Fund Description

The fund invests primarily in equity securities of foreign small-cap companies, committing at least 80% of net assets (at purchase) to small-cap equities in at least three countries outside the United States. Small cap is defined as $7.5 billion or less in market capitalization at purchase. Holdings may include common and preferred stocks, REITs, warrants, and rights. Up to 30% of total assets may be invested in emerging (including frontier) markets, and up to 20% of net assets may be invested in companies of any size. It may invest up to 5% of total assets in any one company. From time to time, the fund may invest more than 20% of its assets in any market sector. It may also hold cash or short-term equivalents. The adviser uses value investing, seeking securities trading below its estimate of intrinsic value.