Fund Description

The fund invests at least 80% of net assets (plus borrowings) in equity investments tied economically to emerging and frontier market countries, and may invest up to 20% in developed countries. Equity holdings include common and preferred stocks, private equity securities, depositary receipts, REITs and ETFs, and can span a broad range of market capitalizations. It may invest up to 20% in income investments of any maturity or credit rating, including below investment grade. It may use derivatives extensively, as well as repurchase agreements, forward commitments, short selling and securities lending, and may concentrate in an industry under certain circumstances. It uses a top-down process to build country and sector exposures. When deemed relevant to a country's financial performance and when applicable information is available, the investment sub-adviser considers financially material environmental, social and/or governance (ESG) issues alongside other factors, and ESG issues are not the sole determinant of investment decisions.