Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities and in derivatives and other instruments that have economic characteristics and provide investment exposure similar to equity securities. The Fund predominantly invests in common stocks of large and midsize companies located outside of the U.S., including companies located in developed and emerging markets.

Equity securities include common and preferred stocks and related depositary receipts, securities of other investment companies, including exchange traded funds (ETFs), as well as equity-related instruments and other investments with similar economic characteristics. The Fund may also invest in equity-linked notes (ELNs).

The Fund maintains the flexibility to invest in securities of companies from a variety of countries and sectors, but from time to time, based on economic conditions, the Fund may have significant investments in one or more countries or in particular sectors.

The Fund may also use derivatives, such as certain foreign currency transactions, futures, options, warrants and swap contracts, for both hedging and non-hedging purposes. For example, the Fund may use foreign currency forward contracts in connection with its investments in foreign securities in order to hedge the Fund’s currency exposure. The investment manager considers various factors, such as availability and cost, in deciding whether to use a particular derivative instrument or strategy. Moreover, investors should bear in mind that the Fund is not obligated to actively engage in any derivative transactions.

In determining whether to buy or sell securities for the Fund’s portfolio, the investment manager considers, among other factors, a company’s valuation, financial strength, growth potential, competitive position in its industry, projected future earnings, cash flows and dividends. The investment manager may also consider other factors that it believes may cause the price of a stock held in the Fund’s portfolio to rise in seeking to identify investment opportunities that the investment manager believes have favorable investment potential.

The Fund is “non-diversified,” which means it may invest a greater percentage of its assets in fewer issuers than a “diversified” fund.