Strategy. The Fund will invest primarily in common stocks but also may invest in other types of equity securities, including preferred stock. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of issuers that at the time of initial purchase: ? Have their principal securities trading market in an emerging market country; ? Alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed in emerging market countries; or ? Are organized under the laws of, and have a principal office in, an emerging market country. This investment policy may be changed by the Fund upon 60 days … Show more… The Fund will invest primarily in common stocks but also may invest in other types of equity securities, including preferred stock. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities of issuers that at the time of initial purchase: ? Have their principal securities trading market in an emerging market country; ? Alone or on a consolidated basis derive 50% or more of annual revenue from goods produced, sales made or services performed in emerging market countries; or ? Are organized under the laws of, and have a principal office in, an emerging market country. This investment policy may be changed by the Fund upon 60 days prior written notice to shareholders. An emerging market country is any country that is included in the Morgan Stanley Capital International Emerging Markets Index (the Index) or that is publicly announced to be added to the Index. The Fund may also invest in securities of issuers located in industrialized countries. Foreign securities include securities of companies located outside the United States, American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and exchange traded funds that invest in foreign securities. ADRs are certificates evidencing ownership of shares of a foreign issuer that are issued by depositary banks and traded on U.S. exchanges. GDRs are similar to ADRs, except that European banks or trust companies typically issue them. The Fund also may invest in securities issued by small capitalization companies. In selecting investments for the Fund, Acadian Asset Management LLC (the Adviser or Acadian) pursues an active, disciplined investment approach that forecasts markets and securities using a range of quantitative factors related to valuation, earnings, quality, price patterns, economic data and risk. Buy and sell decisions are made objectively and driven by changes in expected returns on investments. In making buy and sell decisions, Acadian analyzes the risk and expected return characteristics of the portfolios current holdings as compared to the entire universe of institutionally investable companies with sufficient liquidity and data availability. Less attractive securities are discarded from the portfolio while more attractive securities are added, provided that the cost of the purchase and sale of such securities do not exceed the expected value added to the portfolio of such investment decisions. Show less