Strategy. Under normal market conditions, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in a diversified portfolio of common stocks of U.S. and non-U.S. companies. The Fund invests in the securities of companies located in at least three countries. Typically, the Fund invests between 25-75% of its total assets in securities of U.S. companies and between 25-75% of its total assets in securities of non-U.S. companies. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its … Show more… Under normal market conditions, the Fund will invest at least 80% of its assets (net assets plus the amount of any borrowings made for investment purposes) in a diversified portfolio of common stocks of U.S. and non-U.S. companies. The Fund invests in the securities of companies located in at least three countries. Typically, the Fund invests between 25-75% of its total assets in securities of U.S. companies and between 25-75% of its total assets in securities of non-U.S. companies. In determining whether an issuer is a U.S. or non-U.S. company, the Fund considers various factors including its country of domicile, the primary stock exchange on which it trades, the location from which the majority of its revenue comes, and its reporting currency. There are no geographic limits on the Funds non-U.S. investments, and the Fund may invest in securities of companies located in developed or emerging markets. The Funds sub-adviser, Harris Associate L.P.s (Sub-Adviser), considers emerging markets to be those classified as emerging markets by Morningstar, and are generally located in the AsiaPacific region, the Middle East, Eastern Europe, Central and South America and Africa. The Fund may invest in the securities of large-, mid-, and small-capitalization companies. The Fund uses a value investment philosophy in selecting equity securities. This value investment philosophy is based upon the belief that, over time, a companys stock price converges with Sub-Adviser estimate of the companys intrinsic value. By intrinsic value, the Sub-Adviser means its estimate of the price a knowledgeable buyer would pay to acquire the entire business. The Funds Sub-Adviser believes that investing in securities priced significantly below what the Sub-Adviser believes is a companys intrinsic value presents the best opportunity to achieve the Funds investment objective. A company trading below its estimated intrinsic value is sometimes referred to as trading at a discount. The Sub-Adviser uses this value investment philosophy to identify companies that have discounted stock prices compared to what the Sub-Adviser believes are the companies intrinsic values. In assessing such companies, the Sub-Adviser looks for the following characteristics, although not all of the companies selected will have all of these attributes: (1) free cash flows; (2) earnings that are growing and are reasonably predictable; and (3) a high level of ownership by management. In making its investment decisions, the Sub-Adviser uses a bottom-up approach focused on individual companies, rather than focusing on specific economic factors or specific industries. To facilitate its selection of investments that meet the criteria described above, the Sub-Adviser uses independent, in-house research to analyze each company. As part of this selection process, the Sub-Advisers analysts typically visit companies and conduct other research on the companies and their industries. Once the Sub-Adviser identifies a stock that it believes is selling at a significant discount to the Sub-Advisers estimate of intrinsic value and the company has one or more of the additional qualities mentioned above, the Sub-Adviser may consider buying that stock for the Fund. The Sub-Adviser usually sells a stock when the price approaches its estimated intrinsic value. This means the Sub-Adviser sets specific buy and sell targets for each stock held by the Fund. The Sub-Adviser monitors each holding and adjusts these price targets as warranted to reflect changes in a companys fundamentals. The Sub-Adviser believes that holding a relatively small number of stocks allows its best ideas to have a meaningful impact on the Funds performance. Therefore, the Funds portfolio typically holds thirty to sixty stocks rather than hundreds, and as a result, a higher percentage of the Funds total assets may at times be invested in a particular region, sector or industry. Show less