This Fund seeks to achieve long-term capital appreciation primarily through investment in equities of non-US companies.
Under normal circumstances, the Fund invests primarily in equity securities of non-US companies of all sizes. Under normal market conditions, at least 80% of its net assets will be invested in equity securities. Equity securities include common stocks and related securities, such as preferred stock, convertible securities and depositary receipts. In choosing investments, the Advisor applies a fundamental, bottom-up approach. The Advisor generally seeks companies which it believes can offer above average growth sustainably, or those whose growth has been underestimated by the market. Normally, the Fund's investments will be divided among Continental Europe, the United Kingdom, Japan and the markets of the Pacific Basin. However, selective investments may also be made in Latin America and in other parts of the world. The Fund may invest in emerging markets and may invest in new companies, both through initial public offerings and private placements.
Performance
The recent growth rate in the stock market has helped to produce short- term returns for some asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, fund performance may be subject to substantial short- term changes.
Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. *Expense ratios are not guaranteed numbers and may fluctuate. Gross and net expense ratios are presented as a percentage of average net assets. The gross expense ratio is stated in the current prospectus and based on the Fund's then most recent previous fiscal year. The net expense ratio is unaudited and is based on annualized fiscal year-to-date results from 1/1/10 to 7/31/10. The ratio may differ from that presented in the Fund's prospectus. For most recent month end performance, please call 1.800.657.1493.
*Fiscal year end for this fund is December 31.
Returns include reinvestment of dividend and capital gains. Performance results reflect expense subsidies and waivers in effect during periods shown. Absent these waivers, results would have been less favorable for certain periods.