Strategy. The Fund invests primarily in the equity securities of companies of all market capitalizations that are tied economically to frontier markets and small emerging market countries. Under normal market conditions, we will invest at least 80% of the Funds assets (plus borrowings for investment purposes) in the equity securities, typically common stock, of companies that are tied economically to frontier markets and small emerging market countries. We consider frontier markets to include any non-developed or non-emerging country that is outside the Morgan Stanley Capital International (MSCI) ACWI Index, and also any country that is currently included in the Russell Frontier Index, the S&P Frontier Broad Market Index (BMI), or the MSCI Frontier Markets Index. We may also determine a country … Show more… The Fund invests primarily in the equity securities of companies of all market capitalizations that are tied economically to frontier markets and small emerging market countries. Under normal market conditions, we will invest at least 80% of the Funds assets (plus borrowings for investment purposes) in the equity securities, typically common stock, of companies that are tied economically to frontier markets and small emerging market countries. We consider frontier markets to include any non-developed or non-emerging country that is outside the Morgan Stanley Capital International (MSCI) ACWI Index, and also any country that is currently included in the Russell Frontier Index, the S&P Frontier Broad Market Index (BMI), or the MSCI Frontier Markets Index. We may also determine a country to be a frontier market considering various factors including, the classification of a country as a frontier market by any international organization that evaluates or classifies countries (such as the World Bank, International Monetary Fund, MSCI, or FTSE International). Emerging markets include those countries currently considered to be developing as per their inclusion in the MSCI Emerging Markets Index. We consider a small emerging market country to be any country that individually constitutes not more than 7% of the MSCI Emerging Markets Index or the S&P Emerging BMI. We will consider qualifying investments to be in companies that are listed on a securities exchange in a frontier market or small emerging market country, that are legally domiciled in a frontier market or small emerging market country, that have at least 50% of their assets in a frontier market or small emerging market country, or that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services provided in a frontier market or small emerging market country. The Fund will not be required to sell a security because the market to which it is economically tied is no longer what we consider to be a frontier market or a small emerging market country. In general, frontier markets and small emerging market countries, with the exception of the oil-producing Persian Gulf States, tend to have relatively low gross national product per capita compared to the larger traditionally recognized emerging markets and the worlds major developed economies. Frontier and small emerging market countries include the least developed markets even by emerging market standards. We believe frontier markets and small emerging market countries offer investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing and improving corporate governance. We travel extensively outside the U.S. to visit companies and expect to meet with senior management. We use a process of quantitative screening followed by bottom-up fundamental analysis with the goal of owning the highest quality growth companies tied economically to frontier markets and small emerging market countries. We do not use allocation models to restrict the Funds investments to certain regions, countries or industries. The Fund may invest a large percentage of its assets (greater than 5%) in a particular region or market, including Asia and India. The Fund may invest a large percentage of its assets (greater than 5%) in a few sectors. As of the date of this Prospectus, these sectors were financials, consumer discretionary, health care , industrials , and communication services . The Fund is classified as a non-diversified mutual fund, which means that the Fund may invest a larger percentage of its assets in the securities of a small number of issuers than a diversified fund. We may also invest in initial public offerings (IPOs). Show less