Fund Description

The fund invests primarily in common stocks of non-U.S. companies and related depositary receipts, and may invest in developing countries. Under normal conditions, it invests at least 80% of net assets plus any investment borrowings in common stocks or depositary receipts. The advisor invests opportunistically where intrinsic value is believed unrecognized, building a diversified portfolio of value-priced basic values, consistent earners, and emerging franchises, with allocations varying over time. It may invest in companies of any size, primarily large- and mid-cap. Holdings are selected through issuer and industry analysis considering economic and market developments, interest rates, inflation, and security supply and demand. Investments may be sold for better opportunities, issuer or market changes, achieving a target price, or no longer meeting goals. The 80% policy may be changed with 60 days' notice.