Strategy. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in developing countries. Such equity securities may include common stock and depositary receipts (including American Depositary Receipts ( ADRs ), European Depositary Receipts ( EDRs ), Canadian Depositary Receipts ( CDRs ) and Global Depositary Receipts ( GDRs )). 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. The Fund may also invest in securities denominated in non-U.S. currencies and securities … Show more… Under normal circumstances, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies located in developing countries. Such equity securities may include common stock and depositary receipts (including American Depositary Receipts ( ADRs ), European Depositary Receipts ( EDRs ), Canadian Depositary Receipts ( CDRs ) and Global Depositary Receipts ( GDRs )). 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. The Fund may also invest in securities denominated in non-U.S. currencies and securities of companies domiciled in China that list and trade directly on Chinese stock exchanges ( China A Shares ). In determining whether a country is a developing country, the Funds investment sub-advisor, WCM Investment Management, LLC (the Sub-Advisor ), will consider, among other things: (i) whether the country is considered to be a developing country as classified by the World Bank or included in any of the Morgan Stanley Capital International (MSCI) emerging markets or frontier markets indices; (ii) the countrys per capita gross domestic product; (iii) the percentage of the countrys economy that is industrialized; (iv) market capitalization as a percentage of the countrys gross domestic product; and (v) 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 Sub-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 Sub-Advisor considers a company to be located in a country: (i) 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 (ii) 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. Under normal market conditions, the Fund invests in the equity 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 Sub-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, which is determined using a discounted cash flow model, historical EV/EBITDA (compares a companys Enterprise Value (the measure of a companys total value) to its Earnings Before Interest, Taxes, Depreciation and Amortization), and next year price to earnings ratio. The Sub-Advisors fundamental research also involves an analysis of the companys environmental, social and governance ( ESG ) characteristics. In the Sub-Advisors view, industry specific material ESG factors can have an impact on the short or long-term financial performance of a company, however, integrating ESG considerations into the research process does not make ESG information the primary consideration for an investment decision. As of March 31, 2025, the Fund had significant investments in financial companies, information technology companies, Latin American issuers and Asian issuers, although this may change from time to time. Over time, the Fund may have significant investments in a jurisdiction or investment sector that it may not have had as of March 31, 2025. To the extent the Fund invests a significant portion of its assets in a given jurisdiction or investment sector, the Fund may be exposed to the risks associated with that jurisdiction or investment sector. The Fund will not invest 25% or more of the value of its total assets in securities of issuers in any one industry or group of industries. The Fund is classified as non-diversified under the Investment Company Act of 1940, as amended (the 1940 Act ). Show less