The fund seeks capital appreciation in the long term by investing in small-size companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on securities of companies issued by non-U.S. (international) companies headquartered outside of the United States.

The team favors companies that are trading at discounts to their estimated intrinsic value referred to as premier companies.

Also, the team emphasizes companies with balance sheet strength, and/or excellent business prospects.

In addition, the team considers companies with the potential for improvement in cash flow levels and internal rates of return.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on company-specific criteria rather than on political, economic, or other country-specific factors.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The manager invests in securities of international companies headquartered in at least three different countries.

The portfolio generally holds less than 100 securities.

From time to time, a substantial portion of the fund’s assets may be invested in companies that are headquartered in a single country.

However, no more than 35% of the fund’s net assets may be invested in securities of companies headquartered in developing countries.

Generally, developing countries include every country in the world other than the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore, South Korea, Taiwan, Bermuda, Israel, and Western European countries.

The fund seeks capital appreciation in the long term by investing in small-size companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on securities of companies issued by non-U.S. (international) companies headquartered outside of the United States.

The team favors companies that are trading at discounts to their estimated intrinsic value referred to as premier companies.

Also, the team emphasizes companies with balance sheet strength, and/or More