Description

The fund's primary objective is to deliver significant long-term capital appreciation. It achieves this by predominantly allocating its portfolio to stocks issued by corporations based outside the United States. While its main emphasis is on established international markets—for instance, Japan, Germany, and France—it also considers investment opportunities in developing economies. A strict policy dictates that at least 80% of the fund's net assets, augmented by any investment-related borrowings, must be held in foreign securities. Relevant derivative positions are included when calculating this 80% foreign asset commitment, and each holding is valued at its recorded carrying amount.