The value approach to investing—buying companies for less than they are worth—is a time-
tested process that knows no borders. Likewise, geography does not change the basic
techniques required to value those companies. Tax regimes, differing customs, and changing
regulations can influence the drivers, but they do not change the basic valuation process. We
believe that buying a business is buying a business, regardless of location.

Our global analysts constantly monitor where the world’s best investment opportunities are
most likely to arise. We focus on change—in regions, countries, and industries—because it
generates opportunities. Change also identifies value drivers such as management
restructuring, company reorganization, and industry consolidation. We pursue these
opportunities through an intensive, collaborative investment process focused on maximizing
return within risk control guidelines.

An investment in the Funds is subject to market risk or the risk that stocks in the portfolio will decline in response to such factors as adverse company news or industry developments or a general economic decline. Investments in small- or mid-cap companies are subject to greater volatility and price fluctuations and value-style investing may fall out of favor or under-perform other investing styles. International stocks are subject to certain risks of overseas investing, including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets. As with any mutual fund, possible loss of principal is a risk of investing.