Strategy. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and depositary receipts of foreign issuers of all capitalization sizes, including small and mid-capitalization issuers. The principal types of equity securities in which the Fund invests are common and preferred stock. The Funds common stock investments also include China-A shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). Under normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different countries outside of the U.S. The Fund may also invest in emerging markets countries up to 10% more than the … Show more… The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities and depositary receipts of foreign issuers of all capitalization sizes, including small and mid-capitalization issuers. The principal types of equity securities in which the Fund invests are common and preferred stock. The Funds common stock investments also include China-A shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange). Under normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different countries outside of the U.S. The Fund may also invest in emerging markets countries up to 10% more than the amount of exposure to emerging markets countries in the MSCI ACWI ex USA Index. Emerging markets countries are those countries that are generally in the early stages of their industrial cycles. The Fund invests primarily in securities of issuers that are considered by the Funds portfolio managers to have potential for earnings or revenue growth. The Fund is non-diversified, which means it can invest a greater percentage of its assets in a small group of issuers or any one issuer than a diversified fund can. The Fund can invest in derivative instruments including forward foreign currency contracts and futures contracts to hedge the currency exposure created by its investments in foreign securities. To achieve the Funds objective, the portfolio management team applies a rigorous bottom-up fundamental investment approach to analyze the quality and value of individual companies to determine whether or not to invest in them. The portfolio management team looks for companies: ?? That meet strict quality business criteria ?? That meet standards of management quality ?? That are believed to be attractively priced in relation to their intrinsic value As part of a comprehensive assessment of a companys intrinsic value, the team uses a variety of valuation methods and will typically review a companys financial information, competitive position and its future prospects. The team may also meet with the companys management and take into account general industry and economic trends. The team will then compare the intrinsic value that it has placed on the company against its current market price, and will consider investing where the market price is sufficiently lower than the value that the team has determined. The portfolio management team will typically sell a security under the following conditions: (1) where the price of the security increases to a level that the team considers to be at or near its intrinsic value, (2) where there are more attractive opportunities, or (3) where the original investment thesis for a company is no longer valid. Show less