Investment Objective

Fund Characteristics

• The Fund invests at least 80% of its assets in a diversified portfolio of common stocks of small cap companies located in the Morgan Stanley Capital International World Small Cap ex-US Index
• The Fund will invest in companies with market capitalizations of $5 billion or less at the time of the Fund's purchase
• Normally the Fund's investments will be allocated among at least six different countries and will not concentrate investments in any particular industry

Investment Approach

• Seeks to invest in stocks of well-managed, quality growth companies expected to maintain superior growth, profitability and quality relative to local markets and relative to companies within the same industry worldwide
• The selection of individual stocks through in-depth, bottom-up research is the Fund's primary focus. Following stock selection, analysis of the economic strength of various industries and countries are the next most important investment criteria

What Makes this Fund Different?

• Portfolio focusing on best ideas, invested across developed and emerging markets regions
• Rigorous bottom-up research, top-down analytical perspective; adherence to well-defined investment parameters and disciplines ensures quality selection and management of international securities
• The Fund generates an overview of markets by region; looks at broader issues, including economic themes as well as sector and market trends
• Risk management through its focus on the quality of company management, diversification across market sectors and countries. Constant review of portfolio parameters
• The Fund may invest in new companies, both through intial public offerings ("IPOs") and private placements
• Experienced management; support from a team of seasoned analysts with more than 50 years of combined experience in international developed and emerging markets
• No style drift; consistent focus on quality growth companies