Fund Description

The fund is actively managed and invests at least 80% of assets in securities of non-U.S. companies that pass values-based screens, generally through depositary receipts or dual-listed securities. Under normal conditions, substantially all non-cash assets are invested in non-U.S. issuers, with up to 40% in issuers in the S&P Emerging 50 ADR Index. It seeks to generally match the weightings and risk profile of a blended developed- and emerging-markets benchmark, with portfolio management changing the relative allocation between developed market companies and emerging market companies based on its broad market view. After screening out prohibited companies, an optimization process upweights the highest positive-value scorers; it may also invest in other investment companies and REITs.