Strategy. The Fund principally invests in equity securities (consisting of common stocks, preferred stocks and convertible securities) of companies located in the worlds developed countries outside of the United States. Under normal market conditions, the Advisor will select the stocks held by the Fund from companies located in at least 10 countries outside of the U.S., and the Fund will invest less than 10% of its assets in U.S. companies. In determining whether a company is located in or associated with a non-U.S. country, the Advisor will consider any one of the following four factors when making its determination: (i) country of organization; (ii) primary securities trading market; (iii) location of assets; or (iv) country where the company derives at least … Show more… The Fund principally invests in equity securities (consisting of common stocks, preferred stocks and convertible securities) of companies located in the worlds developed countries outside of the United States. Under normal market conditions, the Advisor will select the stocks held by the Fund from companies located in at least 10 countries outside of the U.S., and the Fund will invest less than 10% of its assets in U.S. companies. In determining whether a company is located in or associated with a non-U.S. country, the Advisor will consider any one of the following four factors when making its determination: (i) country of organization; (ii) primary securities trading market; (iii) location of assets; or (iv) country where the company derives at least half of its revenue or profits. The Funds principal equity investments will represent a diversified portfolio of common and preferred stocks issued primarily by large capitalization companies, but the Fund may invest across all market capitalizations. The Funds assets may also be invested without limit in stocks issued by companies from emerging market countries, which may subject the Fund to a greater risk of loss than investments in a developed market. In addition to purchasing equity securities on exchanges where the companies are located, the Fund may purchase equity securities on exchanges other than where their companies are domiciled (often traded as dual listed securities) or in the form of Depositary Receipts, which include American Depositary Receipts (ADRs), European Depositary Receipts (EDRs), Global Depositary Receipts (GDRs), Non-Voting Depositary Receipts (NVDRs) or similar securities. The Fund is designed to benefit from future growth in developed countries outside of the U.S., as well as emerging market countries. The Advisor produces monthly valuation research that covers approximately fifty countries and believes that the world offers excellent opportunities for growth and diversification. The Advisor seeks to buy equity securities of companies at a value less than its research indicates to be their true worth. This is intended to produce a Fund portfolios with attractive relative valuation ratios, such as price-to-earnings and price-to-book. The Advisor may sell a security if, among other reasons, it no longer believes the security will contribute to meeting the investment objective of the Fund or other permissible investments are more attractive. The Fund may lend portfolio securities to brokers, dealers or other financial institutions in an effort to increase the Funds returns. Show less