Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets , plus the amount of any borrowings for investment purposes , in securities of companies that the sub-advisor believes have recognized franchise or brand value. Companies with recognized franchise or brand value are those that the sub-advisor believes have: enduring competitive advantages, dominant market positions in stable growing industries, low sensitivity to the economic and market cycle, healthy balance sheets and low capital intensity, and sustainable cash generation and effective capital allocation. Under normal circumstances, the Fund invests in at least three countries, including the ?U.S., and invests at least 40% of its total assets in securities of non-U.S. companies. The Fund considers a company 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 securities of companies that the sub-advisor believes have recognized franchise or brand value. Companies with recognized franchise or brand value are those that the sub-advisor believes have: enduring competitive advantages, dominant market positions in stable growing industries, low sensitivity to the economic and market cycle, healthy balance sheets and low capital intensity, and sustainable cash generation and effective capital allocation. Under normal circumstances, the Fund invests in at least three countries, including the ?U.S., and invests at least 40% of its total assets in securities of non-U.S. companies. The Fund considers a company to be a ?non-U.S. company if: (i) at least 50% of the companys assets are located outside of the U.S.; (ii) at least 50% of the companys revenue is generated outside of the U.S.; (iii) the company is organized or maintains its principal place of business outside of the U.S.; or (iv) the companys securities are traded principally outside of the U.S. The Fund principally invests in equity 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. The Funds investments in equity securities may be denominated in foreign currencies, and the Fund may invest directly in foreign currencies. 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 Fund typically invests in securities of approximately 25-40 companies. The Fund may invest in companies located in both developed and emerging market countries. Developed market countries are commonly included in the MSCI World Index, which as of October 31, 2025, included 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. 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. ? In selecting investments for the Fund, the sub-advisor uses a fundamental research process to seek to identify companies that have key characteristics focusing on return on capital, growth, cash flow and valuation relative to other global stocks. ? The sub-advisor will consider whether to sell an investment using the same fundamental research process it uses to identify potential purchases. The sub-advisor may sell a security for a variety of reasons, such as because it becomes overvalued or shows deteriorating fundamentals, or to invest in a company believed by the sub-advisor to offer a superior 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. The sub-advisor excludes companies from the Funds portfolio that it deems are directly involved in thermal coal extraction, thermal coal power generation, fossil fuel production, or fossil fuel generation. In addition, the sub-advisor excludes companies that it deems are directly involved in the manufacture and production of controversial weapons or nuclear weapons. Further, the sub-advisor excludes companies it deems to be in violation of the UNs Global Compact principles. Otherwise, ESG considerations are not used to limit, restrict, or exclude companies or sectors from the Funds investment universe. 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. 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, Europe. However, as the geographic composition of the Funds portfolio changes over time, the Funds exposure to Europe may decline, and the Funds exposure to other geographic areas may increase. ? The Fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of issuers. ? 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. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions. Show less