Strategy. Under normal market conditions, the Fund invests at least 80% of its net assets (including amounts borrowed for investment purposes) in equity securities of companies located in developing countries. In determining whether a country is a developing country, the Funds investment advisor will consider, among other things, whether the country is generally considered to be a developing country by the international financial community; the countrys per capita gross domestic product; the percentage of the countrys economy that is industrialized; market capital as a percentage of the countrys gross domestic product; and the overall regulatory environment of the country, including the presence of governmental regulation limiting or banning foreign ownership and restrictions on repatriation of initial capital, dividends, interest and/or capital … Show more… Under normal market conditions, the Fund invests at least 80% of its net assets (including amounts borrowed for investment purposes) in equity securities of companies located in developing countries. In determining whether a country is a developing country, the Funds investment advisor will consider, among other things, whether the country is generally considered to be a developing country by the international financial community; the countrys per capita gross domestic product; the percentage of the countrys economy that is industrialized; market capital as a percentage of the countrys gross domestic product; and the overall regulatory environment of the country, including the presence of governmental regulation limiting or banning foreign ownership and restrictions on repatriation of initial capital, dividends, interest and/or capital gains. For example, the investment advisor expects that most countries classified by the World Bank as having low- to middle-income economies, or that are included in any of the Morgan Stanley Capital International (MSCI) emerging markets or frontier markets indices, will be treated as developing countries. The Funds advisor considers a company to be located in a country if the company has been organized under the laws of, has its principal offices in, or has its securities principally traded in, the country, or if the company derives at least 50% of its revenues or net profits from, or has at least 50% of its assets or production capacities in, the country. The Funds investments in equity securities may include common stock and depositary receipts. The Funds investments in depositary receipts may include American, European, Canadian and Global Depositary Receipts (ADRs, EDRs, CDRs and GDRs, respectively). ADRs and CDRs are receipts that represent interests in foreign securities held on deposit by U.S. and Canadian banks or trust companies, respectively. EDRs and GDRs have the same qualities as ADRs, although they may be traded in several international trading markets. Under normal market conditions, the Fund invests in the securities of companies located in at least three different countries outside of the United States, and the Fund may invest in securities of any market capitalization. From time to time, the Fund may invest a significant portion of its assets in the securities of companies located in one or a few developing countries or regions. The advisors investment process begins with bottom-up, fundamental research, which involves examining and ranking companies based on the following factors: (i) the companys corporate performance; (ii) the companys competitive position; (iii) the companys potential future growth; and (iv) the companys intrinsic value. The advisors fundamental research also involves an analysis of a companys environmental, social and governance (ESG) characteristics. The Funds advisor utilizes a proprietary, qualitative analysis in screening companies for the Funds portfolio that satisfy its ESG criteria. Industry-specific, material ESG value drivers are identified for each company based on the internally derived criteria as well as from information sourced from corporate disclosures, specialized datasets and other publicly filed information. The advisors strategy is focused on identification and analysis of material ESG drivers, which are the most relevant and financially important ESG aspects of the companys business model. In the advisors view, these ESG drivers can have a significant short- or long-term impact on the companys financial performance and the sustainability of that performance. The advisors methodology determines what it believes the impact each of the drivers has on the metrics such as revenue, profits, cash flow, returns and risks. These drivers serve as a tool to identify companies with improving ESG characteristics (i.e., the companys ESG Trajectory). The advisors approach is also informed by industry-based standards for material ESG factors established by the Sustainability Accounting Standards Board. In addition, the Funds advisor will review company financial filings, proxy disclosures, corporate sustainability reports, Carbon Disclosure Project scores, government databases, Bloomberg ESG analytics, Institutional Shareholder Services Inc. (ISS) reports and engage with company management as part of its screening process. The advisors environmental assessment includes identifying companies that provide products or services that are tied to an environmental competitive advantage as compared to their peers. For example, the Fund may invest in companies offering products or services with superior energy efficiency, better management of energy, water and waste resources, or offer solutions to emissions regulations. Social assessment includes identifying companies that promote societal benefits or address societal challenges. For example, the Fund may invest in companies with good diversity practices, lower employee turnover, and solid employee safety track-records. Governance assessment includes a focus on shareholder rights, senior management compensation, board structure, and audit/accounting risk. Based on the advisors deeper qualitative ESG assessment, the Funds advisor selects companies that demonstrate a strong or improving ESG Trajectory and generally excludes companies with weak ESG performance. The Funds ESG screening process is designed to exclude companies that are involved in and derive significant revenue from certain industries or product lines, including: ? tobacco, ? gambling, ? civil firearms (i.e., those firearms typically available for consumer use in the United States), ? controversial weapons (e.g., land mines), and ? pornography. The Funds ESG screening process does not exclude traditional defense contractors nor does it exclude all alcohol. The Funds advisor does not utilize third-party ESG rankings or a scoring mechanism in the Funds portfolio construction process. The Fund is classified as non-diversified under the Investment Company Act of 1940 (the 1940 Act), which means that it may invest more of its assets in a smaller number of issuers than diversified. Show less