Fund Description

The fund, under normal circumstances, invests at least 80% of total assets (plus borrowings for investment purposes) in equity securities of foreign companies with market capitalizations over $1 billion at purchase, typically across at least three non-U.S. countries, and may invest in emerging markets. It also invests at least 80% of net assets (plus borrowings) in equity securities of value companies, identified as value companies based on being constituents of an index constructed by a third party to identify value characteristics, or based on having a higher book-to-price ratio than the median ranked stock within the company's GICS sector, a higher EBITDA/EV, or a lower price-to-earnings ratio than the median ranked stock within the company's GICS sector. It may invest directly or via closed-end investment companies and depositary receipts, may emphasize sectors including financials, and may use derivatives, including currency forwards and equity index futures, for hedging or investment. Limits include normally no more than 5% in a single security, typically invests up to the greater of (i) 20% of its total assets in a single country or industry or (ii) 150% of the weighting of a single country or industry in the MSCI EAFE Value Index (limited to less than 25% of its total assets in a single industry, other than U.S. Government obligations), and generally may not invest more than 20% of its total assets in emerging markets.