Under normal market circumstances, the Fund will invest at least 80% of its net assets (including borrowings for investment purposes) in the stock of non‑U.S. companies. To achieve its investment objective, the Fund will maintain approximately 25‑30 companies in its portfolio and will invest in the common stocks of primarily large capitalization (“large‑cap”) non‑U.S. companies, in developed countries. The Fund considers large‑cap companies to be those publicly traded companies with capitalizations exceeding $5 billion. For purposes of the Fund’s investment policies, the market capitalization of a company is based on its capitalization at the time the Fund purchases the company’s securities. For purposes of the Fund’s investments, “non‑U.S. companies” means those securities issued by companies whose primary listing is on a non‑U.S. exchange or companies that are U.S.-listed and derive a majority of their revenue from products, investment or services outside the U.S. The Fund may also invest in convertible securities, consisting primarily of warrants that are convertible into or exchangeable for equity securities. A warrant gives the holder the right to purchase at any time during a specified period a predetermined number of shares of common stock at a fixed price.

•	products or services that meet a clear economic need;

•	strong competitive advantage (barriers to entry);

•	long history of profitability and strong metrics;

•	generates high levels of cash flow;

•	available at a low price in relation to intrinsic value (the perception of value based on all factors of business, tangible and intangible);

•	management’s history of shareholder friendliness (dividends, buybacks, earnings quality, reporting transparency, executive compensation and acquisition history);

•	strong balance sheet; and

•	strong management (directors and officers) ownership (preferably with recent purchases).