Strategy. The Funds investment team employs a fundamental investment process to construct a diversified portfolio of securities of undervalued non-US companies of all sizes. The team seeks to invest in what the team considers to be high quality, undervalued companies with strong balance sheets and shareholder-oriented management teams. The teams investment process focuses on four key characteristics: Undervaluation Determining the intrinsic value of a business is the heart of the teams research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a companys future cash flows. The team seeks to invest at a significant discount to its estimate of the intrinsic value of a business. Business Quality The team seeks to invest in … Show more… The Funds investment team employs a fundamental investment process to construct a diversified portfolio of securities of undervalued non-US companies of all sizes. The team seeks to invest in what the team considers to be high quality, undervalued companies with strong balance sheets and shareholder-oriented management teams. The teams investment process focuses on four key characteristics: Undervaluation Determining the intrinsic value of a business is the heart of the teams research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a companys future cash flows. The team seeks to invest at a significant discount to its estimate of the intrinsic value of a business. Business Quality The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. Financial Strength The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available. Shareholder-Oriented Management The teams research process attempts to identify management teams with a history of building value for shareholders. Companies that make it through this analytical process are ranked at the time the position is initiated according to the degree of the discount of the current market price of the stock to the teams estimate of the companys intrinsic value. The team manages the portfolio by generally taking larger positions in companies where the discount is greatest and smaller positions in companies with narrower discounts (subject to adjustments for investment-related concerns, including diversification, risk management and liquidity). The focus of the investment process is on individual companies, not on selection of countries or regions. Under normal market conditions, the Fund invests no less than 80% of its total assets (excluding cash and cash equivalents), measured at market value at the time of purchase, in common stocks and other securities of non-US companies. The Fund invests primarily in developed markets but also may invest in emerging and less developed markets. The Fund may invest in companies of any size. The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called participation certificates in the Funds prospectus, but may be called different names by issuers). The Fund invests primarily in equity securities but, from time to time, the team may conclude that a security other than an equity security presents a more attractive risk/reward profile. Accordingly, the Fund may invest to a limited extent in debt securities of US and non-US issuers, including loans, that meet the Funds investment criteria. The Fund may invest in debt securities of any maturity. Show less