Fund Description

The fund normally invests at least 80% of its net assets, plus any borrowings for investment purposes, in the emerging markets of Europe, including Eastern Europe and the former Soviet Union. The fund expects to primarily invest in common stocks of companies located in, or with primary operations in, emerging markets of Europe. Frontier market holdings and certain derivatives are counted toward the 80% policy. It is nondiversified, may buy companies of any size, and may invest up to 35% of its net assets in any industry that accounts for more than 20% of the emerging European market as measured by an index determined by the adviser to be an appropriate measure of the emerging European market. The fund is no longer making new investments in Russia, although it continues to hold certain Russian securities that have been valued effectively at zero due to sanctions, among other things.