The fund normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of European companies. 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.

Under normal conditions, at least five countries will be represented in the fund’s portfolio. The fund expects to primarily invest in common stocks of companies located (or with primary operations) in Europe and typically has substantial investments in the United Kingdom. The countries in which the fund normally invests include, but are not limited to, the following:

The fund may purchase the stocks of companies of any size. While the adviser invests with an awareness of the adviser’s outlook for certain industries, sectors, and individual countries within the region, the adviser’s decision-making process focuses on bottom-up stock selection. Country allocation is driven largely by stock selection, though the adviser may limit investments in markets or industries that appear to have poor overall prospects.

The fund seeks to purchase the stocks of companies with quality management and strong cash flows, and does not emphasize either a growth or value bias in selecting investments.

The adviser seeks stocks that the adviser believes have the most favorable combination of company fundamentals, earnings potential, and relative valuation.

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

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