational staff, and suppliers, and includes an analysis of each companys competitive environment. The Subadvisers assessment of company quality also includes an analysis of environmental, social and governance (collectively, ESG) factors. Comgest believes ESG integration allows its financial analysts and portfolio managers to increase their knowledge of the company in terms of risks and opportunities that may be material to the business. The ESG profile of each company is considered by Comgests in-house valuation model. Following the quality assessment, the Subadviser conducts valuation analysis, selecting those stocks that in its view have the most attractive risk/reward characteristics and reasonable valuations. Risk is assessed at the company and Fund level. Stock weights reflect the Subadvisers assessment of the risk/reward with respect to a companys quality, growth potential and the attractiveness of its valuation at any point in time. Comgest takes ESG factors into account at different stages of the investment process to ensure that the investment teams are fully aware of a companies ESG risks and opportunities, integrating ESG research into their investment decisions in a systematic manner. The investment process generally results in a portfolio of 25 to 40 companies and, from time to time, may result in more substantial investments in particular countries, regions or sectors. The Funds sector and country exposures can differ meaningfully from the benchmark index. Country, region and sector allocations are the outcome of the Subadvisers bottom-up investment process. The Subadviser maintains a long-term investment horizon of typically three to five years. The Subadviser may sell or trim a holding when a regional team sells the stock from its portfolio, the stocks valuation no longer appears attractive or there is a change in the companys business fundamentals. The Subadviser may also sell or trim a holding in order to manage position-size risk and/or if a more attractive investment opportunity is identified. The Fund defines emerging market countries as those countries included in the MSCI Emerging Markets Index, which currently includes countries located in the Americas, Europe, Middle East, Africa and Asia. The Fund may also invest in market access products, such as low exercise price warrants (LEPWs) and participatory notes (P-notes), to seek to gain economic exposure to markets where holding an underlying local security is not feasible or economical. A market access product is a derivative security that provides market exposure to an underlying foreign issuer. Show less