CWVIX

This fund typically dedicates a minimum of 80% of its net assets, including any borrowed capital used for investment, to international equity securities. These securities consist of common and preferred stocks, along with their corresponding depositary receipts. The fund's managers categorize non-U.S. large-capitalization companies as those whose market value falls within the spectrum of the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index at the time of purchase.