Fund Description

The fund primarily invests in equity securities of established companies economically tied to countries outside the U.S., including common and preferred stocks, convertible securities, warrants, rights, and depositary receipts. It may invest directly or indirectly in foreign securities or foreign currencies of developed and developing countries. Foreign securities include issuers organized or principally located outside the U.S. with non-U.S. primary trading markets, or companies with at least 50% of revenues, profits, or assets outside the U.S. Emerging markets exposure is not expected to exceed 35% of net assets. Holdings are selected through in-house research emphasizing valuation, management, debt, free cash flow, scalable models, and competitive advantages, while considering country conditions; investments may span any sector.