Fund Description

The fund invests primarily in common stocks of non-U.S. companies, determining U.S. versus non-U.S. status based on factors such as domicile, primary exchange, revenue source, and reporting currency. Under normal market conditions, it invests at least 80% of net assets (plus any borrowings for investment purposes) in small-cap stocks. It may invest in non-U.S. markets throughout the world, including emerging markets, and ordinarily will invest in the securities of issuers located in at least five countries outside the U.S.; there are no geographic limits on its non-U.S. investments. The adviser focuses on firms with strong franchises, experienced management, solid balance sheets, and rising free cash flow and earnings, seeking long-term investments at reasonable valuations.