Fund Description

The fund mainly invests in common stock of growth companies domiciled or with primary operations outside the United States and may invest 100% of assets in foreign securities, including emerging and developed markets worldwide, and may emphasize regions such as Asia or Europe. Under normal market conditions, it invests at least 65% of total assets in common and preferred stocks of issuers in at least three non-U.S. countries, emphasizing common stocks with potential for earnings or revenue growth. It has no market-cap limits and may buy preferred stocks, securities convertible into common stock, and other equity-featured securities. The portfolio managers evaluate opportunities on a company-by-company basis using a bottom-up approach and fundamental analysis, and may consider factors such as competitive position, demand for products or services, earnings growth and cash flow, and diversification among companies, industries, and countries; they also consider the effect of worldwide trends on the growth of particular business sectors, including mass affluence, new technologies, restructuring, and aging, and the factors and trends considered may vary and may change over time.