Fund Description

The fund is non-diversified and primarily invests in a core group of 15-35 equity securities, including common stocks and sponsored ADRs representing ownership interests in non-U.S. companies. It is flexibly managed and may invest in a smaller number of issuers and/or sectors than diversified mutual funds, focusing on U.S. companies viewed as quality with potential for future price appreciation. Selection is based on fundamental, company-specific research emphasizing strong market positions, exceptional earnings power, consistent earnings performance, and a particular focus on growing companies experiencing superior rates of return over varying economic cycles. It expects a bias toward larger-cap issuers but may also invest in small- and mid-cap companies. It intends to buy and hold long term and seeks to keep moderate portfolio turnover, selling on deteriorating prospects, unjustifiable price, or earnings disappointments.