span style="font-family:Arial Narrow;font-size:10pt;"Under normal conditions, the Fund invests at least 80% of the value of its Assets in equity investments. “Assets” means net assets, plus the amount of borrowings for investment purposes. The Fund invests primarily in foreign companies of various market capitalizations, including foreign subsidiaries of U.S. companies. /spanspan style="font-family:Arial Narrow;font-size:10pt;"The equity securities in which the Fund may invest include, but are not limited to, common stock, preferred securities, convertible securities, trust or partnership interests, depositary receipts and warrants and rights. /spanspan style="color:#000000;font-family:Arial Narrow;font-size:10pt;"The Fund may invest in securities denominated in U.S. dollars, other major reserve currencies, such as the euro, yen and pound sterling, and currencies of other countries in which it can invest. /spanspan style="color:#000000;font-family:Arial Narrow;font-size:10pt;"The Fund may invest in securities across all market capitalizations, although the Fund may invest a significant portion of its assets in companies of any one particular market capitalization category. /spanspan style="font-family:Arial Narrow;font-size:10pt;"The Fund may utilize currency forwards to manage currency exposure of its foreign investments relative to the Morgan Stanley Capital International (MSCI), Europe, Australasia and Far East (EAFE) Index/spanspan style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;"1/spanspan style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;" /spanspan style="font-family:Arial Narrow;font-size:10pt;"(the Index). The Fund may also use exchange-traded futures for the efficient management of cash flows. /spanspan style="color:#000000;font-family:Arial Narrow;font-size:10pt;"Investment Process: In managing the Fund, the adviser will seek to help manage risk in the Fund’s portfolio by investing in issuers in at least three different countries other than the United States. However, the Fund may invest a substantial part of its assets in just one region or country. /spanspan style="font-family:Arial Narrow;font-size:10pt;"The Fund intends to invest in companies (or governments) in the following countries or regions: the Far East, Western Europe, Australia, Canada and other countries or areas that the adviser may select from time to time. A substantial part of the Fund’s assets may be invested in U.S. companies based in countries that are represented in the Index. However, the Fund may also invest in companies or governments in emerging markets./spanspan style="color:#000000;font-family:Arial Narrow;font-size:10pt;"The adviser may adjust the Fund’s exposure to each currency based on its view of the markets and issuers. The adviser will decide how much to invest in the securities of a particular country or currency by evaluating the yield and potential growth of an investment, as well as the relationship between the currency and the U.S. dollar. The adviser may increase or decrease the emphasis on a type of security, sector, country or currency, based on its analysis of a variety of economic factors, including fundamental economic strength, earnings growth, quality of management, sector growth, credit quality and interest rate trends. The Fund may purchase securities where the issuer is located in one country but the security is denominated in the currency of another. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in securities and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors./span