Appendix 22A Objectives and Policies of an International Mutual Fund By Cheng Few Lee Joseph Finnerty John Lee Alice C Lee Donald Wort

APPENDIX 22A: OBJECTIVES AND POLICIES OF AN INTERNATIONAL MUTUAL FUND The investment objective of the Fund is to seek obtain total return on its assets primarily through long-term capital growth and to a lesser extent from income…. The Fund will seek to achieve such objective through investment in all types of common stocks and equivalents, preferred stocks and bonds, and other debt obligations of domestic and foreign companies and governments and international organizations. There is no limitation on the percent or amount of the Fund’s assets which may be invested for growth or income.[1] The percentage of the Fund’s assets invested in particular geographic sectors will shift from time to time in accordance with the judgment of the Investment Advisers…. [1] Reproduced by courtesy of Dean Witter Worldwide Investment Trust Fund.[1] 2

APPENDIX 22A: OBJECTIVES AND POLICIES OF AN INTERNATIONAL MUTUAL FUND Notwithstanding the Fund’s investment objective of seeking total return, the fund may, for defensive purposes, with limitation, invest in: obligations of the United States Government, its agencies or instrumentalities, cash and cash equivalents in major currencies, repurchase agreements, money market instruments, and high quality commercial paper. The Fund may also invest in securities of foreign issuers in the form of American Depository Receipts, European Depository Receipts or similar securities convertible into securities of foreign issuers…. 3

APPENDIX 22A: OBJECTIVES AND POLICIES OF AN INTERNATIONAL MUTUAL FUND The Fund may enter into forward foreign currency exchange contracts as a hedge against fluctuations in future foreign exchange rates. Since investments in foreign companies will usually involve currencies of foreign countries, and since the Fund may temporarily hold funds in bank deposits in foreign currencies during the course of investment programs, the value of the assets of the Fund as measured in United States dollars may be affected by changes in foreign currency exchange rates, exchange control regulations, and the Fund may incur costs in connection with conversion between various currencies. 4

APPENDIX 22A: OBJECTIVES AND POLICIES OF AN INTERNATIONAL MUTUAL FUND When management of the Fund believes that the currency of a particular foreign country may suffer a substantial decline against the U.S. dollar, it may enter into a forward contract to sell, for a fixed amount of dollars, the amount of foreign currency approximating the value of some or all of the Fund’s portfolio securities denominated in such foreign currency. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible since the future value of such securities in foreign currencies will change as a consequence of market movements in the value of those securities between the date the forward contract is entered into and the date it matures. In making the allocation of assets among the various markets, the Investment Advisers will consider such factors as recent developments in the various countries, the condition and growth potential of various economies and securities markets, currency and tax considerations and other pertinent financial social, national and political factors... 5

APPENDIX 22A: OBJECTIVES AND POLICIES OF AN INTERNATIONAL MUTUAL FUND There may be the possibility of expropriations or confiscatory taxation, political, economic or social instability or diplomatic developments which could affect assets of the Fund held in foreign countries. There may be less publicly available information about foreign companies comparable to reports and ratings published about United States companies. Foreign stock markets have substantially less volume that the New York Stock Exchange and securities of some foreign companies are less liquid and more volatile than securities of comparable United States companies. Brokerage commissions and other transactions costs on foreign securities exchanges are generally higher than in the United States. 6