The fund invests primarily in the common stock of approximately 35 to 60 foreign small-cap companies that are trading at a discount to the portfolio management team's estimated intrinsic value of such company with the potential to grow their earnings and cash flows. Under normal circumstances, it will invest at least 80% of its net assets (including amounts borrowed for investment purposes) in international small-cap companies. It primarily invests its assets in common stocks of foreign companies in developed countries.