The Fund seeks to meet its objective by investing in a global portfolio of equity securities of issuers located in countries with developed and with emerging markets. In seeking to meet its investment objective, the Fund considers stewardship and environmental, social, and/or governance ("ESG") factors.

Under normal circumstances, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities. The Fund invests in equity securities either directly or indirectly, such as through depositary receipts, and may invest in preferred stocks, convertible securities and warrants. The Fund invests predominantly in a diversified portfolio of securities issued by companies located in countries represented in the MSCI ACWI Index, cash and cash equivalents.

In addition, under normal circumstances, the Fund invests at least 40% of its total assets in securities of companies located outside the U.S. when market conditions are favorable, but, when market conditions are not favorable, invests at least 30% of its total assets in companies located outside the U.S. The Fund's investment universe includes invest in issuers located in emerging markets.

Although the Fund retains the ability to invest in issuers of any market capitalization, the Fund typically invests primarily in issuers with a market capitalization of approximately $1.5 billion or more at the time of purchase. The Fund may participate in initial public offerings ("IPOs") and in securities offerings that are not registered in the U.S.

The portfolio managers employ a bottom-up approach to stock selection and select companies without being constrained by the MSCI ACWI benchmark. The portfolio managers focus on company research and the long-term outlook of companies and industries. Ideas can come from a wide variety of sources, including, but not limited to, research trips, company meetings, and relationships with industry thought leaders and academic institutions. Stock ideas are normally researched to assess a range of factors, including: long-term growth potential, geographic and industry positioning, competitive advantage, management, financial strength and valuation. The intended outcome is a diversified portfolio of between 70 and 90 growth

companies with the potential to outperform the benchmark over the long term. The process can result in significant exposure to a single country or a small number of countries, which in recent periods have included Japan and China. The Fund expects to invest in Chinese companies, among other means, through China A shares, which are common stocks and other equity securities that are listed or traded on a Chinese stock exchange and which are quoted in renminbi ("RMB"), the official currency of China. The Fund aims to hold securities for long periods (typically at least 5 years), which generally results in relatively low portfolio turnover and is in line with the Fund's long-term investment outlook. Portfolio construction decisions are made by a single, central team, which consists of the individual portfolio managers, alongside members of the Manager's dedicated Governance and Sustainability team. The latter provides specialized input into consideration of stewardship and related ESG issues.

In selecting investments for the Fund, the portfolio management team conducts a stewardship analysis, which focuses on a number of different aspects relating to the control, oversight and management of a company. As long-term investors, the portfolio management team takes particular interest in the following areas of a company's business: (i) its capital structure, articles of incorporation, and the country or countries of incorporation and listing, (ii) the treatment and protection of minority shareholders, (iii) the support of and commitment to sustainable business practices, (vi) the alignment of interests between management, strategic shareholders and other investors; (v) the composition and effectiveness of the Board of Directors, the quality and performance of management, and the remuneration of key employees; and (vi) the corporate culture and approach to sustainable business, and the management of relationships with customers, employees, suppliers, regulators and the wider community. In incorporating stewardship in its investment process, the portfolio management team also performs an ESG analysis on companies considered for inclusion in the Fund's portfolio. This analysis is supported by bespoke research conducted by analysts from members of the Manager's dedicated Governance and Sustainability team using a range of different information sources. The ESG analysis is reviewed by the portfolio managers as part of the discussion of the broader investment case for each current and potential portfolio holding.

The Fund may invest without limitation in securities quoted or denominated in currencies other than the U.S. dollar and may hold such currencies. The Fund does not expect to engage in currency hedging and thus expects to be fully exposed to currency fluctuations relative to the U.S. dollar.