HDMV

Under normal market conditions, the fund seeks to achieve its investment objective by investing at least 80% of its net assets (including investment borrowings) in common stocks and depositary receipts of developed market companies listed and traded on non-U. S. exchanges that the Sub-Advisor believes exhibit low future expected volatility. Under normal market conditions, it will invest in at least three countries and at least 40% of its net assets in countries other than the United States.