Fund Description

The fund invests at least 80% of total assets in equity securities of small-capitalization companies and in securities of companies located in no fewer than three countries, which may include the U.S.; it may invest more than 25% of total assets in any one country and up to 10% in emerging market equity securities. Small-cap companies are defined as those within the market capitalization range of the MSCI World Small Cap Index at purchase. The approach combines bottom-up fundamental analysis with top-down industry and sector views to identify well-managed, undervalued companies. Futures, options, and forward currency contracts may be used to manage risk or enhance return, with limited currency hedging under normal circumstances.