Strategy. The International Fund primarily invests in equity securities, consisting of common stocks, preferred stocks, convertible securities, warrants, rights, and depositary receipts of established companies that are economically tied to various countries throughout the world (excluding the U.S.). The Fund may invest directly or indirectly in foreign securities or foreign currencies of both developed and developing countries. For purposes of the Funds investments, foreign securities means those securities issued by companies: that are organized under the laws of, or with a principal office in, a country other than the U.S. and issue securities for which the principal trading market is in a country other than the U.S.; or that derive at least 50% of their revenues or profits from goods produced … Show more… The International Fund primarily invests in equity securities, consisting of common stocks, preferred stocks, convertible securities, warrants, rights, and depositary receipts of established companies that are economically tied to various countries throughout the world (excluding the U.S.). The Fund may invest directly or indirectly in foreign securities or foreign currencies of both developed and developing countries. For purposes of the Funds investments, foreign securities means those securities issued by companies: that are organized under the laws of, or with a principal office in, a country other than the U.S. and issue securities for which the principal trading market is in a country other than the U.S.; or that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services provided in a country other than the U.S., or have at least 50% of their assets in a country other than the U.S. Under normal circumstances, the Fund does not expect its investments in emerging markets to exceed 35% of its net assets. The Funds investments in depositary receipts (DRs) may include sponsored or unsponsored American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), or Global Depositary Receipts (GDRs). Companies are screened using in-depth, in-house research to identify those which Kornitzer Capital Management, Inc., the Funds investment adviser (the Adviser or KCM), believes have favorable attributes, including attractive valuation, strong management, conservative debt, free cash flow, scalable business models, and competitive advantages. In making portfolio selections for the Fund, the Adviser will also consider the economic, political, and market conditions of the various countries in which the Fund may invest. The Fund may invest in companies in any sector. Currently, the Fund has significant investments in the industrials sector. The Fund may have significant investments in the information technology sector. The Adviser may sell the International Funds investments to secure gains, limit losses, or reinvest in more promising investment opportunities. Show less