Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of equity securities (the 80% Policy). The Fund invests primarily in companies domiciled in developed markets outside of the United States, including securities trading in the form of depositary receipts, such as American Depositary Receipts (ADRs), which are either sponsored or unsponsored and Global Depositary Receipts (GDRs). The Fund invests primarily in common stocks issued by companies domiciled in countries represented in the MSCI Europe, Australasia, Far East (MSCI EAFE) Index. The MSCI EAFE Index is an unmanaged equity index that captures large- and mid-cap companies across twenty-one developed markets countries. Its number of constituents and … Show more… Under normal market conditions, the Fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in a diversified portfolio of equity securities (the 80% Policy). The Fund invests primarily in companies domiciled in developed markets outside of the United States, including securities trading in the form of depositary receipts, such as American Depositary Receipts (ADRs), which are either sponsored or unsponsored and Global Depositary Receipts (GDRs). The Fund invests primarily in common stocks issued by companies domiciled in countries represented in the MSCI Europe, Australasia, Far East (MSCI EAFE) Index. The MSCI EAFE Index is an unmanaged equity index that captures large- and mid-cap companies across twenty-one developed markets countries. Its number of constituents and countries may change over time. The Fund may invest in securities issued by companies with a broad range of market capitalizations, including smaller companies. Market capitalizations of companies within the MSCI EAFE Index are subject to change. The Fund may invest in publicly-traded real estate investment trusts (REITs). The Fund intends to invest in not less than five different countries and more than 25% of the Funds total assets may be denominated in any single currency. The Fund may also lend its securities. In managing the Fund, the portfolio managers seek to balance investment considerations and tax considerations and take into account the taxes payable by shareholders in connection with distributions of investment income and net realized gains. The Fund seeks to minimize income distributions and distributions of realized short-term gains that are taxed as ordinary income, as well as distributions of realized long-term gains (taxed as long-term capital gains). The Fund seeks to employ a top-down, disciplined and systematic investment process that emphasizes broad exposure and diversification among developed markets outside of the United States, economic sectors and issuers. This rules-based strategy utilizes targeted allocation and systematic rebalancing to seek to take advantage of certain quantitative and behavioral characteristics of developed markets identified by the portfolio managers. The investment process is periodically re-evaluated and may be adjusted to ensure that the process is consistent with the Funds investment objective and strategies. The portfolio managers select and allocate across countries based on factors such as market capitalization, volatility, correlation to other markets, liquidity, and perceived risk and potential for growth. The Fund maintains a bias to broad inclusion; that is, the Fund intends to allocate portfolio holdings to more developed markets outside of the United States rather than fewer developed markets. Relative to capitalization-weighted country indexes, individual country allocation targets emphasize the less represented developed markets and attempt to reduce concentration risks relative to a capitalization-weighted index. The Funds country allocations are rebalanced to their target weights if they exceed a certain pre-determined overweight or fall below a certain pre-determined underweight. Rebalancing has the effect of reducing exposure to countries with strong relative performance and increasing exposure to countries which have underperformed. The frequency of rebalancing depends on the volatility and trading costs of the individual country. The Fund seeks to maintain exposure across key economic sectors. Relative to capitalization-weighted country indexes, the portfolio managers target weights to these sectors to emphasize the less represented sectors. The portfolio managers use a quantitative model to select individual securities as representatives of their countries and economic sectors. The model includes factors such as beta, or a stocks historical sensitivity to movements in the global equity market, with the objective of reducing portfolio risk and maintaining broad diversification. The Fund currently invests substantially all of its assets in the Portfolio, a separate registered investment company with the same investment objective and policies as the Fund. References to the Funds investments include investments held indirectly through the Portfolio in which the Fund invests. Show less