The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in non-U.S. stocks. The fund relies on MSCI Inc., a third-party provider of benchmark indexes and data services, or another unaffiliated data provider to determine the country assigned to a security. Any derivatives that provide exposure to the investment focus suggested by the fund’s name, or to one or more market risk factors associated with the investment focus suggested by the fund’s name, are counted (as applicable) toward compliance with the fund’s 80% investment policy.

The fund expects to invest significantly outside the U.S. and to diversify broadly among developed markets and, to a lesser extent, emerging market countries throughout the world. In addition, the fund typically invests at least 65% of its net assets in stocks of large-cap companies.

The fund takes a core approach to stock selection, which does not emphasize either growth or value styles of investing. The adviser relies on a global research team to search for particularly promising stocks. The adviser selects stocks it believes have the most favorable combination of company fundamentals and valuation.

In selecting investments, the adviser generally favors companies with one or more of the following characteristics:

The fund typically has significant investments in developed European countries, as well as Japan and select other developed countries.

At times, the fund may have a significant portion of its assets invested in the same economic sector, such as the financial sector.