Fund Description

The fund, under normal circumstances, invests at least 80% of net assets plus any investment borrowings in equity securities of foreign issuers and related derivatives. Equity holdings may include common and preferred stock, depositary receipts, instruments linked to common stock, and convertible securities. Foreign exposure may include government issuers and companies organized, located, or primarily trading outside the U.S., or deriving substantial business abroad. It allocates across regions and countries (at least three), with at least 65% in equities of corporations domiciled in European countries, and may invest in any size company and in developed or emerging markets. It may use currency forwards and other derivatives, but does not expect to systematically hedge foreign exchange risk, and may hold foreign cash equivalents, bank deposits, and non-U.S. currencies. Derivatives (options, futures, swaps, forwards) may be used to increase return, hedge risks, and manage cash flows. It is diversified but generally expects 25-45 holdings.