Fund Description

The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of European companies, with country assignments determined by MSCI Inc. or another unaffiliated data provider; qualifying derivatives exposure may count toward this policy. Under normal conditions, it holds companies from at least five countries and primarily invests in common stocks of companies located (or with primary operations) in Europe, typically with substantial investments in the United Kingdom. It may invest in companies of any size. The adviser emphasizes bottom-up stock selection, seeking quality management and strong cash flows without a growth or value bias, and may at times concentrate significantly in a sector such as financials.