OVERVIEW (as of 12/31/2011 )
 
Investment Objective:The fund seeks to provide long-term capital appreciation. Any income received is incidental to this objective.

Investment Strategy:The fund is actively managed and invests mainly in a diversified portfolio of stocks of foreign companies in countries having economies and markets considered to be developed. The fund may also invest to a lesser extent in common stocks of foreign companies located in emerging markets.

Investment Suitability:This fund may be suitable to investors who seek higher, long-term rates of return, can accept significant short-term fluctuations in account value and want to diversify their portfolio with international stocks. The fund invests in foreign and emerging market securities which involves certain risks such as currency volatility, political and social instability and reduced market liquidity. To the extent that the investment advisor misjudges current market conditions, the fund's volatility may be amplified by its use of short sales and derivatives, and by its ability to select sub-advisers to allocate assets. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage may increase the risk of loss and cause fluctuations in the market value of the fund's portfolio to have disproportionately large effects or cause the NAV of the Fund generally to decline faster than it would otherwise.