Fund Description

The fund invests primarily in non-U.S. securities, including issuers located in emerging markets. The Adviser considers non-U.S. securities to include investments that are tied economically to a particular country or region outside the U.S. It focuses on securities of companies with small market capitalizations, as defined by comparison to the MSCI EAFE Small Cap Index or the MSCI ACWI ex USA Small Cap Index, and invests primarily in common stocks. The fund allocates investments across countries and regions and uses fundamental analysis of issuers' financial condition and industry position, as well as market and economic conditions.