ESMAX

The fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in securities of small-capitalization European issuers, and in derivatives and other instruments that have economic characteristics similar to such securities. The fund's manager considers an issuer to be a small-capitalization issuer if it has a market capitalization, at the time of purchase, no larger than the largest capitalized issuer included in the Russell 2000® Index. The fund invests primarily in equity securities and depositary receipts.