Fund Description

The fund was incepted in December 1995 and is managed by Banc of America Capital Management. The objective of the fund is to seek long-term capital appreciation by investing in equity securities of foreign issuers, including emerging markets countries. The fund uses a strict Graham & Dodd value approach to investing. The fund seeks to purchase a diversified group of these businesses at prices that are well below their intrinsic value. Dividends are distributed annually. Capital gains are distributed semi-annually.