Fund Description

The fund normally invests at least 80% of net assets, plus any borrowings for investment purposes, in common stocks or securities convertible into common stocks of foreign companies and depositary receipts. At least 75% of net assets will be invested in countries represented in the MSCI EAFE Index, with up to 25% in non-EAFE countries (excluding the U.S.), including up to 20% in emerging markets. The sub-adviser's global industry analysts research investment opportunities by global sector rather than by region, and the process begins by identifying investment themes and then identifying specific companies using those themes. Stocks may be sold due to excessive or peer-relative valuation, changes in company prospects or investment themes, or profit-taking. The fund may use derivatives, including forward foreign currency exchange contracts, as a substitute for investing directly in an underlying asset, to increase returns, to manage foreign currency risk, or as part of a hedging strategy.