Fund Description

The fund normally invests at least 80% of net assets (plus any borrowings for investment purposes) in Latin American companies, as determined by MSCI Inc. or another unaffiliated data provider. Any derivatives that provide exposure to the investment focus suggested by the fund's name, or to one or more market risk factors associated with that investment focus, are counted toward compliance with the fund's 80% investment policy. Under normal conditions, at least four countries are represented. It primarily invests in equities, including common, preferred, and convertible securities, typically with substantial investments in Brazil and Mexico. It is nondiversified and may have significant sector exposure, such as financials. The adviser's decision-making process focuses on bottom-up stock selection, security selection reflects a growth style, and the adviser relies on a global team of investment analysts dedicated to in-depth fundamental research.