Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of emerging market companies, and in other instruments, such as shares of exchange traded funds (ETFs), that have economic characteristics similar to such securities. The equity securities in which the Fund invests are primarily common stocks, but may also include American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs and, together with ADRs and EDRs, Depositary Receipts), and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. ? Emerging market countries are countries that (i) major international financial institutions, such as the International Monetary Fund and the World Bank, consider to be … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of emerging market companies, and in other instruments, such as shares of exchange traded funds (ETFs), that have economic characteristics similar to such securities. The equity securities in which the Fund invests are primarily common stocks, but may also include American Depositary Receipts (ADRs), European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs and, together with ADRs and EDRs, Depositary Receipts), and U.S. dollar-denominated foreign stocks traded on U.S. exchanges. ? Emerging market countries are countries that (i) major international financial institutions, such as the International Monetary Fund and the World Bank, consider to be less economically mature than developed nations, such as the United States or most nations in Western Europe or (ii) are represented in the MSCI Emerging Markets Index. Emerging market countries can include every nation whose market is not included in the MSCI World Index. As of October 31, 2025, the ?MSCI World Index includes Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the UK and the U.S. The Fund considers a company to be an emerging market company if: (i) its principal securities trading market is in an emerging market country, (ii) alone or on a consolidated basis it derives 50% or more of its annual revenue or profits from goods produced, sales made or services performed in emerging market countries or has at least 50% of its assets in emerging markets countries or (iii) it is organized under the laws of, or has a principal office or is domiciled in, an emerging market country. By applying this test, it is possible that a particular company could be deemed to be located in more than one country. A company that is deemed to be located in both an emerging market country and a non-emerging market country may be considered by the Fund to be an emerging market company. Although the Fund may invest in securities of companies with any market capitalization, the Fund generally invests in medium and large capitalization companies. The securities of companies held by the Fund may exhibit characteristics of either value stocks or growth stocks during the time they are held by the Fund. The Funds investments in equity securities may be denominated in foreign currencies, and the Fund may invest directly in foreign currencies. The Fund typically invests in securities of approximately 70-90 companies. Although the Fund seeks investments across a number of sectors, from time to time, the Fund may have significant positions in particular sectors, including the Information Technology sector. However, as the sector composition of the Funds portfolio changes over time, the Funds exposure to the Information Technology sector may be lower at a future date, and the Funds exposure to other market sectors may be higher. ? The Fund may have significant exposure to issuers located in, or with economic ties to, China and the Pacific Basin (which includes, among others, Japan, Australia, Taiwan and Hong Kong). However, as the geographic composition of the Funds portfolio changes over time, the Funds exposure to China and/or the Pacific Basin may decline, and the Funds exposure to other geographic areas may increase. The Fund may invest in A Shares of companies incorporated in China (China A Shares) that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange through the Shanghai Hong Kong and Shenzhen Hong Kong Stock Connect programs (Stock Connect). Stock Connect is a mutual stock market access program designed to, among other things, enable foreign investments in China. The Fund may also invest in China through H Shares, which are shares of companies incorporated in China that are traded on the Hong Kong Stock Exchange. In selecting investments to buy for the Fund, the sub-advisor combines a proprietary screening process with a fundamental research process to seek to identify high quality, attractively valued companies with improving operating performance that are receiving increasing investor attention as evidenced by stock price momentum which the sub-advisor measures by analyzing current stock price as compared to longer term moving averages of such stock price. The sub-advisor may sell a stock if the investment case is no longer valid, the stock reaches its fair value or the sub-advisor identifies a better investment opportunity. ? The sub-advisors investment process incorporates environmental, social, and/or governance (ESG) analysis as one of several considerations in assessing potential portfolio investments. While ESG information is evaluated, it is not solely determinative in any investment decision. ESG considerations are not used to limit, restrict, or exclude companies or sectors from the Funds investment universe, except that the sub-advisor excludes companies that are directly involved in the manufacture and production of controversial weapons, because those companies may not be in compliance with treaties or legal bans on controversial weapons. The sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing this analysis and considering ESG risks. ? The Fund may invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to which the Manager receives a management fee, and ETFs. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions. Show less