Fund Description

The fund seeks long-term capital growth by investing primarily in equity securities of non-U.S. companies, mainly in mature markets, and it may invest in developing or emerging markets. It particularly seeks companies that have financial strength and stability, strong management and fundamental value. Its investment philosophy can be broadly characterized as a value approach, as it generally seeks a margin of safety in its investment purchases with the goal being to avoid permanent impairment of capital, and it seeks a discount to intrinsic value. Normally, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in foreign securities (including American Depositary Receipts, Global Depositary Receipts and European Depositary Receipts) and counts relevant derivative positions towards this allocation. It may invest up to 20% of total assets in debt instruments without regard to credit rating or time to maturity. Investment decisions are made without regard to the capitalization (size) of the companies in which it invests, and it may invest in any size company, including large, medium and smaller companies. It may invest in gold and other precious metals and related futures, and may invest up to 25% of total assets in a Cayman Islands subsidiary that generally invests in commodities and related instruments.