The portfolio management team will typically sell a security under the following conditions: (a) where the price of the security
increases to a level that it considers to be at or near its intrinsic value, (b) where there are more attractive opportunities,
or (c) where the original investment thesis for a company is no longer valid.
The following information is added under the heading “Fund Summary – Principal Risks of Investing in the Fund” in the prospectus:
Environmental, Social and Governance (ESG) Considerations Risk. The ESG considerations that may be assessed as part of the investment process to implement the Fund’s investment strategy in pursuit of its investment objective may vary across types of eligible investments and issuers, and not every ESG factor may be identified or evaluated for every investment. The Fund’s portfolio will not be solely based on ESG considerations, and therefore the issuers in which the Fund invests may not be considered
ESG-focused issuers. The incorporation of ESG factors may affect the Fund’s exposure to certain issuers or industries and may not work as intended. The Fund may underperform other funds that do not assess an issuer’s ESG factors or that use a different methodology to identify and/or incorporate ESG factors. Information used by the Fund to evaluate such factors may not be readily available,
complete or accurate, and may vary across providers and issuers as ESG is not a uniformly defined characteristic. There is
no guarantee that the evaluation of ESG considerations will be additive to the Fund’s performance.
The information appearing under the heading "Investment Objective(s), Strategies, Risks and Portfolio Holdings - Objective(s) and Strategies" in the Statutory Prospectus is replaced in its entirety as set forth below:
The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective may be changed by the Board of Trustees (the Board) without shareholder approval.
The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes)
in equity securities, and in derivatives and other instruments, including depositary receipts that have economic characteristics
similar to such securities.
The principal types of equity securities in which the Fund invests are common and preferred stock. A depositary receipt is
generally issued by a bank or other financial institution and represents an ownership interest in the common stock or other
equity securities of a foreign company. The Fund’s common stock investments may also include China A-shares (shares of companies based in mainland China that trade on the Shanghai Stock Exchange and the Shenzhen Stock Exchange).
Under normal circumstances, the Fund will provide exposure to investments that are economically tied to at least three different
countries, including the U.S. and at least 40%, unless market conditions are not deemed favorable, in which case at least
30%, of the Fund’s net assets will provide exposure to investments that are economically tied to countries other than the U.S. The Fund may invest up to 20% of its net assets in securities of issuers located in emerging markets countries, i.e., those that are generally
in the early stages of their industrial cycles.
The Fund can invest in derivative instruments, including forward foreign currency contracts and options.
A forward foreign currency contract is an agreement between parties to exchange a specified amount of currency at a specified
future time at a specified rate. The Fund can use forward foreign currency contracts to hedge against adverse movements in
the foreign currencies in which portfolio securities are denominated.
An option is a derivative financial instrument that reflects a contract between two parties for a future transaction on an
asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in that transaction, while the
seller incurs the corresponding obligation to fulfill the transaction. The price of an option derives from the difference between the reference
price and the value of the underlying asse (commonly a stock, a bond, a currency or a futures contract) plus premium based on the time
remaining until the expiration of the option.
Other types of options exist, and options can in principle be created for any type of valuable asset. The Fund can use options
to mitigate risk and to hedge against adverse movements in the foreign currencies in which portfolio securities are denominated.
The Fund may invest in the securities of issuers of all capitalization sizes, and a substantial number of the issuers in which
the Fund invests are large-capitalization issuers. The Fund considers an issuer to be a large-capitalization issuer if it has
a market capitalization, at the time of purchase, within the range of the largest and smallest capitalized companies included in the
MSCI World Index during the most recent 11-month period (based on month-end data) plus the most recent data during the current month.
In selecting investments for the Fund, the portfolio manager applies a rigorous bottom-up fundamental investment approach
to analyze the quality and value of individual companies. There is no attempt to mirror the composition of the Fund’s benchmark index.