Strategy. The Fund invests primarily in equity securities of non-U.S. companies with medium to large market capitalizations ( i.e. , those typically with market capitalizations in excess of U.S. $5 billion at the time of purchase). Equity securities in which the Fund may invest include common stocks, preferred stocks, depositary shares and receipts, rights, warrants and exchange-traded funds (ETFs). Under normal market conditions, the Fund will invest at least 65% of its total assets at the time of purchase in non-U.S. companies. The Fund will normally be diversified among at least three countries other than the U.S. The Fund invests in developed markets and emerging markets. In evaluating potential investments, the Advisor considers companies with growth characteristics that the Advisor believes … Show more… The Fund invests primarily in equity securities of non-U.S. companies with medium to large market capitalizations ( i.e. , those typically with market capitalizations in excess of U.S. $5 billion at the time of purchase). Equity securities in which the Fund may invest include common stocks, preferred stocks, depositary shares and receipts, rights, warrants and exchange-traded funds (ETFs). Under normal market conditions, the Fund will invest at least 65% of its total assets at the time of purchase in non-U.S. companies. The Fund will normally be diversified among at least three countries other than the U.S. The Fund invests in developed markets and emerging markets. In evaluating potential investments, the Advisor considers companies with growth characteristics that the Advisor believes are likely to benefit from current macro-economic and global trends and possess sustainable competitive advantages. The Fund will normally hold the securities of a limited number (generally 25 to 35) of companies. While the Fund may invest in U.S. companies as a part of its investment strategy, the Fund may invest up to 100% of its total assets in non-U.S. companies and may at times have little or no investment in U.S. companies. In determining whether a company is a U.S. or non-U.S. company, the Advisor considers a number of factors, including the companys jurisdiction of incorporation or organization, the location of the companys corporate or operational headquarters or principal place of business, the location of the principal trading market for the companys common stock, the location(s) of a majority of the companys assets or production of its goods and services, and the locations of the primary sources of the companys revenues or profits. The Fund may invest in ETFs as part of the Funds investments in equity securities. In addition, the Fund may invest cash temporarily in ETFs until individual securities are identified for purchase or until the Fund is able to purchase securities in a particular country or region. The Advisor will typically sell or reduce a position to mitigate a specific risk, to take advantage of better opportunities, to avoid country risks, when the Advisor believes that valuations are high relative to changes in the companys fundamentals, or when operational performance does not meet the Advisors expectations. Show less