Fund Description

The fund was incepted on December 8, 1988 and is managed by Remi J. Browne and Peter S. Carpenter since February 2003. The fund seeks long-term growth of capital. To pursue this goal, the fund invests in a master portfolio, which invests, under normal circumstances, at least 80% of its assets in equity securities of companies located in the foreign countries represented in the Morgan Stanley Capital International Europe, Australasia and Far East (EAFE) Index and Canada. The fund's stock investments may include common stocks, preferred stocks and convertible securities, including those purchased in initial public offerings or shortly thereafter. The fund may also invest up to 20% of its net assets in high-grade fixed-income securities of any maturity or duration. The fund intends to invest in a broad range of (and in any case at least five different) countries. The fund normally pays dividends and distributes capital gains annually.