Fund Description

The fund invests in equity securities of U.S. and non-U.S. companies listed on national securities exchanges or foreign equivalents, and may use derivatives including options, futures, forwards, swap agreements and participation notes. Equity exposure may include common stocks, preferred shares and investment trusts, and may also include closed-end funds, business development companies, investment holding companies, publicly traded limited partnership interests, and other publicly traded vehicles focused on investing in privately held companies; it normally invests more than 25% of assets in private equity related industries. It may invest across market caps, typically in at least three countries, and invests at least 40% of total assets at purchase in non-U.S.-domiciled issuers, as defined by organization, location, assets or revenues. Security selection emphasizes high or improving return on invested capital, with a disciplined sell process based on fundamentals, relative price, management or control changes, liquidity needs, or shifts in valuation, volatility, or other parameters.