Fund Description

The fund invests mainly in common stocks of large and midsize companies outside the United States, focusing on value stocks the Investment Manager believes are undervalued by the market. It invests mainly in developed countries but may also invest in emerging markets. In buying or selling holdings, the Investment Manager may consider valuation, financial strength, growth potential, competitive position, projected future earnings, cash flows, and dividends. The fund may use derivatives, including certain foreign currency transactions, futures, options, warrants, and swap contracts, for hedging and non-hedging purposes, and typically uses foreign currency forward contracts to hedge currency exposure relative to the MSCI EAFE Value Index-NR.