Fiscal Year End
The fund seeks long-term growth of capital through investments primarily in the common stocks of companies located (or with primary operations) in the emerging market countries of Europe.
The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the emerging markets of Europe, including Eastern Europe and the former Soviet Union. The fund may purchase the stocks of companies of any size, but our focus will typically be on larger and, to a lesser extent, medium-sized companies.
The fund may be appropriate for investors who seek to supplement a diversified portfolio with a concentrated investment. If you do not have any international investments, a widely diversified global or international fund may be more appropriate. The fund can be used in both regular and tax-deferred accounts, such as IRAs.
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Investing abroad increases the opportunities available to you. Some foreign countries, particularly emerging countries, may have greater potential for economic growth than the U.S. Investing a portion of your overall portfolio in foreign stock funds can enhance your diversification while providing the opportunity to boost long-term returns.
Funds that invest overseas generally carry more risks than funds that invest strictly in U.S. assets, including currency risk, geographic risk, and emerging market risk. Risks can also result from varying stages of economic and political development; differing regulatory environments trading days, and accounting standards; and higher transaction costs of non-U.S. markets. In addition, because the fund has nondiversified status, it can invest more of its assets in a smaller number of companies than diversified funds. As a result, poor performance by a single large holding of the fund would adversely affect its performance more than if the fund were invested in a larger number of companies.