Fund Description

The fund seeks long-term capital appreciation by investing, under normal circumstances, at least 80% of net assets in equity securities and significantly (at least 40%) in companies located, headquartered, incorporated or otherwise organized outside the U.S., generally with market capitalizations over $1 billion. It may invest up to 25% of total assets in emerging markets. The strategy targets risk, style, capitalization and industry characteristics similar to the MSCI World ex USA Index, while overweighting stocks expected to outperform and underweighting or excluding those expected to underperform, using a proprietary multifactor quantitative model based on fundamental and quantifiable characteristics. It may use derivatives such as stock index futures to equitize cash and enhance liquidity, and may at times have focused exposure to particular sectors, countries or regions.