Fund Description

The fund invests primarily in a diversified portfolio of equity securities of non-U.S. companies from at least three countries, which may include emerging markets, with no required country allocations and no limit on emerging-market exposure. Under normal conditions, it invests at least 80% of net assets in non-U.S. equities, including common stock, depositary receipts, certain preferreds, convertibles, and rights and warrants. It may use currency forwards, swaps, and futures to hedge currency risk, and may use equity options or total return swaps referencing single or multiple stocks, funds, or stock indices to create or hedge equity exposure; it may also use futures referencing stock indices and total return swaps referencing stock indices or a custom basket of equity securities to equitize cash and similar nonequity assets or to hedge against a general downturn in equity markets. Derivatives may count toward the 80% policy. It typically targets medium-to-large well-established companies viewed as temporarily undervalued with favorable long-term profit growth, weighing financial condition, earnings, cash flow, dividends, ESG issues, management, and country stability and shareholder protections.