Fund Description

The fund normally invests at least 80% of assets in debt and income-producing equity securities of issuers located in, or economically tied to, emerging markets. It invests primarily in emerging markets debt, and may also invest in emerging markets equity, debt of non-emerging markets foreign issuers, and lower-quality U.S. high yield ("junk") debt. Emerging markets are defined using MSCI and World Bank classifications and adviser-identified characteristics, and issuer ties may be determined by vendor classifications, domicile, assets, revenues, guarantees, or trading venue. Derivatives and forward currency contracts may be used for hedging or non-hedging and can have a leveraging effect; derivatives exposures consistent with policy are included in the 80% test. The fund allocates across emerging markets countries and evaluates structural features, pricing, trading opportunities, and credit, currency, and economic risks.